Coinbase Stock Falls After $2B Convertible Note Offering

Benzinga

Coinbase shares fell over 6% Tuesday after the company announced a $2 billion private offering of convertible senior notes, according to CNBC. Shares of the crypto trading platform have fallen over 30% since their July 18 peak of $444.65, following a surge tied to the passage of the GENIUS Act. Coinbase shares have surged since May amid a crypto market rebound and S&P 500 inclusion, though some analysts caution the stock’s momentum may be fading. Last week, Citi raised its price target to $505, citing rising bitcoin prices, Ethereum-related demand, and improved fee revenue. Shares remain up 20% year to date, despite a disappointing Q2 revenue report.

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00:00It's Benzinga, bringing Wall Street to Main Street.

00:02Coinbase shares fell over 6% Tuesday after the company announced a $2 billion private offering

00:07on convertible senior notes, according to CNBC.

00:10Shares of the crypto trading platform have fallen over 30% since their July 18th peak

00:14of $444.65, following a surge tied to the passage of the Genius Act.

00:19Coinbase shares have surged since May amid a crypto market rebound and S&P 500 inclusion,

00:24though some analysts caution the stock's momentum may be fading.

00:27Last week, Citi raised its price target to $505, citing rising Bitcoin prices, Ethereum-related

00:33demand, and improved fee revenue.

00:35Shares remain up 20% year-to-date, despite a disappointing Q2 revenue report.

00:40For all things money, visit Benzinga.com.

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