What's the no-FUD explanation for why Coinbase 2031 bonds are trading at 53% of par?

Maybe that they have an extremely high burn rate including stock based como and their revenues are expected to decline so shareholders will get crazy dilution and also there’s risk of the company going out of business if spending (incl stock awards)?isn’t significantly reduced.

Founder of /opus (world’s simplest wallet) and /stacks (#1 Bitcoin L2); building community @ /eacc & /ny-devs

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What is the business value that debt holders get if the company goes bankrupt? Sorry I don’t know much about this I’m just speculating.

They're coming out of this FTX wave looking pretty alright, though. And I suspect that if/as things get bad, it becomes possible to cut way back.

Stock price falling makes stock based comp cheaper naturally, and the debt is senior. Equity holders might get hurt, but feels weird to have debt so cheap.