Other DebtActive
Ripple Warehouse Credit Facility
GEMI-RWF
$5.27▲ 1.35%
BTC Holdings
6,085 BTC
Total Debt
$215.81M
Leverage
0.0%
mNAV
1.50x
Outstanding
$140.46M
Issue date
2025-07-11
Principal
$75.00M
Coupon
7.00%
Maturity
2027-11-15
Conversion price
—
- Upsized to $250M commitment in Q4 2025
Terms & Documentation
Terms
- BTC strategy
- No
- Facility type
- Revolving
- Rate type
- Step-up
- Rate reference
- 6.5% initial; increases to 8.5% if RLUSD balance not maintained
- Collateral
- Credit card receivables
- Covenants
- Restriction on additional drawdowns if Company does not maintain at least $50M equivalent of RLUSD by Jan 11, 2026
Outstanding History
Outstanding history(4)
| As of | Event | Outstanding |
|---|---|---|
| 2026-03-31 | Repayment | $140.46M |
| 2025-12-31 | Draw | $154.12M Precise balance-sheet figure from 10-K Note 15. Replaces #535 (which carried approximate $154.4M from 8-K shareholder letter). |
| 2025-09-30 | Draw | $48.89M $99M drawn, $50.2M repaid during Q3 |
| 2025-07-11 | Issuance | $0.00 Facility established; no initial draw |
- 2026-03-31 — $140,457,000Exhibit 99.3 — Q1 2026 Earnings Release, Condensed Consolidated Balance Sheets
- 2025-12-31 — $154,120,000Note 15 — Funding Debt
- 2025-09-30 — $48,890,000Note 15 — Funding Debt
- 2025-07-11 — $0Note 15 — Funding Debt