ConvertibleExpired
8.5% Convertible Notes due 2029
BTDR-Aug29
$17.49▼ 4.84%
BTC Holdings
73 BTC
Total Debt
$1.17B
Leverage
16173.2%
mNAV
793.57x
Outstanding
$0.00
Issue date
2024-08-20
Principal
$172.50M
Coupon
8.50%
Maturity
2029-08-15
Conversion price
$8.55
ITM Status
ITM (+104.6%)
Terms & Documentation
Terms
- BTC strategy
- No
- Ranking
- Senior unsecured
- Settlement
- Issuer election
- Payment frequency
- Semi-annual
- Payment dates
- Feb 15, Aug 15
- Rate type
- Fixed
- Forced conversion
- On or after Aug 20 2027 if stock >= 150% of conversion price for 20 of 30 consecutive trading days
- Call provision
- Redeemable at 100% of principal if less than $25M remains outstanding; tax redemption upon certain tax law changes
- Put provision
- At 100% of principal upon fundamental change
- Use of proceeds
- Datacenter expansion, ASIC mining rig development, working capital and general corporate purposes
Outstanding History
Outstanding history(4)
| As of | Event | Outstanding |
|---|---|---|
| 2025-12-31 | Redemption | $0.00 August 2024 convertible senior notes fully redeemed and extinguished by year-end 2025. |
| 2025-06-23 | Conversion | $22.00M $75.7M face exchanged for cash + stock concurrent with Jun 2025 offering |
| 2024-11-26 | Conversion | $97.70M $74.8M face exchanged for $16.6M cash + 9.2M shares concurrent with Nov 2024 offering |
| 2024-08-20 | Issuance | $172.50M Includes $22.5M overallotment exercise |
- 2025-12-31 — $0Notes to Consolidated Financial Statements, Note 19 — Borrowings (b)
- 2025-06-23 — $22,000,000
- 2024-11-26 — $97,700,000
- 2024-08-20 — $172,500,000