ConvertibleActiveBTC
0% Convertible Notes due 2027
KWM-Jul27
BTC Holdings
88 BTC
Total Debt
$19.04M
Leverage
303.9%
mNAV
5.26x
Outstanding
$15.79M
Insufficient history
Issue date
2025-07-10
Principal
$15.79M
Coupon
0.00%
Maturity
2027-07-03
Conversion price
$4.4
- Part of USD 500M total facility across multiple closings (subject to conditions)
- 12% default interest rate; 12% late fee on overdue interest
Terms & Documentation
Terms
- BTC strategy
- Yes
- Ranking
- Senior secured by deposit and digital asset accounts
- Settlement
- Shares
- Payment frequency
- None (zero coupon)
- Rate type
- Fixed
- Put provision
- Holder redemption rights upon financing and change of control events
- Use of proceeds
- At least 80% of net proceeds for BTC acquisition
Sources(2)
- $500M Convertible Note wi…Press Release$500M Convertible Note with Anson Funds for BTC TreasuryK Wave Media Ltd. — 2025-07-10
- Form 6-K (convertible not…FilingForm 6-K (convertible notes and warrants SPA)Item 1.01K Wave Media Ltd. — 2025-07-30
Participants
Holders & Underwriters(2)
- $500M Convertible Note wi…D. Boral Capital LLCunderwriteras of 2025-07-11Exclusive placement agent
- Form 6-K (convertible not…Anson Investments Master Fund LPholder$15.8Mas of 2025-07-11Anson Investments Master Fund LP + Anson East Master Fund LP
Outstanding History
Outstanding history(1)
| As of | Event | Outstanding | Source |
|---|---|---|---|
| 2025-07-10 | Issuance | $15.79M | $500M Convertible Note wi… |
- 2025-07-10 — $15,789,474press_release — K Wave Media Ltd.Source