ConvertibleActiveBTC
0% Convertible Notes due 2028
BMAX-Jun28
BTC Holdings
551.205 BTC
Total Debt
130.00B KRW
Leverage
193.4%
mNAV
0.11x
Outstanding
40.00B KRW
Issue date
2025-06-20
Principal
50.00B KRW
Coupon
0.00%
Maturity
2028-06-20
Conversion price
9,716 KRW
- Coupon renegotiated from 5% to 0% in Mar 2026
- Conversion price adjusted for 4:1 reverse split Mar 2026 (pre-split: 2429)
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 6 months after issuance (Dec 20, 2025), monthly thereafter. Early redemption yield: 0%.
- Use of proceeds
- BTC acquisition and general corporate purposes
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%…Initech Co., Ltd.holder10B KRWas of 2025-06-20Acquired from Largos Brick 2 Investment Consortium
Outstanding History
Outstanding history(2)
| As of | Event | Outstanding | Source |
|---|---|---|---|
| 2026-02-20 | Redemption | 40.00B KRW | 4th CB partial early rede… |
| 2025-06-20 | Issuance | 50.00B KRW | Bitmax CB overview and 0%… |
- 2026-02-20 — 40,000,000,000 KRWpress_release — Nate NewsSource
- 2025-06-20 — 50,000,000,000 KRWpress_release — Seoul Economic DailySource