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Coinbase’s Junk Bonds Show Crypto Really Is Going Mainstream

From bnnbloomberg.ca

Junk-bond investors gave cryptocurrencies their biggest endorsement yet as Coinbase Global Inc. sold $2 billion of debt. Demand was so high -- at least $7 billion of orders poured in -- that the crypto behemoth was able to boost the deal’s size from $1.5 billion, according to a person with knowledge of the matter. Equal amounts of seven- and 10-year bonds were sold at interest rates of 3.375% and 3.625%, respectively, lower than the initially discussed borrowing costs, other people familiar with the situation said. The warm welcome from fixed-income investors shows that cryptocurrency is no longer a sector reserved ... (full story)

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  • Category: Fundamental Analysis