Other DebtActive
BTC-Collateralized Hashrate Financing Loan
CANG-Apr28
$0.44▲ 2.58%
BTC Holdings
1,057.46 BTC
Total Debt
$40.60M
Leverage
0.0%
mNAV
2.33x
Outstanding
$30.60M
Issue date
2024-11-11
Principal
—
Coupon
—
Maturity
2028-04-30
Conversion price
—
- Weighted average interest rate ~7.5% as of Dec 2024
- Related party lender; denominated in USD, paid directly to hosting service provider (Bitmain)
- Originally open-term credit line (Nov 2024); amended Sep 30 2025 to fixed-term loan with lump-sum maturity Apr 30 2028
- Partially repaid with $305M from BTC sale proceeds in Feb 2026
Terms & Documentation
Terms
- BTC strategy
- No
- Facility type
- Term loan
- Rate type
- Floating
- Rate reference
- Capped at 10% p.a.
- Collateral
- All BTC holdings; LTV limited to 60% of collateralized crypto value after first 12 months
- Prepayment
- The Company may negotiate with the Lender for early repayment prior to the contractual maturity date depending on market conditions.
Outstanding History
Outstanding history(4)
| As of | Event | Outstanding |
|---|---|---|
| 2026-03-31 | Repayment | $30.60M Repaid using proceeds from 2,000 BTC sale in March 2026 |
| 2025-12-31 | Draw | $557.57M |
| 2025-09-30 | Draw | $405.13M |
| 2024-12-31 | Draw | $17.07M |
- 2026-03-31 — $30,600,000
- 2025-12-31 — $557,567,671
- 2025-09-30 — $405,132,591
- 2024-12-31 — $17,067,978Note 13