Coinbase $2 Billion Convertible Bond Extends Crypto Fundraising

Coinbase Global Inc. is raising $2 billion from the sale of convertible bonds, joining a rush of cryptocurrency-focused companies tapping the market to lock in cheap capital.

The largest US crypto exchange plans to use the proceeds for purposes including potentially repurchasing stock and redeeming outstanding debt, according to an announcement. Shares slumped 4% to $304.04 each at 9:30 a.m. on Tuesday.

The company’s stock fell 17% last week after it reported lower-than-estimated second-quarter revenue amid a drop in digital-asset market volatility. While revenue increased 3.3% year over year to $1.5 billion, that was still lower than analysts’ estimates ...