ConvertibleActive
4% Convertible Notes due 2031
BTDR-Nov31
$17.49▼ 4.84%
BTC Holdings
73 BTC
Total Debt
$1.17B
Leverage
16173.2%
mNAV
793.57x
Outstanding
$400.00M
Insufficient history
Issue date
2025-11-17
Principal
$400.00M
Coupon
4.00%
Maturity
2031-11-15
Conversion price
$17.77
ITM Status
OTM (-1.6%)
Terms & Documentation
Terms
- BTC strategy
- No
- Ranking
- Senior unsecured
- Settlement
- Issuer election
- Payment frequency
- Semi-annual
- Payment dates
- May 15, Nov 15
- Rate type
- Fixed
- Forced conversion
- On or after Nov 20 2028 if stock >= 140% of conversion price for 20 of 30 consecutive trading days
- Call provision
- Redeemable at 100% of principal if less than $50M remains outstanding; tax redemption upon certain tax law changes
- Put provision
- Holders may require repurchase on Nov 20 2029 or upon fundamental change at 100% of principal
- Use of proceeds
- Capped call transactions, repurchase of 5.25% notes due 2029, datacenter expansion, AI cloud business
- Capped call
- Capped call transactions for ~$35.4M
Outstanding History
Outstanding history(1)
| As of | Event | Outstanding |
|---|---|---|
| 2025-11-17 | Issuance | $400.00M |
- 2025-11-17 — $400,000,000