ConvertibleExpiredBTC
0% Convertible Notes due 2025
SATS-Dec25
0.00 GBP▼ 2.38%
BTC Holdings
668.484 BTC
Total Debt
£0.00
Leverage
0.0%
mNAV
0.58x
Outstanding
£0.00
Issue date
2025-07-28
Principal
£163.95M
Coupon
0.00%
Maturity
2025-12-30
Conversion price
£0.01
ITM Status
OTM (-79.5%)
- 1,097.29 BTC accepted from subscribers in lieu of £96.9M cash
- Partially converted to equity, partially repaid in cash Dec 2025
Terms & Documentation
Terms
- BTC strategy
- Yes
- Ranking
- Senior secured (first-ranking debenture, in priority to CLN1)
- Settlement
- Shares
- Payment frequency
- None (zero coupon)
- Rate type
- Fixed
- Forced conversion
- Automatic conversion on shareholder approval and admission of resulting shares to Main Market; longstop date 30 Sep 2025
- Use of proceeds
- Business operations growth and BTC treasury
Participants
Holders & Underwriters(2)
- Closing of Second Convert…Fortified Securitiesunderwriteras of 2025-07-28Lead broker for non-US investors
- Closing of Second Convert…Dawson James Securities Inc.underwriteras of 2025-07-28Placement agent for US investors
Outstanding History
Outstanding history(3)
| As of | Event | Outstanding |
|---|---|---|
| 2025-12-30 | Repayment | £0.00 |
| 2025-12-18 | Conversion | £78.19M Derived: £163,949,000 CLN2 principal (interim Note 12) − £85,761,000 CLN2 portion converted (£90,761,000 total CLN1+CLN2 per prospectus, less £5,000,000 = 100% of CLN1) |
| 2025-07-28 | Issuance | £163.95M |
- 2025-12-30 — £0
- 2025-12-18 — £78,188,000
- 2025-07-28 — £163,949,000Note 12 — Financing Instruments