Coinbase Global Inc (NASDAQ:COIN) shares are trading lower Thursday alongside the broader crypto market. The company announced the repurchase of convertible senior notes Thursday morning.
What To Know: Coinbase entered into privately negotiated purchase agreements with some holders of its 0.50% convertible senior notes due 2026 to repurchase $64.5 million worth of the notes. The company expects to expend about $45.5 million in cash on the repurchases.
The note repurchases are expected to close on or about June 20. Following the closings, approximately $1.373 billion worth of the notes will remain outstanding.
“As we stated in our most recent shareholder letter, the first quarter of 2023 was a turning point in building a company that is more efficient and financially disciplined,” said Alesia Haas, CFO of Coinbase.
“This opportunistic repurchase is a continuation of those efforts and reflects our confidence in our business, strong first quarter financial performance, and improved competitive positioning.”
The broader crypto market is facing selling pressure Thursday morning. At last check, Bitcoin (CRYPTO: BTC) was down 3.75% over a 24-hour period at $25,010 and Ethereum (CRYPTO: ETH) was down 5.46% at $1,645.
Related Link: Bitcoin, Ethereum, Dogecoin Drop After Jerome Powell’s Comments On Future Rate Hikes: Analyst Sees King Crypto In Bull Market As Long As It Holds This Level
COIN Price Action: Coinbase shares were down 3.41% at $52.10 at the time of publication, according to Benzinga Pro.
Photo: courtesy of Coinbase.
