ConvertibleActiveBTC
8% Convertible Notes due 2029
BTCW-Dec29
BTC Holdings
69 BTC
Total Debt
C$28.29M
Leverage
416.9%
mNAV
3.72x
Outstanding
C$2.00M
Insufficient history
Issue date
2024-12-30
Principal
C$2.00M
Coupon
8.00%
Maturity
2029-12-30
Conversion price
C$0.23
Terms & Documentation
Terms
- BTC strategy
- Yes
- Ranking
- Unsecured, subordinated to all secured indebtedness
- Settlement
- Shares
- Payment frequency
- Semi-annual
- Payment dates
- Jan 1, Jul 1
- Rate type
- Fixed
- Forced conversion
- If VWAP > C$0.32 for 10 consecutive trading days (after 4 months + 1 day from Dec 30, 2024 closing)
- Put provision
- At 100% of principal upon change of control
- Use of proceeds
- Working capital, general corporate purposes, and strategic bitcoin reserve
Sources(2)
- $2M Convertible Debenture…Press Release$2M Convertible Debenture Offering and BTC PurchaseBitcoin Well Inc. — 2024-12-02
- Closing of $2M Convertibl…Press ReleaseClosing of $2M Convertible Debenture Units OfferingBitcoin Well Inc. — 2024-12-30
Participants
Holders & Underwriters(1)
- $2M Convertible Debenture…Haywood Securities Inc.underwriterC$2Mas of 2024-12-30Lead agent and sole bookrunner
Outstanding History
Outstanding history(1)
| As of | Event | Outstanding | Source |
|---|---|---|---|
| 2024-12-30 | Issuance | C$2.00M | Closing of $2M Convertibl… |
- 2024-12-30 — C$2,000,000press_release — Bitcoin Well Inc.Source