Other DebtActiveBTC
11% USDT Loan due Dec 2026
288330-Dec26
416.00 KRW▲ 0.00%
BTC Holdings
216.609 BTC
Total Debt
20.44B KRW
Leverage
71.6%
mNAV
1.84x
Outstanding
$10.25M
Issue date
—
Principal
$10.25M
Coupon
11.00%
Maturity
2026-12-22
Conversion price
—
- Issue date undisclosed in FY2025 annual; executed during FY2025 with 1-year tenor inferred from maturity
Terms & Documentation
Terms
- BTC strategy
- Yes
- Ranking
- Senior Secured
- Facility type
- Other
- Rate type
- Fixed
- Collateral
- 155 BTC pledged; initial collateral ratio 133% (~75% LTV)
- Covenants
- Margin call at 115% collateral ratio (~87% LTV); forced liquidation at 105% (~95% LTV)
Outstanding History
Outstanding history(2)
| As of | Event | Outstanding |
|---|---|---|
| 2026-03-31 | outstanding | $10.25M |
| 2025-12-31 | Issuance | $10.25M Face USD-equivalent at year-end; FVTPL carrying value KRW 14,932,993,322 |
- 2026-03-31 — $10,250,000주석 18 — 차입금 USDT Loan
- 2025-12-31 — $10,250,000Note 19 — USDT Loan