Bitmax Co., Ltd
377030🇰🇷Leveraged
Bitmax Co., Ltd (formerly MAXST Co., Ltd) is a South Korean AR/metaverse technology company listed on KOSDAQ. In early 2025, the company pivoted to a Bitcoin-focused strategy, issuing multiple convertible bonds to fund BTC purchases and becoming the largest public Bitcoin holder in South Korea.
BTC Holdings
551.238 BTC
180d
Stock PriceUpdated 1d ago
2450.00 KRW▲ 4.03%
180d
Total financing
102.61B KRW
180d
mNAV
1.55x▲ 4.16%
180d
Leverage
155.9%
180d
BTC Risk
43.51%0.6x
Sats/Share
1,428
180d
Mkt capFD
94.57B KRW
SharesFD
38.60M
Fiat reserve
7.49B KRW
Total reserve
68.48B KRW
Dilution
260.9%
Coverage
18.3 yr
BTC mix
96%
Analytics
BTC Coverage
FinancialsUnverified
IFRSQuarterlyAs of 2026-03-31
Balance Sheet
Total Assets80.4B KRW▼25.0%
Total Liabilities85.3B KRW▼11.7%
Stockholders' Equity-4.8B KRW▼145.7%
Cash & Equivalents7.5B KRW▼57.8%
Total Debt81.3B KRW▼11.7%
Digital Assets56.4B KRW
Income Statement
Revenue6.1B KRW▼6.2%
Operating Income-1.1B KRW▲23.9%
Net Income-16.6B KRW▲18.6%
Interest Expense—
Cash Flow
Operating Cash Flow—
Instruments
BMAX-Feb28
Feb '25 – Feb '28
Coupon
0%
Principal
25.00B KRW
Outstanding
12.05B KRW
Conv. price
5.3K KRW
BTC Rating
>10x
BMAX-Jul28
Jul '25 – Jul '28
Coupon
5%
Principal
25.01B KRW
Outstanding
25.01B KRW
Conv. price
17.2K KRW
BTC Rating
2.1x
BMAX-May29
May '26 – May '29
Coupon
3%
Principal
61.65B KRW
Outstanding
61.65B KRW
Conv. price
2.6K KRW
BTC Rating
0.7x
BMAX-Jun29
Jun '26 – Jun '29
Coupon
3%
Principal
1.50B KRW
Outstanding
1.50B KRW
Conv. price
2.6K KRW
BTC Rating
0.7x
Total
100.21B KRW
| Instrument | Term | Coupon | Principal | Outstanding | Conv. price | BTC Rating |
|---|---|---|---|---|---|---|
| BMAX-Feb28 | Feb '25 – Feb '28 | 0% | 25.00B KRW | 12.05B KRW | 5.3K KRW | >10x |
| BMAX-Jul28 | Jul '25 – Jul '28 | 5% | 25.01B KRW | 25.01B KRW | 17.2K KRW | 2.1x |
| BMAX-May29 | May '26 – May '29 | 3% | 61.65B KRW | 61.65B KRW | 2.6K KRW | 0.7x |
| BMAX-Jun29 | Jun '26 – Jun '29 | 3% | 1.50B KRW | 1.50B KRW | 2.6K KRW | 0.7x |
| Total | 100.21B KRW | |||||
Recent Changes
Thu, Jun 4, 2026
Debt OutstandingIssuanceBMAX-Jun29
1.50B
주요사항보고서(전환사채권 발행결정) — 7회차 무보증 사모 전환사채 (1.5B KRW)
Fri, May 8, 2026
Debt OutstandingRepurchaseBMAX-Mar28
700.0M→0-700.0M(-100.0%)
Cash repurchase clearing residual CB3 balance (₩700M); fully retired. Sellers: 라르고스브릭3호 투자조합 (₩500M), 이주형 (₩200M).
주요사항보고서(자기전환사채만기전취득결정) — 3회차 CB ₩0.7B 자기자금 취득 (전액 상환)Debt OutstandingRepurchaseBMAX-Jun28
5.30B→0-5.30B(-100.0%)
Cash repurchase clearing residual CB4 balance (₩5.3B); fully retired. Sellers: 라르고스브릭2호 투자조합 (₩3.5B), 김호선 (₩1.5B), 배성준 (₩300M).
