ConvertibleActiveBTC
0% Convertible Notes due 2028
BMAX-Mar28
BTC Holdings
551.205 BTC
Total Debt
130.00B KRW
Leverage
193.1%
mNAV
0.11x
Outstanding
15.00B KRW
Insufficient history
Issue date
2025-03-15
Principal
15.00B KRW
Coupon
0.00%
Maturity
2028-03-15
Conversion price
5,768 KRW
- Coupon renegotiated from 4.9% to 0% in Mar 2026
- Exact issue/maturity dates estimated
- Conversion price adjusted for 4:1 reverse split Mar 2026 (pre-split: 1442)
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 (Mar 13, 2026), monthly thereafter. Early redemption yield: 0%.
- 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
Outstanding History
Outstanding history(1)
| As of | Event | Outstanding | Source |
|---|---|---|---|
| 2025-03-15 | Issuance | 15.00B KRW | Bitmax CB overview and 0%… |
- 2025-03-15 — 15,000,000,000 KRWpress_release — Seoul Economic DailySource