Shares in Coinbase plunged more than 10% at the open on Wednesday after the US cryptocurrency exchange operator sold $1.25bn of convertible bonds and suffered a serious outage of its platform that stopped many users from trading.
JP Morgan and Goldman Sachs are global coordinators and priced the five year bonds at a 0.5% coupon and a 55% conversion premium.
Coinbase went public in April through a direct listing on the Nasdaq stock exchange that valued the firm at $65.3bn. The stock has since fallen by
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