ConvertibleExpiredBTC
3% Convertible Notes due 2028
SORA-Aug28
$2.84▲ 1.79%
BTC Holdings
30 BTC
Total Debt
$14.16M
Leverage
355.4%
mNAV
29.29x
Outstanding
$0.00
Issue date
2025-08-08
Principal
$3.05M
Coupon
3.00%
Maturity
2028-08-08
Conversion price
$8.79
ITM Status
OTM (-67.7%)
- SPA terminated before closing on Aug 15, 2025; superseded by $10M convertible at $4.64/share
Terms & Documentation
Terms
- BTC strategy
- Yes
- Ranking
- Unsecured
- Settlement
- Shares
- Payment frequency
- Annual
- Payment dates
- Aug 8
- Rate type
- Fixed
- Call provision
- Optional redemption at par + accrued interest starting 6 months after issuance with 10 trading days notice
- Use of proceeds
- Approx 60% BTC purchases, 30% Asia BTC strategy company investments, 10% working capital
Outstanding History
Outstanding history(2)
| As of | Event | Outstanding |
|---|---|---|
| 2025-08-15 | Redemption | $0.00 SPA terminated before closing due to evolving market conditions; superseded by $10M convertible |
| 2025-08-08 | Issuance | $3.05M |
- 2025-08-15 — $0
- 2025-08-08 — $3,050,000Exhibit 99.1