ConvertibleExpiredBTC
0% Convertible Notes due 2028
BMAX-Jun28
2450.00 KRWโฒ 4.03%
BTC Holdings
551.238 BTC
Total Debt
102.61B KRW
Leverage
155.9%
mNAV
0.43x
Outstanding
0.00 KRW
Issue date
2025-06-20
Principal
50.00B KRW
Coupon
0.00%
Maturity
2028-06-20
Conversion price
9,716 KRW
ITM Status
OTM (-74.8%)
- Coupon renegotiated from 5% to 0% in Mar 2026
- Conversion price adjusted for 4:1 reverse split Mar 2026 (pre-split: 2429)
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 6 months after issuance (Dec 20, 2025), monthly thereafter. Early redemption yield: 0%.
- Use of proceeds
- BTC acquisition and general corporate purposes
Participants
Holders & Underwriters(1)
- Bitmax CB overview and 0%โฆInitech Co., Ltd.holder10B KRWas of 2025-06-20Acquired from Largos Brick 2 Investment Consortium
Outstanding History
Outstanding history(4)
| As of | Event | Outstanding |
|---|---|---|
| 2026-05-08 | Repurchase | 0.00 KRW Cash repurchase clearing residual CB4 balance (โฉ5.3B); fully retired. Sellers: ๋ผ๋ฅด๊ณ ์ค๋ธ๋ฆญ2ํธ ํฌ์์กฐํฉ (โฉ3.5B), ๊นํธ์ (โฉ1.5B), ๋ฐฐ์ฑ์ค (โฉ300M). |
| 2026-05-07 | Repurchase | 5.30B KRW CB6 in-kind substitute payment (๋์ฉ๋ฉ์
): โฉ34.7B CB4 face acquired and offset against CB6 subscription on 2026-05-07. Sole seller: ๋ฒ๋ดํธ์์ฐ๋ฃธ2ํธ ํฌ์์กฐํฉ. Residual โฉ5.3B retired the next day. |
| 2026-02-20 | Redemption | 40.00B KRW Outstanding = 50B issued โ 10B early repurchase = 40B |
| 2025-06-20 | Issuance | 50.00B KRW |
- 2026-05-08 โ 0 KRW5./6./13. ์ฌ์ฑ ๊ถ๋ฉด ์ด์กยท์ทจ๋ ๋์ ๊ธ์กยท์ทจ๋ํ ์์ก
- 2026-05-07 โ 5,300,000,000 KRW5./6./13. ์ฌ์ฑ ๊ถ๋ฉด ์ด์กยท์ทจ๋ ๋์ ๊ธ์กยท์ทจ๋ํ ์์ก
- 2026-02-20 โ 40,000,000,000 KRW5. ์ฌ์ฑ์ ๊ถ๋ฉด(์ ์๋ฑ๋ก) ์ด์ก / 6. ์ทจ๋ ๋์ ์ฌ์ฑ์ ๊ถ๋ฉด(์ ์๋ฑ๋ก) ๊ธ์ก / 13. ์ทจ๋ํ ์์ก
- 2025-06-20 โ 50,000,000,000 KRW