Other DebtActive
Master XRP Loan Agreement
BLSH-XRP
BTC Holdings
21,240 BTC
Total Debt
$511.20M
Leverage
28.0%
mNAV
3.60x
Outstanding
$5.60M
Issue date
2023-09-01
Principal
—
Coupon
5.50%
Maturity
2027-09-01
Conversion price
—
- XRP loan for market making activities
- $15.1M repaid during 2025
Terms & Documentation
Terms
- BTC strategy
- No
- Ranking
- Unsecured
- Facility type
- Term loan
- Rate type
- Fixed
- Prepayment
- Either party may terminate or reduce loan balance at any time
Sources(1)
- Form 20-F (2025)FilingForm 20-F (2025)Note 23 — Digital Assets Loan PayableBullish Inc. — 2026-03-10
Outstanding History
Outstanding history(3)
| As of | Event | Outstanding | Source |
|---|---|---|---|
| 2025-12-31 | Repayment | $5.60M Non-current $5,267K + current $334K | Form 20-F (2025) |
| 2024-12-31 | Draw | $20.61M FVTPL value including revaluations | Form 20-F (2025) |
| 2023-12-31 | Issuance | $6.16M FVTPL value at year-end | Form 20-F (2025) |
- 2025-12-31 — $5,601,000Note 23 — filing — Bullish Inc.Source
- 2024-12-31 — $20,613,000Note 23 — filing — Bullish Inc.Source
- 2023-12-31 — $6,164,000Note 23 — filing — Bullish Inc.Source