ConvertibleActive
0% Convertible Notes due 2026
APUS-Dec26
$1.25▼ 3.10%
BTC Holdings
1,000 BTC
Total Debt
$11.40M
Leverage
16.4%
mNAV
0.30x
Outstanding
$10.90M
2025-12-08
Issue date
2025-12-08
Principal
$10.90M
Coupon
0.00%
Maturity
2026-12-08
Conversion price
—
- Variable conversion price: 80% of the lowest daily VWAP over the 5 trading days ending on the conversion date.
- First tranche of a senior secured convertible note facility with an aggregate maximum principal of $120,900,000; no additional tranches drawn as of Q1 2026.
- 8% original issue discount; bears no interest unless an event of default occurs.
Terms & Documentation
Terms
- BTC strategy
- No
- Ranking
- Senior secured
- Payment frequency
- None (zero coupon)
- Use of proceeds
- Proceeds disbursed $1,104,000 to MindWave and $8,000,000 placed in an investor-controlled deposit account control agreement (restricted cash); not earmarked for bitcoin purchases.
Outstanding History
Outstanding history(1)
| As of | Event | Outstanding |
|---|---|---|
| 2025-12-08 | Issuance | $10.90M |
- 2025-12-08 — $10,900,000Note 6 — Debt