ConvertibleExpiredBTC
0% Convertible Notes due 2028
NAKA-Aug28
$0.19▼ 3.73%
BTC Holdings
5,058 BTC
Total Debt
$210.00M
Leverage
45.8%
mNAV
0.32x
Outstanding
$0.00
Issue date
2025-08-15
Principal
$200.00M
Coupon
0.00%
Maturity
2028-08-15
Conversion price
$2.8
ITM Status
OTM (-93.2%)
Terms & Documentation
Terms
- BTC strategy
- Yes
- Ranking
- Senior secured
- Settlement
- Shares
- Payment frequency
- None (zero coupon)
- Rate type
- Step-up
- Rate reference
- 0% for first 2 years, 6% per annum in year 3
- Call provision
- Redeemable at company election: (i) if VWAP < conversion price, 10 trading days notice, or (ii) if VWAP >= $4.50, 30 trading days notice. Premium: 101.5% within 12 months, 103% at 12-24 months, 105% at 24-36 months
- Use of proceeds
- BTC acquisition, working capital, and general corporate purposes
Participants
Holders & Underwriters(1)
- $200M 0% Convertible Note…Yorkville Advisorsholder$200Mas of 2025-08-15Sole investor (YA II PN, Ltd.)
Outstanding History
Outstanding history(2)
| As of | Event | Outstanding |
|---|---|---|
| 2025-10-03 | Redemption | $0.00 Fully redeemed |
| 2025-08-15 | — | $200.00M |
- 2025-10-03 — $0
- 2025-08-15 — $200,000,000