Coinbase Global Inc. is offering to buy back some of its outstanding junk bonds as the world’s largest cryptocurrency trades near its highest value of the year, according to a statement Monday.

The crypto exchange is offering to redeem as much as $150 million of its 3.625% notes due October 2031. Investors who wish to tender will be eligible to receive between $615 and $645 per $1,000 of principal, according to the statement. The offer will expire Sept. 1 at 11:59 p.m. New York time.

Bitcoin traded at $29,204 as of 5:34 p.m. New York time Monday. In July, the digital token traded at $31,386, the highest level since 2022. The debt Coinbase is looking to retire traded at 62 cents on the dollar as the bond market closed Monday, up from a record low of 52 cents set in November.

The company has engaged Citigroup Global Markets Inc. to manage the tender offer.

Corporate borrowers have been looking to buy back debt as higher interest rates make it more expensive for company’s to refinance. Warner Bros Discovery Inc. last week said it was planning to repurchase as much as $2.7 billion of bonds maturing between December 2023 and June 2024. In July, Verizon Communications Inc. launched a $1.5 billion bond buyback for debt maturing between 2024 and 2036, as the telecom provider works to lower its debt load.

--With assistance from Yueqi Yang and Olga Kharif.