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Funnily enough right after I peakd (sic) in on this thread I came across this gem restatement of the obvious at hand...

Cryptocurrency exchange Coinbase Global surprised investors Monday evening with a convertible bond offering that raises several new questions for investors -- including a new one that investors haven't heard about before in prior company filings. More questions mean more uncertainty. And investors hate uncertainty.

Coinbase Is Issuing a Convertible Bond. Why Its Stock Is Dropping.