ConvertibleActive
5.25% Convertible Notes due 2029
BTDR-Dec29
$17.49▼ 4.84%
BTC Holdings
73 BTC
Total Debt
$1.17B
Leverage
16173.2%
mNAV
793.57x
Outstanding
$65.00M
Issue date
2024-11-26
Principal
$400.00M
Coupon
5.25%
Maturity
2029-12-01
Conversion price
$15.95
ITM Status
ITM (+9.7%)
Terms & Documentation
Terms
- BTC strategy
- No
- Ranking
- Senior unsecured
- Settlement
- Issuer election
- Payment frequency
- Semi-annual
- Payment dates
- Jun 1, Dec 1
- Rate type
- Fixed
- Forced conversion
- On or after Dec 6 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
- Holders may require repurchase on Dec 6 2027 or upon fundamental change at 100% of principal
- Use of proceeds
- Zero-strike call option, note exchange of 8.50% notes, datacenter expansion, ASIC mining rig development, working capital and general corporate purposes
- Capped call
- Zero-strike call option for ~$160M covering ~14.3M shares
Outstanding History
Outstanding history(3)
| As of | Event | Outstanding |
|---|---|---|
| 2026-02-24 | Repurchase | $65.00M $135M face repurchased for ~$138.2M cash concurrent with Feb 2026 offering |
| 2025-11-17 | Repurchase | $200.00M $200M face repurchased for ~$267.9M cash concurrent with Nov 2025 offering |
| 2024-11-26 | Issuance | $400.00M Includes $40M overallotment exercise (confirmed in 20-F) |
- 2026-02-24 — $65,000,000
- 2025-11-17 — $200,000,000
- 2024-11-26 — $400,000,000