ConvertibleActiveBTC
5% Convertible Notes due 2028
BMAX-Jul28
BTC Holdings
551.205 BTC
Total Debt
130.00B KRW
Leverage
193.0%
mNAV
0.11x
Outstanding
50.00B KRW
Insufficient history
Issue date
2025-07-14
Principal
50.00B KRW
Coupon
5.00%
Maturity
2028-07-14
Conversion price
17,156 KRW
- Conversion price adjusted for 4:1 reverse split Mar 2026 (pre-split: 4289)
Terms & Documentation
Terms
- BTC strategy
- Yes
- Ranking
- Unsecured
- Settlement
- Shares
- Payment frequency
- Monthly
- Payment dates
- 14
- Rate type
- Fixed
- Put provision
- Holders may request early redemption at 100% of face value from 6 months after issuance (Jan 14, 2026), monthly thereafter. Early redemption yield: 5%.
- Use of proceeds
- BTC acquisition
Sources(1)
- Bitmax CB overview and 0%…Press ReleaseBitmax CB overview and 0% coupon renegotiationSeoul Economic Daily — 2026-03-14
Participants
Holders & Underwriters(2)
- Bitmax CB overview and 0%…Green Luminous 1st Investment Consortiumholder50B KRWas of 2025-07-14Original subscriber
- Bitmax CB overview and 0%…Initech Co., Ltd.holder25B KRWas of 2025-07-14Acquired from Green Luminous 1st Investment Consortium
Outstanding History
Outstanding history(1)
| As of | Event | Outstanding | Source |
|---|---|---|---|
| 2025-07-14 | Issuance | 50.00B KRW | Bitmax CB overview and 0%… |
- 2025-07-14 — 50,000,000,000 KRWpress_release — Seoul Economic DailySource