ConvertibleActiveBTC
8% Convertible Notes due 2028
LGHL-Jun28
$0.96▼ 5.06%
BTC Holdings
88 BTC
Total Debt
$27.18M
Leverage
109.3%
mNAV
0.59x
Outstanding
$10.90M
Issue date
2025-06-17
Principal
$600.00M
Coupon
8.00%
Maturity
2028-06-23
Conversion price
—
- $600M maximum facility; $24.4M drawn as of Dec 2025
- Variable conversion price: lower of fixed price or 90% of lowest 10-day VWAP (subject to floor)
- Floor price resets every 6 months to 20% of 5-day avg closing price
Terms & Documentation
Terms
- BTC strategy
- Yes
- Ranking
- Senior secured, first priority lien on all assets including cryptocurrency
- Settlement
- Shares
- Payment frequency
- Quarterly
- Payment dates
- Jan 1, Apr 1, Jul 1, Oct 1
- Rate type
- Fixed
- Use of proceeds
- 75% to purchase cryptocurrency
Participants
Holders & Underwriters(1)
- Form 6-K ($600M convertib…Chardan Capital Markets Inc.underwriteras of 2025-06-17Sole placement agent, 2% fee
Outstanding History
Outstanding history(5)
| As of | Event | Outstanding |
|---|---|---|
| 2025-12-31 | Repayment | $10.90M FY 2025 audited year-end balance per 20-F borrowings table |
| 2025-12-05 | Draw | $24.40M $10.4M subsequent offering (amended terms) |
| 2025-07-21 | Draw | $14.00M $3M subsequent offering |
| 2025-06-23 | Issuance | $11.00M Initial closing |
| 2025-06-17 | Issuance | $600.00M |
- 2025-12-31 — $10,900,000Note 11 - Convertible Debentures (borrowings table)
- 2025-12-05 — $24,400,000
- 2025-07-21 — $14,000,000
- 2025-06-23 — $11,000,000
- 2025-06-17 — $600,000,000