Other DebtActiveBTC
Coinbase BTC-Backed Credit Facility
SWC-CF01
0.30 GBP▲ 3.72%
BTC Holdings
2,878 BTC
Total Debt
£28.21M
Leverage
17.0%
mNAV
0.68x
Outstanding
$24.80M
Issue date
2026-02-24
Principal
$30.00M
Coupon
—
Maturity
—
Conversion price
—
Terms & Documentation
Terms
- BTC strategy
- Yes
- Ranking
- Secured
- Facility type
- Revolving
- Collateral
- Secured against Bitcoin holdings held within Coinbase
- Prepayment
- Repayable at Company's discretion, no fixed maturity
Outstanding History
Outstanding history(11)
| As of | Event | Outstanding |
|---|---|---|
| 2026-05-29 | Draw | $24.80M £18,500,000 total drawn after £500,000 incremental draw alongside 9 BTC purchase (£492,942); converted at GBP/USD 1.3408008 (implied by press-release per-BTC £/$ figures). Approximate leverage ratio 13.25%. |
| 2026-05-26 | Draw | $24.17M £18,000,000 total drawn after £500,000 incremental draw alongside 10 BTC purchase (£557,865); converted at GBP/USD 1.342702 (implied by press-release per-BTC £/$ figures). Approximate leverage ratio 12.19%. |
| 2026-05-21 | Draw | $23.51M £17,500,000 total drawn after £1,000,000 incremental draw alongside 19 BTC purchase (£1,101,453); converted at GBP/USD 1.34349012 (fx_rates 2026-05-21). Approximate leverage ratio 11.77%. |
| 2026-05-15 | Draw | $22.02M £16,500,000 total drawn after £500,000 incremental draw alongside 10 BTC purchase (£588,911); converted at GBP/USD 1.33472145 (fx_rates 2026-05-15). Approximate leverage ratio 10.89%. |
| 2026-05-12 | Draw | $21.72M £16,000,000 total drawn after £1,000,000 incremental draw to fund 25 BTC purchase; converted at GBP/USD 1.35775483 (fx_rates 2026-05-12). Approximate leverage ratio 10.37%. |
| 2026-05-05 | Draw | $20.28M £15,000,000 total drawn after £1,500,000 incremental draw to fund 27 BTC purchase; converted at GBP/USD 1.3522284 (fx_rates 2026-05-05). Approximate leverage ratio 10.15%. |
| 2026-04-29 | Draw | $18.24M £13,500,000 total drawn after £1,500,000 incremental draw to fund 28 BTC purchase; converted at GBP/USD 1.35111403 (fx_rates 2026-04-29). Approximate leverage ratio 9.3%. |
| 2026-04-24 | Draw | $16.15M £12,000,000 total drawn after £2,500,000 draw to fund 44 BTC purchase; converted at GBP/USD 1.34584 (market rate 2026-04-24) |
| 2026-04-09 | Draw | $12.82M £9,500,000 total drawn (£650,000 existing + £8,850,000 new); £8.85M drawn 2026-04-09 to cancel 39M Pre-IPO warrants at 22.5p (£8.775M consideration + costs); converted at GBP/USD 1.35 |
| 2026-03-16 | Draw | $858.00K £650,000 drawn for warrant buyback at GBP/USD 1.32; prior snapshot recorded $30M facility ceiling, not drawn amount |
| 2026-02-24 | Issuance | $30.00M Facility size $30M; drawn amount not disclosed |
- 2026-05-29 — $24,804,814
- 2026-05-26 — $24,168,645
- 2026-05-21 — $23,511,077
- 2026-05-15 — $22,022,904
- 2026-05-12 — $21,724,077
- 2026-05-05 — $20,283,426
- 2026-04-29 — $18,240,039
- 2026-04-24 — $16,150,110
- 2026-04-09 — $12,825,000
- 2026-03-16 — $858,000
- 2026-02-24 — $30,000,000