ConvertibleActiveBTC
1% Convertible Notes due 2031
BSTR-5Yr
BTC Holdings
30,021 BTC
Total Debt
$608.80M
Leverage
24.8%
Outstanding
$530.50M
Issue date
2025-07-16
Principal
$530.50M
Coupon
1.00%
Maturity
2031-04-15
Conversion price
$13
- Pending issuance — subject to Closing of CEPO/BSTR business combination (expected early Q2 2026)
- $500M initial + $30.5M additional subscriptions under same Indenture
- 5-year maturity from Closing Date; issue_date and maturity_date are estimates pending Closing (expected early Q2 2026)
- Quarterly collateral release mechanism based on BTC price appreciation and public float growth
Terms & Documentation
Terms
- BTC strategy
- Yes
- Ranking
- Senior secured (3:1 BTC collateralized, 33.3% LTV at Closing)
- Settlement
- Issuer election
- Payment frequency
- Semi-annual
- Rate type
- Fixed
- Forced conversion
- Non-callable for 3.0 years; thereafter callable if stock >= 130% of conversion price for 20/30 consecutive trading days, plus share Make-Whole
- Call provision
- Non-callable for 3.0 years from Issue Date; thereafter callable partially or in whole if stock >= 130% of conversion price for 20/30 consecutive trading days
- Put provision
- Discrete investor put right at 100% of Notional plus accrued interest, 3.0 years from Closing Date
- Use of proceeds
- To facilitate the purchase of Bitcoin, to pay future convertible interest expenses, and general corporate purposes
Sources(2)
- Form 8-K (business combin…FilingForm 8-K (business combination agreement, PIPE investments)Item 1.01Cantor Equity Partners I, Inc. — 2025-07-22
- Form 8-K (additional conv…FilingForm 8-K (additional convertible notes subscriptions)Item 1.01Cantor Equity Partners I, Inc. — 2025-08-07
Outstanding History
Outstanding history(2)
| As of | Event | Outstanding | Source |
|---|---|---|---|
| 2025-08-07 | Issuance | $530.50M Additional $30.5M subscription — pending Closing | Form 8-K (additional conv… |
| 2025-07-16 | Issuance | $500.00M Subscription commitment — pending Closing | Form 8-K (business combin… |
- 2025-08-07 — $530,500,000Item 1.01 — filing — Cantor Equity Partners I, Inc.Source
- 2025-07-16 — $500,000,000Item 1.01 — filing — Cantor Equity Partners I, Inc.Source