Other DebtActive
Subordinated Loan from Related Party
BLSH-BO
BTC Holdings
21,240 BTC
Total Debt
$511.20M
Leverage
28.1%
mNAV
3.61x
Outstanding
$505.60M
Issue date
2023-01-01
Principal
$396.70M
Coupon
7.00%
Maturity
—
Conversion price
—
- Original facility: $40.0M cash + 9,600 BTC + 60M USDC ($396.7M at drawdown)
- Contains embedded derivative: if BTC < $30,000 on repayment date, lender forgives a portion of principal
- Designated as FVTPL; classified Level 3 fair value
- Transferred from block.one to its subsidiary in 2024
Terms & Documentation
Terms
- BTC strategy
- No
- Ranking
- Subordinated unsecured
- Facility type
- Term loan
- Rate type
- Fixed
- Prepayment
- Repayable in whole or in part at any time without premium or penalty
Sources(1)
- Form 20-F (2025)FilingForm 20-F (2025)Note 22 — Borrowings from Related PartiesBullish Inc. — 2026-03-10
Outstanding History
Outstanding history(4)
| As of | Event | Outstanding | Source |
|---|---|---|---|
| 2025-12-31 | Draw | $505.60M Fair value at FVTPL | Form 20-F (2025) |
| 2024-12-31 | Draw | $482.45M Fair value at FVTPL | Form 20-F (2025) |
| 2023-12-31 | Issuance | $396.70M Fair value at initial recognition; nominal value $396.7M | Form 20-F (2025) |
| 2023-01-01 | Issuance | $396.70M |
- 2025-12-31 — $505,600,000Note 22 — filing — Bullish Inc.Source
- 2024-12-31 — $482,450,000Note 22 — filing — Bullish Inc.Source
- 2023-12-31 — $396,700,000Note 22 — filing — Bullish Inc.Source
- 2023-01-01 — $396,700,000