ConvertibleActiveBTC
1% Convertible Notes due 2030
XXI-Dec30
BTC Holdings
43,515 BTC
Total Debt
$486.50M
Leverage
11.9%
mNAV
0.75x
Outstanding
$486.50M
Insufficient history
Issue date
2025-12-08
Principal
$486.50M
Coupon
1.00%
Maturity
2030-12-01
Conversion price
$13.88
- Secured by 16,116 BTC at issuance (first priority lien, ~3x collateral coverage, custodied by Anchorage Digital Bank)
- Issued as part of Cantor Equity Partners SPAC merger
Terms & Documentation
Terms
- BTC strategy
- Yes
- Ranking
- Senior secured
- Settlement
- Issuer election
- Payment frequency
- Semi-annual
- Payment dates
- Jun 15, Dec 15
- Rate type
- Fixed
- Forced conversion
- On or after 3 years from issue date if stock >= 130% of conversion price for at least 20 trading days (whether or not consecutive) during any 30 consecutive trading day period. Redeemable at 100% of principal plus accrued interest.
- Put provision
- Fundamental change: holders may require repurchase at 100% of principal plus accrued interest. 3-year put: holders may require repurchase beginning 3 years from issue date at 100% of principal plus accrued interest.
- Use of proceeds
- BTC acquisition
Sources(1)
- S-1/A (Amendment No. 1)FilingS-1/A (Amendment No. 1)Cover pageTwenty One Capital Inc. — 2026-02-09
Participants
Holders & Underwriters(1)
- S-1/A (Amendment No. 1)Cantor Fitzgerald & Co.underwriter$486.5Mas of 2025-12-08Placement agent for senior convertible notes PIPE
Outstanding History
Outstanding history(1)
| As of | Outstanding | Source |
|---|---|---|
| 2025-12-08 | $486.50M | S-1/A (Amendment No. 1) |
- 2025-12-08 — $486,500,000filing — Twenty One Capital Inc.Source