ConvertibleActiveBTC
0% Convertible Notes due 2026
XCE-Dec26
BTC Holdings
52.42 BTC
Total Debt
£528.91K
Leverage
19.1%
mNAV
2.76x
Outstanding
10.00 BTC
Insufficient history
Issue date
2025-12-31
Principal
10.00 BTC
Coupon
0.00%
Maturity
2026-12-31
Conversion price
—
- Convertible into BTC at maturity — conversion rate linked to BTC/GBP price at issuance (approx. 0.03 BTC per £1,000 note at issue)
- 2% lifecycle cost on BTC redemption at maturity
Terms & Documentation
Terms
- BTC strategy
- Yes
- Settlement
- Shares
- Payment frequency
- None (zero coupon)
- Rate type
- Fixed
- Forced conversion
- Compulsory conversion if VWAP exceeds 120% of conversion price for 10 consecutive trading days
- Use of proceeds
- BTC treasury strategy
Sources(2)
- Launch of BTC-Denominated…Press ReleaseLaunch of BTC-Denominated Convertible Bond ProgrammeConnecting Excellence Group PLC — 2025-12-31
- Settlement of First XCE B…Press ReleaseSettlement of First XCE BTC Bond IssueConnecting Excellence Group PLC — 2026-01-21
Participants
Holders & Underwriters(1)
- Launch of BTC-Denominated…Adam Backholderas of 2025-12-31Strategic investor
Outstanding History
Outstanding history(1)
| As of | Event | Outstanding | Source |
|---|---|---|---|
| 2025-12-31 | Issuance | 10.00 BTC | Launch of BTC-Denominated… |
- 2025-12-31 — 10 BTCpress_release — Connecting Excellence Group PLCSource