Other DebtExpired
Galaxy Digital Lending Agreement
GEMI-Galaxy
$5.27▲ 1.35%
BTC Holdings
6,085 BTC
Total Debt
$215.81M
Leverage
0.0%
mNAV
1.50x
Outstanding
$0.00
Issue date
2023-03-02
Principal
$116.50M
Coupon
11.00%
Maturity
—
Conversion price
—
- Evergreen maturity; multiple loan tranches consolidated over time
- Fully repaid Oct 8, 2025 with IPO proceeds
Terms & Documentation
Terms
- BTC strategy
- No
- Facility type
- Other
- Rate type
- Fixed
- Collateral
- BTC and ETH (145-155% collateral rate)
- Covenants
- Margin call if collateral value falls 10% from initial collateral level; additional crypto must be pledged to reset
- Prepayment
- 90-day notice period for repayment
Outstanding History
Outstanding history(4)
| As of | Event | Outstanding |
|---|---|---|
| 2025-12-31 | — | $0.00 Loans 13 (BTC, 11%), 14 (ETH, 11%), 15 (BTC, 12%) all evergreen with zero principal outstanding at YE 2025; original $116.5M repaid Oct 8 2025 with IPO proceeds (per #538). Replaces #773 (which mis-stored 12,485k FY2025 interest expense as principal). |
| 2025-10-08 | Repayment | $0.00 Fully repaid with IPO proceeds |
| 2025-09-30 | Issuance | $116.50M 3 tranches: $51.9M + $54.6M + $10M |
| 2023-03-02 | Issuance | $116.50M Multiple tranches; $116.5M aggregate at peak |
- 2025-12-31 — $0Note 14 — Third Party Loans (Galaxy schedule)
- 2025-10-08 — $0Note 23 — Subsequent Events
- 2025-09-30 — $116,500,000Note 14 — Third Party Loans
- 2023-03-02 — $116,500,000Note 14 — Third Party Loans