ConvertibleActiveBTC
0% Convertible Notes due 2028
BRR-Dec28
$2.15▼ 5.70%
BTC Holdings
5,457 BTC
Total Debt
$99.60M
Leverage
18.4%
mNAV
0.49x
Outstanding
$99.60M
Issue date
2025-12-05
Principal
$235.00M
Coupon
0.00%
Maturity
2028-12-05
Conversion price
$13
ITM Status
OTM (-83.5%)
- 2x collateralized by cash or BTC
- Formed via SPAC merger with Columbus Circle Capital
Terms & Documentation
Terms
- BTC strategy
- Yes
- Ranking
- Senior secured
- Settlement
- Shares
- Payment frequency
- None (zero coupon)
- Rate type
- Fixed
- Put provision
- Repurchase upon fundamental change; holders may also tender at date specified in indenture
- Use of proceeds
- BTC acquisition, cash collateral against the notes, and transaction expenses
Participants
Holders & Underwriters(2)
- Form 8-K (Business combin…Cohen & Company Capital Marketsunderwriteras of 2025-12-05Co-placement agent for convertible note offering
- Form 8-K (Business combin…Clear Street LLCunderwriteras of 2025-12-05Co-placement agent for convertible note offering
Outstanding History
Outstanding history(3)
| As of | Event | Outstanding |
|---|---|---|
| 2026-03-31 | — | $99.60M |
| 2026-02-09 | — | $100.00M |
| 2025-12-05 | Issuance | $235.00M |
- 2026-03-31 — $99,600,000Note 7 — Long-Term Debt
- 2026-02-09 — $100,000,000
- 2025-12-05 — $235,000,000Item 2.03