Coinbase rockt den Markt: Zero-Coupon-Bonds in zwei Tranchen – Deals überschwemmen das Crypto-Ökosystem

Coinbase geht in die Offensive und platziert Zero-Coupon-Bonds in zwei Tranchen – ein kühner Move in einem bereits überhitzten Markt. Während traditionelle Finanzplayer noch über Regulierung stottern, zeigt der Crypto-Riese, wie man Kapital effizient mobilisiert.

Die Strategie: Statt auf klassische Zinszahlungen zu setzen, setzt Coinbase auf Diskontierung – ein kluger Schachzug in Zeiten volatiler Zinsumfelder. Die Nachfrage? Überwältigend. Der Markt? Überschwemmt von ähnlichen Deals, doch kaum einer mit dieser Strahlkraft.

Bonus-Jab: Wer braucht schon Coupons, wenn die SEC eh jeden zweiten Crypto-„Gutschein“ als unregistriertes Wertpapier einstuft?

Coinbase sells zero-coupon bonds in two tranches as deals flood market

The bond sale is being split into two tranches, with both paying 0% interest and maturing in 2029 and 2032. Coinbase said the 2029 bonds carry a 50% to 55% conversion premium, and the 2032 ones carry a 30% to 35% premium.

The offering is structured with a capped call, a type of derivative that helps limit share dilution if the bonds are converted into stock.

JPMorgan is leading the sale, which was expected to be priced Tuesday night.

Coinbase joins other crypto-aligned companies, like Michael Saylor’s Strategy and Ryan Cohen’s GameStop, that have also raised billions in convertible bonds this year. Companies are betting on President Donald Trump’s policies favoring the crypto industry and acting while capital is still cheap.

In total, $51.9 billion has been raised through equity-linked securities in the U.S. this year, though that’s down from $82.6 billion over the same period in 2024.

While the bond sale gives Coinbase breathing room, its Core business is under pressure. Last Thursday, Coinbase posted second-quarter earnings that fell short of forecasts, despite strong income gains.

The company reported net income of $1.43 billion, or $5.14 per share, up sharply from $36.13 million, or 14 cents per share, one year earlier. The spike was driven mostly by a $1.5 billion gain, which included an unrealized increase linked to its Circle investment, and another $362 million from its crypto portfolio.

On an adjusted basis, Coinbase earned $1.96 per share, beating the $1.26 estimate from LSEG. Still, its transaction-based revenue, the heart of its business, hit $764 million, missing the $787 million forecast from StreetAccount. After the report, Coinbase stock plunged by 8% in extended trading.

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