ConvertibleActive
13.4% Convertible Notes due 2028
BTCW-May28
BTC Holdings
69 BTC
Total Debt
C$28.29M
Leverage
417.5%
mNAV
3.72x
Outstanding
C$4.10M
Issue date
2022-02-23
Principal
C$5.00M
Coupon
13.40%
Maturity
2028-05-01
Conversion price
C$0.25
- Issued to Beyond the Rhode Corp (BTR), controlled by a director
- Includes royalty component: 12-20% of gross profit from Online Bitcoin Portal, capped at 24% aggregate with interest
- Original terms (Feb 2022): C$0.30/share conversion, Feb 2025 maturity — amended to C$0.25/share, May 2028 maturity
Terms & Documentation
Terms
- BTC strategy
- No
- Ranking
- Secured
- Settlement
- Shares
- Payment frequency
- Monthly
- Rate type
- Floating
- Rate reference
- Prime + 6.2%
- Forced conversion
- If VWAP >= C$0.50 for 10 trading days
- Call provision
- Company may repay any amount at any time with no penalty
- Use of proceeds
- Enhancement of existing online products, user acquisition, and general working capital
Sources(3)
- $5M Secured Convertible D…Press Release$5M Secured Convertible Debt FinancingBitcoin Well Inc. — 2022-02-24
- Audited Financial Stateme…FilingAudited Financial Statements (FY2024)Note 15 — Convertible DebtBitcoin Well Inc. — 2025-03-11
- Annual Information Form (…FilingAnnual Information Form (FY2024)Convertible Debt Financing (p.7-8)Bitcoin Well Inc. — 2025-04-01
Outstanding History
Outstanding history(2)
| As of | Event | Outstanding | Source |
|---|---|---|---|
| 2024-12-31 | Repayment | C$4.10M $900,000 principal repayment in Dec 2024 | Audited Financial Stateme… |
| 2022-02-23 | Issuance | C$5.00M CAD $5M total across three tranches (Feb-Jun 2022) | $5M Secured Convertible D… |
- 2024-12-31 — C$4,100,000Note 15 — Convertible Debt — filing — Bitcoin Well Inc.Source
- 2022-02-23 — C$5,000,000press_release — Bitcoin Well Inc.Source