Coinbase Credit, Inc. facility ($300M new + $150M refinanced)

Aug 4, 2026 · Closed

Edit

Terms of issuance

Instrument

Other

Principal

$450.0M

Net proceeds

missing — add on communication

Coupon

Fed Funds Mid Rate + 387.5 bps

Issue date

Aug 4, 2026

Maturity

Aug 4, 2028 (2.0 years)

Seniority

missing — add on communication

Conversion ratio

n/a

Settlement

n/a

Economic analysis

Effective annual cost

n/acalculated: coupon + capped-call cost amortized over the note's life — needs coupon, maturity, and (if hedged) capped-call cost

Interest savings vs. plain debt

n/anot shown — would require an assumed comparable straight-debt rate, which we do not fabricate

Implied option value / volatility

n/anot shown — would require an assumed volatility input, which we do not fabricate

Breakeven

n/anot shown — would require assumed reinvestment/discount-rate assumptions, which we do not fabricate

Context

Shares outstanding (as of issue date)

386,299,297

Stock price / market cap (as of issue date)

$11.7 · $4.46 mkt cap

Use of proceeds

missing — add on communication

Other financing outstanding (excl. this instrument)

2020 ATM (H.C. Wainwright) ($200.0M), Registered direct offering (12,500,000 shares at $20.00/share) ($250.0M), Silvergate revolving credit facility (2021) ($100.0M), 2022 ATM (H.C. Wainwright) ($750.0M), Silvergate revolving credit facility (2022) ($100.0M), Silvergate Term Credit Agreement ($50M initial + $50M delayed draw by 4/25/23) ($100.0M), Debt-for-equity exchange of 1.00% 2026 Notes for 31.7 million shares ($417.0M), 2023 ATM (H.C. Wainwright) ($750.0M), 2024 ATM (H.C. Wainwright) ($1.50B), 2.125% Convertible senior notes due 2031 ($300.0M), 0% Convertible senior notes due 2030 ($1.00B), 0% Convertible senior notes due 2031 (June 2031 Notes) ($925.0M), 2025 ATM (Barclays, BMO, BTIG, Cantor Fitzgerald, Guggenheim, H.C. Wainwright, Mizuho) ($2.00B), 0% Convertible senior notes due 2032 (August 2032 Notes) ($1.02B), Capped call transactions (2032 Notes) ($39.8M), Repurchase of 2030 Notes ($367.5M) and June 2031 Notes ($633.4M) principal, funded by selling 15,133 BTC ($1.00B)

— of which existing debt

$10.42B

Existing cash

n/anot tracked in the system yet

Anti-dilution adjustment terms

n/a

Related acquisition

none

Related deal

none

Related site

none

Sources

ClosedMARA closes $750 million combined Coinbase and Two Prime BTC-collateralized term loans

Aug 4, 2026