ConvertibleActiveBTC
0% Convertible Notes due 2026
SWC-Aug26
0.30 GBPâ–² 3.72%
BTC Holdings
2,878 BTC
Total Debt
£28.21M
Leverage
17.0%
mNAV
0.68x
Outstanding
178.00 BTC
Issue date
2025-08-06
Principal
178.00 BTC
Coupon
0.00%
Maturity
2026-08-06
Conversion price
£2.05
ITM Status
OTM (-85.1%)
Terms & Documentation
Terms
- BTC strategy
- Yes
- Settlement
- Issuer election
- Payment frequency
- None (zero coupon)
- Rate type
- Fixed
- Forced conversion
- After initial 6-month period, company may force conversion into equity if share price trades 50% above conversion price for 10 trading days
- Use of proceeds
- BTC acquisition, capped at approximately 30% of existing unencumbered BTC treasury holdings
Participants
Holders & Underwriters(1)
- Smarter Convert — $21 Mil…TOBAMholder£178.00as of 2025-08-06Fully subscribed via three managed funds
Outstanding History
Outstanding history(2)
| As of | Event | Outstanding |
|---|---|---|
| 2025-11-21 | — | 178.00 BTC |
| 2025-08-06 | Issuance | 178.00 BTC |
- 2025-11-21 — 178 BTC
- 2025-08-06 — 178 BTC