ConvertibleExpired
0% Convertible Notes due 2026
NA-Jun26
$2.04▲ 12.98%
BTC Holdings
0 BTC
Total Debt
$0.00
Outstanding
$0.00
Issue date
2025-06-25
Principal
$500.00M
Coupon
0.00%
Maturity
2026-06-20
Conversion price
$20
ITM Status
OTM (-89.8%)
- Denominated in Bitcoin; initial closing of 600 BTC (~$63.6M)
- Conversion: BTC principal converted to USD at Hashkey Exchange spot price, divided by $20/share
- Conversion price subject to ratchet adjustment for subsequent more favorable financings
- May close in multiple tranches up to 360 days; aggregate may be less than $500M
Terms & Documentation
Terms
- BTC strategy
- No
- Ranking
- Unsecured
- Settlement
- Shares
- Payment frequency
- None (zero coupon)
- Rate type
- Fixed
- Put provision
- At 100% of principal (in Bitcoin) upon change of control
- Use of proceeds
- BNB acquisition and strategic growth
Outstanding History
Outstanding history(2)
| As of | Event | Outstanding |
|---|---|---|
| 2025-12-31 | Redemption | $0.00 Fully repaid before Dec 31 2025 per H2 2025 earnings; announced Nov 12 2025 (300 BTC per bondholder + 4.5 BTC compensation) |
| 2025-06-25 | Issuance | $63.60M Initial closing of 600 BTC (~$63.6M) |
- 2025-12-31 — $0Exhibit 99.1
- 2025-06-25 — $63,600,000