The crypto exchange raised the offer after not seeing enough demand for buybacks.
earlier this month, investors have tendered just over $50 million of bonds compared to a target of $150 million. Accordingly, the exchange raised its offer on 3.625% Senior Notes due 2031 from 64.5 cents on the dollar to 67.5 cents on the dollar. Coinbase wrote:
"Holders of Notes who validly tendered and did not validly withdraw their Notes at or prior to the Early Tender Time are eligible to receive the Amended Consideration for the Notes accepted for purchase. Holders of Notes will also receive accrued and unpaid interest on their Notes validly tendered and accepted for purchase"in September 2021, shortly before the onset of the cryptocurrency bear market, at approximately par value.
Despite facing allegations of selling unregistered securities from the U.S. Securities and Exchange Commission, Coinbase stock recovered 50% since the lawsuit was filed, albeit recently giving up most of its gains. Cathie Wood, CEO of Ark Invest, sold $12 million worth of Coinbase stock last month after buying aggressively for much of 2022.
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