The notes will be senior, unsecured obligations with interest payable semi-annually, and will be convertible into cash, shares of Coinbase's Class A common stock, or a combination at the company's discretion. In connection with the offering, Coinbase plans to enter into capped call transactions to reduce potential dilution to its Class A common stock upon conversion of the notes. The company will use part of the proceeds to fund these transactions, with the remainder allocated for general corporate purposes including working capital, capital expenditures, investments, acquisitions, and potential repurchases of existing debt securities. Related articles Coinbase shares fall after $2 billion convertible notes offering Apollo economist warns: AI bubble now bigger than 1990s tech mania If Powell goes, does Fed trust go with him?