ConvertibleActiveBTC
0% Convertible Notes due 2028
BMAX-Feb28
2450.00 KRWโฒ 4.03%
BTC Holdings
551.238 BTC
Total Debt
102.61B KRW
Leverage
155.9%
mNAV
0.43x
Outstanding
12.05B KRW
Issue date
2025-02-13
Principal
25.00B KRW
Coupon
0.00%
Maturity
2028-02-13
Conversion price
5,292 KRW
ITM Status
OTM (-53.7%)
- Coupon renegotiated from 5% to 0% in Mar 2026
- Conversion price adjusted for 4:1 reverse split Mar 2026 (pre-split: 1415)
Terms & Documentation
Terms
- BTC strategy
- Yes
- Ranking
- Unsecured
- Settlement
- Shares
- Payment frequency
- None (zero coupon)
- Rate type
- Fixed
- Put provision
- Holders may request early redemption at 100% of face value from 1 year after issuance (Feb 13, 2026), monthly thereafter. Early redemption yield: 0%.
- Use of proceeds
- BTC acquisition
Participants
Holders & Underwriters(1)
- Bitmax CB overview and 0%โฆSmart Prime Value Investment Consortiumholder25B KRWas of 2025-02-13Original subscriber
Outstanding History
Outstanding history(3)
| As of | Event | Outstanding |
|---|---|---|
| 2026-05-07 | Repurchase | 12.05B KRW CB6 in-kind substitute payment (๋์ฉ๋ฉ์
): โฉ11.85B CB2 face acquired and offset against CB6 subscription on 2026-05-07. Sole seller: ๋ฒ๋ดํธ์์ฐ๋ฃธ2ํธ ํฌ์์กฐํฉ. Pre-acquisition balance was โฉ23.9B per filing line 13 โ โฉ1.1B reduction between original โฉ25B issuance and this filing not separately disclosed. |
| 2026-02-04 | Conversion | 23.90B KRW โฉ1.1B (11์ต์) of CB2 converted to common shares; outstanding reduced from โฉ25B to โฉ23.9B |
| 2025-02-13 | Issuance | 25.00B KRW |
- 2026-05-07 โ 12,050,000,000 KRW5./6./13. ์ฌ์ฑ ๊ถ๋ฉด ์ด์กยท์ทจ๋ ๋์ ๊ธ์กยท์ทจ๋ํ ์์ก
- 2026-02-04 โ 23,900,000,000 KRWNote 13(4) โ (์ฃผ3) Conversion footnote
- 2025-02-13 โ 25,000,000,000 KRW