ConvertibleExpiredBTC
0% Convertible Notes due 2027
VANA-Sep27
€0.04▲ 6.80%
BTC Holdings
213 BTC
Total Debt
€8.00M
Leverage
54.7%
mNAV
0.51x
Outstanding
€0.00
Insufficient history
Issue date
2025-09-28
Principal
€1.00B
Coupon
0.00%
Maturity
2027-09-28
Conversion price
—
- €500M subscribed by GCFO 21 (Alpha Blue Ocean), €500M by Patblasc Software Consulting
- Structured in 332 tranches, drawn progressively
- Conversion price at discount to weighted average trading price (variable)
- Accompanied by up to €200M in equity warrants
Terms & Documentation
Terms
- BTC strategy
- Yes
- Ranking
- Subordinated
- Settlement
- Shares
- Payment frequency
- None (zero coupon)
- Rate type
- Fixed
- Forced conversion
- Mandatory conversion within 24 months of each tranche issuance
- Use of proceeds
- BTC acquisition
Outstanding History
Outstanding history(1)
| As of | Event | Outstanding |
|---|---|---|
| 2025-09-28 | Issuance | €0.00 Progressive drawdown facility (332 tranches, €1B ceiling); bonds drawn in small amounts and mandatorily converted to shares |
- 2025-09-28 — €0