ConvertibleExpiredBTC
7% Convertible Notes due 2030
FLD-Mar30
$1.34▼ 8.84%
BTC Holdings
827 BTC
Total Debt
$23.00M
Leverage
23.1%
mNAV
1.01x
Outstanding
$0.00
Issue date
2025-03-06
Principal
$46.30M
Coupon
7.00%
Maturity
2030-03-06
Conversion price
$12.5
ITM Status
OTM (-89.3%)
- Terminated Feb 2026 with no penalties; collateral returned
Terms & Documentation
Terms
- BTC strategy
- Yes
- Ranking
- Secured (500 BTC collateral, non-recourse)
- Settlement
- Shares
- Payment frequency
- Quarterly
- Rate type
- Fixed
- Forced conversion
- Automatic conversion in 6 tranches at stock price thresholds ($15/$17.50/$20/$25/$30/$40) for 20 of 30 consecutive trading days; full conversion at >=$40
- Use of proceeds
- BTC acquisition (500 BTC contributed by investor as collateral)
Participants
Holders & Underwriters(1)
- Form 8-K ($46.3M Converti…SATS Credit Fund LPholder$46.3Mas of 2025-03-06Managed by Ten31, LLC (affiliate of lead director Jonathan Kirkwood)
Outstanding History
Outstanding history(2)
| As of | Event | Outstanding |
|---|---|---|
| 2026-02-26 | — | $0.00 Note terminated; 500 BTC collateral returned |
| 2025-03-06 | Issuance | $46.30M |
- 2026-02-26 — $0
- 2025-03-06 — $46,300,000