Coinbase to raise $1.5 billion through debt offering

Coinbase Global Inc is planning to raise about $1.5 billion through a debt offering to invest in product development and potential mergers and acquisitions.

The fundraising plans come less than a week after the company said U.S. regulators would sue the exchange if it went ahead with plans to launch a program allowing users to earn interest by lending digital assets.

As one of the largest cryptocurrency exchanges in the world, Coinbase has benefited from the growing adoption of digital assets, but has also taken a hit from the volatility and regulatory scrutiny around it.

Since its debut in April, Coinbase shares have lost about 34% of their value.

A month after listing, the company had said it would offer $1.25 billion in senior notes due 2026, to raise funds for general corporate purposes.

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