Coinbase Global Inc. announced overnight Wednesday the pricing of its $1.25 billion convertible debt offering, which will pay interest of 0.50%. The senior notes, which will mature in June 2026, will be convertible at an initial conversion rate that is equivalent to $370.45 per share, a 55% premium to Tuesday’s closing price of $239.00. The notes will be convertible at the option of the noteholder on the business day immediately preceding Dec. 1, 2025. The stock dropped 3.8% in premarket trading, after closing Tuesday at a new low, well below the $250 reference price set as the cryptocurrency trading platform went public on April 14. Also weighing on the stock and cryptocurrencies Wednesday was China’s warning against using digital coins as payment. The stock’s selloff comes as bitcoin dropped 9.2% and S&P 500 futures slid 0.8%.

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