주요사항보고서(자기전환사채만기전취득결정) — 4회차 CB ₩5.3B 자기자금 취득 (전액 상환)Thu, May 7, 2026
Debt OutstandingRepurchaseBMAX-Feb28
23.90B→12.05B-11.85B(-49.6%)
CB6 in-kind substitute payment (대용납입): ₩11.85B CB2 face acquired and offset against CB6 subscription on 2026-05-07. Sole seller: 버덴트아우룸2호 투자조합. Pre-acquisition balance was ₩23.9B per filing line 13 — ₩1.1B reduction between original ₩25B issuance and this filing not separately disclosed.
주요사항보고서(자기전환사채만기전취득결정) — 2회차 CB ₩11.85B 대용납입 취득 (잔액 ₩12.05B)Debt OutstandingRepurchaseBMAX-Mar28
15.00B→700.0M-14.30B(-95.3%)
CB6 in-kind substitute payment (대용납입): ₩14.3B CB3 face acquired and offset against CB6 subscription on 2026-05-07. Sole seller: 버덴트아우룸2호 투자조합. Residual ₩0.7B retired the next day.
주요사항보고서(자기전환사채만기전취득결정) — 3회차 CB ₩14.3B 대용납입 취득 (잔액 ₩0.7B)Debt OutstandingRepurchaseBMAX-Jun28
40.00B→5.30B-34.70B(-86.8%)
CB6 in-kind substitute payment (대용납입): ₩34.7B CB4 face acquired and offset against CB6 subscription on 2026-05-07. Sole seller: 버덴트아우룸2호 투자조합. Residual ₩5.3B retired the next day.
주요사항보고서(자기전환사채만기전취득결정) — 4회차 CB ₩34.7B 대용납입 취득 (잔액 ₩5.3B)Debt OutstandingIssuanceBMAX-May29
61.65B
CB6 issuance per 2026-04-28 board decision; deposit (납입일) 2026-05-07.
주요사항보고서(전환사채권 발행결정) — 6회차 무보증 사모 전환사채 (61.65B KRW)Wed, Apr 8, 2026
Shares Outstanding
42.8M→10.7M-32.1M(-75.0%)
4:1 reverse split effective 2026-04-08 per corporate_actions(bitmax-rsplit-2026-04-08); pre-split 42,777,440
분기보고서 (제17기 1분기) [2026.03] — Q1 2026 Quarterly ReportTue, Mar 31, 2026
Fiat Reserve
17.74B→7.49B-10.25B(-57.8%)KRW
분기보고서 (제17기 1분기) [2026.03] — Q1 2026 Quarterly Report
Mon, Mar 16, 2026
BTC Holdings
551.205→551.238+0.033 BTC(+0.0%)
Annual report disclosure as of report submission date 2026-03-16. Acquired with proceeds from Series 2-5 CBs.
사업보고서 (2025.12) — Annual ReportMon, Mar 9, 2026
Shares Outstanding
41.9M→42.8M+840.3K(+2.0%)
Post-split share count = capital ₩5,347,180,000 / par ₩500 = 10,694,360. 4:1 share consolidation (record date 2026-04-08); board decision 2026-03-09 amended 2026-03-13 to reflect intervening CB conversions (pre-consolidation 41,937,104 → 42,777,440).
[기재정정]주요사항보고서(감자결정) — 4:1 감자전 42,777,440 → 감자후 10,694,360 정정Fri, Feb 20, 2026
Debt OutstandingRedemptionBMAX-Jun28
50.00B→40.00B-10.00B(-20.0%)
Outstanding = 50B issued − 10B early repurchase = 40B
주요사항보고서(자기전환사채만기전취득결정) — 4회차 CB 100억원 만기전 취득Wed, Feb 4, 2026
Debt OutstandingConversionBMAX-Feb28
25.00B→23.90B-1.10B(-4.4%)
₩1.1B (11억원) of CB2 converted to common shares; outstanding reduced from ₩25B to ₩23.9B
분기보고서 (제17기 1분기) [2026.03] — Q1 2026 Quarterly ReportWed, Dec 31, 2025
Shares Outstanding
37.2M→41.9M+4.7M(+12.6%)
2025-12-31 fiscal year-end pre-split count 41,937,104 from annual report. Post-split adjusted (4:1 reverse merge implemented 2026-04-08).
사업보고서 (2025.12) — Annual ReportFiat Reserve
33.12B→17.74B-15.38B(-46.4%)KRW
사업보고서 (2025.12) — Annual Report