ConvertibleActiveBTC
0% Convertible Notes due 2028
DJT-May28
$9.31▲ 4.61%
BTC Holdings
9,542.16 BTC
Total Debt
$958.59M
Leverage
101.2%
mNAV
3.68x
Outstanding
$953.26M
Issue date
2025-05-29
Principal
$1.00B
Coupon
0.00%
Maturity
2028-05-29
Conversion price
$34.72
ITM Status
OTM (-73.2%)
- Secured by BTC (at ~53% market valuation) and cash collateral; released at $500M and $250M outstanding thresholds
Terms & Documentation
Terms
- BTC strategy
- Yes
- Ranking
- Senior secured
- Settlement
- Shares
- Payment frequency
- None (zero coupon)
- Rate type
- Fixed
- Forced conversion
- On or after Nov 29 2025 if stock >= 130% of conversion price for 20 consecutive trading days during a 30-day trading period
- Put provision
- Holders may require cash repurchase on Nov 30, 2026
- Use of proceeds
- Collateralize the notes and pursue Bitcoin treasury strategy
Participants
Holders & Underwriters(4)
- Form 8-K (convertible not…Yorkville Securities, Inc.underwriteras of 2025-05-29Co-lead placement agent
- Form 8-K (convertible not…Clear Street LLCunderwriteras of 2025-05-29Co-lead placement agent
- Form 8-K (convertible not…BTIG, LLCunderwriteras of 2025-05-29Co-placement agent
- Form 8-K (convertible not…Cohen & Company Capital Marketsunderwriteras of 2025-05-29Co-placement agent
Outstanding History
Outstanding history(4)
| As of | Event | Outstanding |
|---|---|---|
| 2026-03-31 | — | $953.26M |
| 2025-12-31 | — | $941.89M Carrying value net of unamortized OID/DIC (4.00% original issue discount on $1,000,000K face). 10-K reports in thousands. |
| 2025-09-30 | — | $945.64M |
| 2025-05-29 | Issuance | $1.00B |
- 2026-03-31 — $953,262,200Balance Sheet — Convertible notes payable (Note 10)
- 2025-12-31 — $941,893,900Balance Sheet
- 2025-09-30 — $945,645,000Page 2 - Financial Statements
- 2025-05-29 — $1,000,000,000