Other DebtActive
Ledn BTC-Backed Line of Credit
BTCW-Ledn
0.04 CAD▲ 0.00%
BTC Holdings
204 BTC
Total Debt
C$36.90M
Leverage
187.0%
mNAV
0.78x
Outstanding
$11.25M
Issue date
2023-05-30
Principal
$3.09M
Coupon
12.40%
Maturity
2026-10-31
Conversion price
—
- Multiple tranches maturing Oct-Dec 2025, extendable for 12-month terms by mutual agreement
- Collateral sourced from cryptocurrency loans (Note 13)
- Issue date approximate — facility established before Dec 2023
Terms & Documentation
Terms
- BTC strategy
- No
- Ranking
- Secured
- Facility type
- Revolving
- Rate type
- Floating
- Collateral
- BTC-collateralized; 142 BTC held as security at Dec 2024 (LTV 51%). Max LTV 70%, default trigger at 80%
- Covenants
- Max LTV 70%, default trigger at 80%
Outstanding History
Outstanding history(4)
| As of | Event | Outstanding |
|---|---|---|
| 2026-03-31 | Draw | $11.25M Net $0.5M draw during Q1 2026 ($315,969 CF + FX); 202 BTC pledged as collateral (LTV 59%); all tranches renewed Apr 2026 at 9.99% to Apr 2027 |
| 2025-12-31 | Draw | $10.75M Net $1.1M increase during 2025 (from $9,643,793 at Dec 31, 2024) |
| 2024-12-31 | Draw | $6.71M USD $6,710,453 across multiple tranches |
| 2023-05-30 | Issuance | $3.09M |
- 2026-03-31 — $11,249,576Note 8 - Line of Credit
- 2025-12-31 — $10,753,735Balance Sheet - Line of credit
- 2024-12-31 — $6,710,453Note 16 — Line of Credit
- 2023-05-30 — $3,094,446