Coinbase Global, the largest cryptocurrency exchange in the United States, is targeting to secure $1.5 billion in its first bond offering, Bloomberg reported Tuesday.

The deal could provide another seal of approval for cryptocurrency and an indication the nine-year-old crypto company is gaining broader adoption even as finance regulators step up scrutiny.

Coinbase, which went public earlier this year, is seeking to offer senior notes set to mature in 2028 and 2031 in a private offering.

Goldman Sachs Group is managing the sale and may price the deal as soon as Tuesday, a source person with knowledge of the matter disclosed.

S&P Global Ratings has given the bonds a BB-plus rating while Moody's Investors Service gave it a B-A1, just one notch below investment grade.

According to a statement, the funds will boost an "already-strong" balance sheet with low-cost capital. The funds will be allocated for general purposes which may include acquisitions or investments in companies, products or technologies.

Coinbase, which went public earlier in 2021, wrapped up the second quarter with $4.4 billion in cash and cash equivalents, and around $1.5 billion in non-current liabilities.

During initial pricing discussions, investors are examining yields in the low 4% spread for the 10-year allotment, sources with knowledge of the matter said.

Extra funding could also help Coinbase penetrate markets overseas and ramp up the host of services the company offers.

Coinbase recently suffered a setback after the U.S. Securities and Exchange Commission announced it would file a lawsuit if the company unveils its new interest-bearing account, Lend.

A successful bond disposition would be prove to be a crucial move for Coinbase, and highlights how digital assets are emerging more widely adopted. For venture capitalists, the debt provides an avenue to tap an industry that has set its focus on the equity markets for funding.

Meanwhile, the world's largest cryptocurrency, Bitcoin, rose more than 50% since the start of the year - changing hands between roughly $28,000 and $65,000.

Bitcoin is currently trading at $45,180.08 on Coingecko, Tuesday.

Shares of Coinbase retreated less than 1% since their April debut, although the shares had climbed higher immediately following their direct listing.