ConvertibleActive
1.375% Convertible Notes due 2031
KEEL-Jan31
BTC Holdings
2,060 BTC
Total Debt
$588.00M
Leverage
341.8%
mNAV
8.80x
Outstanding
$588.00M
Insufficient history
Issue date
2025-10-21
Principal
$588.00M
Coupon
1.38%
Maturity
2031-01-15
Conversion price
$6.86
Terms & Documentation
Terms
- BTC strategy
- No
- Ranking
- Senior unsecured
- Settlement
- Issuer election
- Payment frequency
- Semi-annual
- Payment dates
- Jan 15, Jul 15
- Rate type
- Fixed
- Forced conversion
- On or after Oct 20, 2028 if stock >= 130% of conversion price for 20 of 30 consecutive trading days. Redemption at 100% of principal + accrued interest.
- Call provision
- Tax redemption: may redeem all (but not part) if obligated to pay more than de minimis Additional Amounts due to changes in Canadian tax law
- Put provision
- Upon occurrence of certain fundamental change events
- Use of proceeds
- General corporate purposes
- Capped call
- Cap price $11.88/share (125% premium to $5.28 on Oct 16, 2025)
Sources(3)
- $500M 1.375% Convertible …Press Release$500M 1.375% Convertible Senior Notes PricingBitfarms Ltd. — 2025-10-17
- Closing of $588M Converti…Press ReleaseClosing of $588M Convertible Senior NotesBitfarms Ltd. — 2025-10-21
- Form 8-K (U.S. redomicili…FilingForm 8-K (U.S. redomiciliation completion)EX-4.1supplemental indenture - obligation assumed by KeelKeel Infrastructure Corp. — 2026-04-01
Outstanding History
Outstanding history(1)
| As of | Event | Outstanding | Source |
|---|---|---|---|
| 2025-10-21 | Issuance | $588.00M Includes full exercise of $88M initial purchaser option | Closing of $588M Converti… |
- 2025-10-21 — $588,000,000press_release — Bitfarms Ltd.Source