Coinbase prices $2.6B upsized 0% convertible senior notes offering

Coinbase Global, Inc.

Priced $1.3B of 0% convertible notes due 2029 and $1.3B due 2032; up from previously announced $2.0B.
Initial conversion prices: $454.44/share (52.5% premium) for 2029 notes; $394.84/share (32.5% premium) for 2032 notes.
Net proceeds of ~$2.56B ($2.96B if greenshoe fully exercised); $194.4M used for capped call transactions.
Proceeds for general corporate purposes including potential repurchase of existing debt and Class A common stock.
Capped call transactions entered to reduce dilution; settlement expected August 8, 2025.

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