ConvertibleActiveBTC
0% Convertible Notes due 2027
DDC-Jul27
$1.45▲ 1.40%
BTC Holdings
2,714 BTC
Total Debt
$23.97M
Leverage
10.5%
mNAV
0.32x
Outstanding
$23.97M
Issue date
2025-07-01
Principal
$26.32M
Coupon
0.00%
Maturity
2027-07-01
Conversion price
$13.65
ITM Status
OTM (-89.4%)
- First tranche of up to $316M convertible facility
- Secured by cash and BTC holdings, issued with OID
- Alternate conversion amended to 88% of lowest 20-day VWAP (originally 94%/10-day, per Sep 2025 waiver)
- Warrant coverage doubled to 70% from 35% (per Sep 2025 waiver)
Terms & Documentation
Terms
- BTC strategy
- Yes
- Ranking
- Senior secured
- Settlement
- Shares
- Payment frequency
- None (zero coupon)
- Rate type
- Fixed
- Put provision
- Holder may require 20% of gross proceeds from any future financing to redeem notes at 105% of principal; holder may also require redemption at 105% upon Change of Control
- Use of proceeds
- Exclusively for purchasing Bitcoin
Participants
Holders & Underwriters(2)
- Form 6-K (SPA and convert…Maxim Partners LLCunderwriter$26.3Mas of 2025-07-01
- Form 6-K (SPA and convert…Anson Investments Master Fund LPholder$26.3Mas of 2025-07-01
Outstanding History
Outstanding history(2)
| As of | Event | Outstanding |
|---|---|---|
| 2025-10-31 | Conversion | $23.97M Sep-Oct 2025 partial conversion: Holder converted US$2.35M into 327,852 Class A shares at US$6.6-9.7 per share (discounted alternate conversion, below the $13.65 fixed price). Remaining face 26,315,789 - 2,350,000 = 23,965,789. FY2025 20-F carrying balance was RMB 137.5M (~US$19.6M) at 2025-12-31. |
| 2025-07-01 | Issuance | $26.32M |
- 2025-10-31 — $23,965,789
- 2025-07-01 — $26,315,789Exhibit 10.1