Other DebtActiveBTC
Coinbase Bitcoin-Backed Credit Facility
KULR-CB
$3.96▲ 11.55%
BTC Holdings
1,083.14 BTC
Total Debt
$20.00M
Leverage
1.4%
mNAV
2.64x
Outstanding
$20.00M
Issue date
2025-07-08
Principal
$20.00M
Coupon
8.00%
Maturity
—
Conversion price
—
Terms & Documentation
Terms
- BTC strategy
- Yes
- Ranking
- Secured (first-priority lien on pledged BTC)
- Facility type
- Revolving
- Payment frequency
- Monthly
- Rate type
- Fixed
- Collateral
- BTC; ~156% collateral coverage ratio
- Covenants
- Margin deficit cure within mutually agreed period
- Prepayment
- No prepayment premium or penalty; terminable on 1 calendar day's notice by either party
Participants
Holders & Underwriters(1)
- Form 8-K (Master Loan Agr…Coinbase Credit, Inc.holder$20Mas of 2025-07-01Lender under Master Loan Agreement
Outstanding History
Outstanding history(5)
| As of | Event | Outstanding |
|---|---|---|
| 2026-05-13 | Draw | $20.00M Third Drawdown of $15M layered onto $5M Second Drawdown; 300 BTC additional collateral; facility fully drawn. |
| 2026-03-27 | Draw | $5.00M Second Drawdown; 7% loan fee; 125 BTC segregated as collateral. |
| 2025-10-15 | Repayment | $0.00 Repaid in full |
| 2025-09-30 | — | $3.80M |
| 2025-07-08 | Draw | $8.00M Initial $8M drawdown |
- 2026-05-13 — $20,000,000Note 12 — Subsequent Events
- 2026-03-27 — $5,000,000Note 8 — Credit Agreement
- 2025-10-15 — $0
- 2025-09-30 — $3,800,000
- 2025-07-08 — $8,000,000