ConvertibleExpired
3.5% Convertible Notes due 2025
CBIT-Nov25
0.33 CAD▲ 0.00%
BTC Holdings
4.72 BTC
Total Debt
C$0.00
Leverage
0.0%
mNAV
18.50x
Outstanding
C$0.00
Issue date
2021-11-11
Principal
C$25.00M
Coupon
3.50%
Maturity
2025-11-11
Conversion price
C$4.5
ITM Status
OTM (-92.8%)
- Conversion price adjusted for 30:1 reverse split Oct 2025 (pre-split: C$0.15, original: C$0.78)
- Originally due Nov 2024 (36 months), extended to Nov 2025 in Dec 2023
- Secured against digital assets and property in Washington State
- Fully retired Mar 2025 via C$4.59M payment at 20% discount to C$5.73M remaining par
Terms & Documentation
Terms
- BTC strategy
- No
- Ranking
- Senior secured
- Settlement
- Shares
- Payment frequency
- Quarterly
- Rate type
- Fixed
- Call provision
- Non-redeemable
- Use of proceeds
- General corporate purposes and working capital to expand bitcoin mining hash rate capacity
Outstanding History
Outstanding history(3)
| As of | Event | Outstanding |
|---|---|---|
| 2025-03-19 | Repurchase | C$0.00 Retired at 20% discount; paid C$4,586,982 for C$5,733,728 par |
| 2024-12-31 | Conversion | C$5.73M After partial settlements: C$2.5M (Apr 2023), C$10.7M (Dec 2023), additional conversions |
| 2021-11-11 | Issuance | C$25.00M |
- 2025-03-19 — C$0
- 2024-12-31 — C$5,733,728Balance Sheet
- 2021-11-11 — C$25,000,000