Coinbase Makes $2 Billion Bitcoin (BTC) Move! "It Will Be the First Company to Do This!"

Coinbase, the world's third-largest and US-largest cryptocurrency exchange, announced its new $2 billion move.

Following in the footsteps of top institutional bull MicroStrategy (Strategy), Coinbase today announced a $2 billion convertible senior note offering for qualified institutional buyers.

At this point, Coinbase announced plans to raise $2 billion through a special convertible bond offering to potentially purchase Bitcoin (BTC).

If this happens, Coinbase would be the first company in the S&P 500 to purchase Bitcoin using funds from a bond offering.

These bonds are being offered only to large institutional investors. The offering includes $1 billion of bonds due in 2029 and $1 billion of notes due in 2032.

According to the statement, the bonds will be unsecured and will pay interest twice a year. The terms of the bonds' conversion into Coinbase shares and the final interest rate will be determined once pricing is finalized.

Coinbase's $2 billion bond push comes at a busy time for crypto companies to use convertible bonds to raise money.

Michael Saylor's Strategy, the world's largest institutional Bitcoin holder at this point, was among the first major public crypto companies to popularize fundraising through bond offerings, as the company frequently used stock offerings to finance its Bitcoin purchases.

*This is not investment advice.