Other DebtActive
BTC-Collateralized Term Loans
CAN-BTCLoan
$0.41▲ 0.44%
BTC Holdings
1,826 BTC
Total Debt
$54.51M
Leverage
8.2%
mNAV
2.37x
Outstanding
$54.51M
Issue date
2024-06-12
Principal
—
Coupon
4.20%
Maturity
—
Conversion price
—
- Two initial agreements (Jun 2024): Loan 1 $14.3M USDT at 2.75%, Loan 2 $8.04M at 6.75%
- LTV ratios: 68% (Loan 1) and 65% (Loan 2)
- Original maturity: 18 months from Jun 2024
- Additional borrowings taken throughout 2025
Terms & Documentation
Terms
- BTC strategy
- No
- Ranking
- Secured
- Facility type
- Term loan
- Rate type
- Fixed
- Collateral
- BTC-collateralized; 530 BTC initially pledged (Jun 2024), 900 BTC pledged as of Dec 2025
- Covenants
- LTV maintenance: Lender 1 additional collateral if BTC falls below 70% of initial FMV; Lender 2 if LTV >= 80%; Lender 3 if BTC falls below 50% of initial FMV
Outstanding History
Outstanding history(4)
| As of | Event | Outstanding |
|---|---|---|
| 2026-03-31 | Draw | $54.51M Current portion $21,140K + non-current $33,373K; 905.0 BTC pledged as collateral |
| 2025-12-31 | Draw | $52.20M Current $28.5M + non-current $23.7M |
| 2025-09-30 | Draw | $44.70M Current $44.7M, non-current $0 |
| 2024-06-12 | Issuance | $22.30M Initial loans: $14.3M (2.75%) + $8.04M (6.75%) |
- 2026-03-31 — $54,513,000Exhibit 99.1 — Balance Sheet (long-term loans)
- 2025-12-31 — $52,200,000Balance Sheet
- 2025-09-30 — $44,700,000Balance Sheet
- 2024-06-12 — $22,300,000Note 11