Crypto Rally: Bitcoin Peaks At $73.6K, Coinbase To Raise $1 Billion Via Bond Offering Amid ETF Influx

By: Eva Baxter

Crypto markets have witnessed a significant surge, with Bitcoin hitting an all-time high of $73.6K and Coinbase planning to capitalize on the bullish trend by launching a $1 billion bond offering. These strides are an outcome of record inflows into US-based Bitcoin exchange-traded funds (ETFs), surpassing $1 billion.

Bitcoin's rally has resulted in an impressive 47% rise over the past month, propelling all Bitcoin holders into profit. In parallel, Coinbase has announced plans to raise funds through the issuance of unsecured convertible senior notes, set to mature in 2030. The proceeds from this bond offering are expected to be used for various purposes, including debt repayment, funding for capped call transactions, and potential acquisitions.

The surges come in line with the substantial inflows into Bitcoin ETFs. BlackRock's iShares Bitcoin ETF (IBIT) has been a major contributor, witnessing a record inflow of $849 million. Other ETFs like ARK Invest's ARKB and VanEck's BRRR too saw considerable inflows. Conversely, Grayscale's GBTC reported outflows of around $78 million during the same period.

The current trend has intensified demand for Bitcoin, setting it up for a likely significant supply squeeze. With this pace, analysts suggest a potential rise to $80-90K by the end of this month. This acknowledgement of Bitcoin as a legitimate asset class among institutional investors appears to have led to this unprecedented inflow into Bitcoin ETFs.