Coinbase’s sale of a junk bond with a total value of $1.5 billion shows that cryptocurrencies have gradually become mainstream.
Το συνολικό ποσό των 1.5 δισεκατομμύρια δολάρια σε ομόλογα is expected to sell. However, Moody’s Investor Services, a world-renowned credit ratings institution set Coinbase Global Inc.’s debt issuer rating to non-investment grade or junk grade mainly due to the uncertain regulatory environment and future competition.
Several analysts from Moody’s Fadi Abdel Massih, Donald Robertson, and Ana Arsov wrote in a report on Tuesday:
“Coinbase’s financial profile suggests investment-grade credit strength, but for now the uncertain regulatory environment and fierce competition offset these strengths.”
Coinbase sells two types of bonds, 7-year bonds due in 2028 at a coupon rate of 3.375% and 10-year bonds due in 2031 at an interest rate of 3.625%.
An industry research analyst from Bloomberg said Julie Chariell είπε ότι:
«Η έντονη ζήτηση είναι σαφώς μια μεγάλη έγκριση από τους επενδυτές χρέους».
This bond issuance is a favourable event for the entire cryptocurrency industry and Coinbase. This product allows investors to directly participate in the benefits of cryptocurrency without investing in cryptocurrency and earn interest from it.
Since the bonds are one grade lower than the investment grade, Coinbase did not get the lowest borrowing cost. Generally speaking, the average yield of similarly-rated bonds is about 2.86%, which is lower than the interest rate of more than 3% this time.
Coinbase is not the first U.S. marketer to issue cryptocurrency-related bonds. As early as June of this year, Μικροστρατηγική Α.Ε. ανακοίνωσε that the company plans to offer $400 million of senior secured notes to qualified institutional buyers to raise more capital to make more Bitcoin purchases.
As reported by Blockchain.News yesterday, Nasdaq-listed cryptocurrency exchange Coinbase Global Inc has ανακοίνωσε τα σχέδιά της για άντληση νέου κεφαλαίου με την έκδοση συνολικού ύψους 1.5 δισεκατομμυρίων δολαρίων κύριου ποσού των ομολόγων του σε δυνητικούς επενδυτές.
Πηγή εικόνας: Shutterstock
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