Coinbase (NASDAQ:COIN) Ups Tender Offer for Senior Notes to $180M

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Coinbase has increased the tender offer for its senior notes due in 2031 to $180 million. The crypto exchange has also extended the expiry date of the offer to September 18 from September 1.

Cryptocurrency exchange Coinbase Global (NASDAQ:COIN) has announced the interim results of its tender offer to purchase a part of its 3.625% senior notes due in 2031 and has upsized the offer to $180 million from the earlier $150 million.

The company has also extended the expiry date of the offer from September 1 to September 18 after a total of ~$261.1 million in aggregate principal amount of the notes were validly tendered at or prior to the interim expiration. The total outstanding principal amount of the notes stands at $1 billion.

Holders who tendered their notes on or before the interim expiry date are set to receive $675 per $1,000 of the tendered principal amount. While Coinbase shares have gained nearly 24% over the past six months, Mizuho Securities analyst Dan Dolev has reiterated a Sell rating on the stock with a $27 price target.

This implies a potential downside of 65.2% for the stock, and Dolev notes that the recent favorable winds regarding a spot-bitcoin (BTC-USD) ETF may not mean significant benefits for the company. The analyst believes that Bitcoin ETFs will create new avenues for crypto investments, potentially putting pressure on the fees charged by Coinbase.

Overall, the Street has a consensus price target of $80.65 for Coinbase, alongside a Hold consensus rating.

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