Coinbase Stock Falls After $2B Convertible Note Offering

Coinbase shares fell over 6% Tuesday after the company announced a $2 billion private offering of convertible senior notes, according to CNBC. Shares of the crypto trading platform have fallen over 30% since their July 18 peak of $444.65, following a surge tied to the passage of the GENIUS Act. Coinbase shares have surged since May amid a crypto market rebound and S&P 500 inclusion, though some analysts caution the stock’s momentum may be fading. Last week, Citi raised its price target to $505, citing rising bitcoin prices, Ethereum-related demand, and improved fee revenue. Shares remain up 20% year to date, despite a disappointing Q2 revenue report.