ConvertibleActiveBTC
0% Convertible Notes due 2027
DDC-Jul27
BTC Holdings
2,383 BTC
Total Debt
$59.12M
Leverage
11.5%
mNAV
0.32x
Outstanding
$26.32M
Insufficient history
Issue date
2025-07-01
Principal
$26.32M
Coupon
0.00%
Maturity
2027-07-01
Conversion price
$13.65
- First tranche of up to $316M convertible facility
- Secured by cash and BTC holdings, issued with OID
- Alternate conversion amended to 88% of lowest 20-day VWAP (originally 94%/10-day, per Sep 2025 waiver)
- Warrant coverage doubled to 70% from 35% (per Sep 2025 waiver)
Terms & Documentation
Terms
- BTC strategy
- Yes
- Ranking
- Senior secured
- Settlement
- Shares
- Payment frequency
- None (zero coupon)
- Rate type
- Fixed
- Put provision
- Holder may require 20% of gross proceeds from any future financing to redeem notes at 105% of principal; holder may also require redemption at 105% upon Change of Control
- Use of proceeds
- Exclusively for purchasing Bitcoin
Sources(2)
- Form 6-K (SPA and convert…FilingForm 6-K (SPA and convertible note terms)Exhibit 10.2DDC Enterprise Limited — 2025-07-11
- Form 6-K (Waiver and Forb…FilingForm 6-K (Waiver and Forbearance Agreement)Waiver and forbearance agreementDDC Enterprise Limited — 2025-09-26
Participants
Holders & Underwriters(2)
- Form 6-K (SPA and convert…Maxim Partners LLCunderwriter$26.3Mas of 2025-07-01
- Form 6-K (SPA and convert…Anson Investments Master Fund LPholder$26.3Mas of 2025-07-01
Outstanding History
Outstanding history(1)
| As of | Event | Outstanding | Source |
|---|---|---|---|
| 2025-07-01 | Issuance | $26.32M | Form 6-K (SPA and convert… |
- 2025-07-01 — $26,315,789Exhibit 10.1 — filing — DDC Enterprise LimitedSource