ConvertibleActiveBTC
0% Convertible Notes due 2028
BMAX-Feb28
BTC Holdings
551.205 BTC
Total Debt
130.00B KRW
Leverage
193.4%
mNAV
0.11x
Outstanding
25.00B KRW
Insufficient history
Issue date
2025-02-13
Principal
25.00B KRW
Coupon
0.00%
Maturity
2028-02-13
Conversion price
5,660 KRW
- Coupon renegotiated from 5% to 0% in Mar 2026
- Conversion price adjusted for 4:1 reverse split Mar 2026 (pre-split: 1415)
Terms & Documentation
Terms
- BTC strategy
- Yes
- Ranking
- Unsecured
- Settlement
- Shares
- Payment frequency
- None (zero coupon)
- Rate type
- Fixed
- Put provision
- Holders may request early redemption at 100% of face value from 1 year after issuance (Feb 13, 2026), monthly thereafter. Early redemption yield: 0%.
- Use of proceeds
- BTC acquisition
Sources(1)
- Bitmax CB overview and 0%…Press ReleaseBitmax CB overview and 0% coupon renegotiationSeoul Economic Daily — 2026-03-14
Participants
Holders & Underwriters(1)
- Bitmax CB overview and 0%…Smart Prime Value Investment Consortiumholder25B KRWas of 2025-02-13Original subscriber
Outstanding History
Outstanding history(1)
| As of | Event | Outstanding | Source |
|---|---|---|---|
| 2025-02-13 | Issuance | 25.00B KRW | Bitmax CB overview and 0%… |
- 2025-02-13 — 25,000,000,000 KRWpress_release — Seoul Economic DailySource