Coinbase announced a proposed offering of $1 billion in convertible notes on Tuesday.

The notes would mature in 2030, according to the company, and would be offered to institutional investors. 

“Coinbase also expects to grant the initial purchasers of the notes a 30-day option to purchase up to an additional $150 million principal amount of notes solely to cover over-allotments,” the company said. The company will elect to convert the notes into cash, shares of Class A stock or a combination. 

The crypto exchange will use the proceeds from the offering for “general corporate purposes” and will also use the funds to pay or repurchase 0.50% convertible senior notes due 2026,…

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