ConvertibleActive
4.875% Convertible Notes due 2031
BTDR-Jul31
$17.49▼ 4.84%
BTC Holdings
73 BTC
Total Debt
$1.17B
Leverage
16173.2%
mNAV
793.57x
Outstanding
$375.00M
Issue date
2025-06-23
Principal
$375.00M
Coupon
4.88%
Maturity
2031-07-01
Conversion price
$15.88
ITM Status
ITM (+10.1%)
Terms & Documentation
Terms
- BTC strategy
- No
- Ranking
- Senior unsecured
- Settlement
- Issuer election
- Payment frequency
- Semi-annual
- Payment dates
- Jan 1, Jul 1
- Rate type
- Fixed
- Forced conversion
- On or after Jul 6 2028 if stock >= 140% 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 Jul 6 2029 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
- Capped call
- Zero-strike call option for ~$129.6M covering ~10.2M shares
Outstanding History
Outstanding history(2)
| As of | Event | Outstanding |
|---|---|---|
| 2025-12-31 | Overallotment | $375.00M +US$45M overallotment exercised on the June 2025 Convertible Notes; full aggregate principal US$375M disclosed in 20-F borrowings. |
| 2025-06-23 | Issuance | $330.00M |
- 2025-12-31 — $375,000,000Item 5 — Operating and Financial Review and Prospects, Borrowings
- 2025-06-23 — $330,000,000