Morning Commentary: Coinbase convertible notes in focus on volatile day for stock

By Abigail W. Adams

Portland, Me., July 14 – The convertible secondary space saw decent volume early in the session although few names saw concentrated trading activity.

There was about $100 million in reported volume one hour into the session.

Coinbase Global Inc.’s 0.5% convertible notes due 2026 were the most active issue early in the session.

The notes posted early gains with stock on the rise early in the session.

The notes were up about 0.375 point outright to trade at 101 versus a stock price of $246, according to a market source.

There was about $7 million in reported volume.

However, Coinbase stock sold off after an early spike with equity markets choppy ahead of Federal Reserve Chair Jerome Powell’s testimony before Congress at 12 p.m. ET.

Stock traded to a high of $247.45 early Wednesday before dropping into negative territory.

Coinbase stock was changing hands at $239.28, a decrease of 1.66%, shortly before 11 a.m. ET.

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