Bitcoin miners are experiencing a windfall, with earnings reaching all-time highs last week as the price of the leading cryptocurrency has risen to a new record above $72,000.

Nasdaq-listed cryptocurrency exchange Coinbase has announced plans to offer $1 billion in convertible senior notes in a bid to settle existing debt and allocate funds for general corporate purposes.

VanEck's spot Bitcoin exchange-traded fund, the VanEck Bitcoin Trust (HODL), is seeing a surge in popularity after slashing its sponsor fees to zero until March 31, 2025, raking in a record $119 million in daily inflows.

Top stories in the Crypto Roundup today:

• Leveraged Bitcoin ETFs Gain Traction
• Coinbase to Offer $1 Billion in Convertible Notes
• VanEck’s Spot Bitcoin ETF Fee Cut Fuels Record $119 Million Inflows
• Binance's Spot Volume Rises to Highest Level Since March 2023 Banking Crisis

Investors Flock to Leveraged ETFs Amid Price Rally

Investors are piling into exchange-traded funds (ETFs) that leverage their exposure to Bitcoin's performance. These leveraged, futures-based funds, like the VolatilityShares 2x Bitcoin Strategy ETF (BITX), are attracting inflows rivaling those seen in spot Bitcoin ETFs.

According to data compiled by K33 Research, BITX raked in a staggering $630 million in net inflows last month, placing it behind only spot Bitcoin ETFs from BlackRock and Fidelity. Futures-based Bitcoin ETFs now hold the equivalent of 83,300 Bitcoin– an all-time high – and leveraged ETFs now represent nearly a quarter of the open interest on CME.

Futures premiums on the CME platform are nearing 20%, amid record-high open interest, while VolatilityShares’ BITX currently holds the equivalent exposure of 36,025 BTC.

This trend is fueling a wave of new leveraged ETF offerings, as ProShares is expected to launch five such products catering to long and short Bitcoin positions within the next month, while Valkyrie recently joined the fray with its own 2x leveraged product.

Coinbase to Offer $1 Billion in Convertible Notes

Nasdaq-listed cryptocurrency exchange Coinbase has announced plans to offer $1 billion in convertible senior notes in a bid to settle existing debt and allocate funds for general corporate purposes.

The notes, set to mature in 2030, will be privately sold to institutional investors, with the company expecting to grant a 30-day option to allow the purchase of an additional $150 million in securities to cover over-allotments.

Coinbase is set to use the proceeds to repay, repurchase, or redeem its outstanding 0.50% convertible senior notes due in 2026, 3.375% senior notes due in 2028, and 3.625% senior notes due in 2031, either at maturity or before, while also potentially using them for other purposes.

These convertible notes can be exchanged for shares of the issuing company or cash at a specific time, with the conversion year for the proposed notes set for 2030. Opting for this route over issuing new Coinbase shares prevents diluting the ownership stakes of existing shareholders, a scenario often viewed unfavorably by investors.

In an additional measure to minimize dilution when its debt is converted into equity, Coinbase is offering “negotiated capped call transactions,” which serve as a hedge to prevent dilution during the conversion of notes.

VanEck’s Spot Bitcoin ETF Fee Cut Fuels Record $119 Million Inflows

VanEck's spot Bitcoin exchange-traded fund, the VanEck Bitcoin Trust (HODL), is seeing a surge in popularity after slashing its sponsor fees to zero until March 31, 2025, raking in a record $119 million in daily inflows.

These inflows, equivalent to over 1,600 Bitcoin, represent the largest single-day increase since its launch in January. VanEck’s move to cut HODL’s 0.2% sponsor fee for the first $1.5 billion in assets under management came amid growing competition among the recently launched Bitcoin ETFs.

This strategy is seemingly paying off, propelling HODL to become the sixth-largest U.S.-listed spot Bitcoin ETF, surpassing rivals Invesco (BTCO) and Valkyrie (BRRR) with over 6,000 Bitcoin - roughly $440 million - in assets under management.

Binance's Spot Volume Rises to Highest Level Since March 2023 Banking Crisis

In February, Binance experienced a significant boost in its trading volume, marking a notable recovery. The platform's spot trading volumes surged by 15.5% to reach $505 billion, the highest since the turbulence caused by the Silicon Valley Bank collapse and the USDC depegging event in March 2023.

This increase elevated Binance's share in the spot market from 31.8% to 35.7%, achieving its greatest market dominance since August 2023. On top of that, the exchange's derivatives trading volume also grew 2.07% to $1.53 trillion in February, allowing Binance to maintain its position as the leading trading platform with a 46.2% market share.

This uptick in trading volumes is seen as a sign of returning retail investors, suggesting a revitalized interest in trading that could benefit Binance and other major exchanges.

Dig deeper into the world of cryptocurrency trading with CCData’s latest Exchange Review report.

State of the Crypto by Top Tier Exchange Volume

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