The 3.375% notes maturing in October 2028 have seen yields drop by 202 basis points, showing growing investor optimism.
Coinbase’s convertible bonds have also risen as the stock approaches its conversion strike price. The company has more than $4 billion in outstanding bonds, with $1.4 billion due to mature in 2026. Coinbase’s stock itself has surged by 28% in October, far outpacing the S&P 500’s 4% gain.
According to David Kinitsky, chief operating officer at Dominant Strategies, Bitcoin’s recent performance is also driven by seasonal and cyclical factors, with more growth expected as institutional and retail interest in the crypto market continues to climb.
