Other DebtActive
WCF Related Party Crypto Lending Agreements
GEMI-WCF
$4.64▲ 7.41%
BTC Holdings
5,097 BTC
Total Debt
$467.59M
Leverage
77.8%
mNAV
1.81x
Outstanding
$251.78M
Issue date
2022-12-29
Principal
$560.11M
Coupon
4.00%
Maturity
—
Conversion price
—
- Aggregate of multiple BTC/ETH crypto lending agreements with Winklevoss Capital Fund, LLC (WCF), a related party; revolving, no fixed principal
- Reported at fair value; principal callable on written notice, repayable in-kind by end of business day
- Related party convertible notes ($200M aggregate) and convertible term loans converted to equity at the IPO on 2025-09-15 and are NOT included here — this row covers the non-convertible crypto loans that remain outstanding
Terms & Documentation
Terms
- BTC strategy
- No
- Facility type
- Other
- Rate type
- Fixed
- Rate reference
- 4.0%-5.0% across individual crypto loans
- Covenants
- Callable upon written notice by WCF; the Company must repay all outstanding loaned crypto by end of the business day when called
Outstanding History
Outstanding history(4)
| As of | Event | Outstanding |
|---|---|---|
| 2026-03-31 | Repayment | $251.78M Net repayments during Q1 2026; 3,691 BTC, 0 ETH outstanding. Balance-sheet Related party loans line adds $791k interest payable = ~$252.6M. |
| 2025-12-31 | Repayment | $402.50M Net repayments during FY2025; 4,619 BTC, 0 ETH outstanding. |
| 2024-12-31 | Issuance | $560.11M Earliest balance with disclosed USD fair value; WCF crypto lending relationship began 2022-12-29 (instrument issue_date). 5,054 BTC + 26,629 ETH outstanding. |
| 2022-12-29 | Issuance | $560.11M |
- 2026-03-31 — $251,783,000Note 14 — Crypto asset loans (Q1 2026 table)
- 2025-12-31 — $402,501,000Note 13 — Crypto asset loans (FY2025 table)
- 2024-12-31 — $560,107,000Note 13 — Crypto asset loans (FY2024 table)
- 2022-12-29 — $560,107,000