Bitmax Co., Ltd
377030🇰🇷Leveraged
Bitmax Co., Ltd (formerly MAXST Co., Ltd) is a South Korean AR/metaverse technology company listed on KOSDAQ. In early 2025, the company pivoted to a Bitcoin-focused strategy, issuing multiple convertible bonds to fund BTC purchases and becoming the largest public Bitcoin holder in South Korea.
BTC Holdings
551.205 BTC
Insufficient history
Stock Price
609.00 KRW
180d
Total financing
130.00B KRW
180d
mNAV
0.26x
180d
Leverage
193.3%
180d
BTC Credit
>9,999 bps0.5x
Sats/Share
2,247
180d
Mkt capFD
14.94B KRW
SharesFD
24.53M
Fiat reserve
17.74B KRW
Total reserve
75.81B KRW
Dilution
134.0%
Coverage
23.2 yr
Analytics
BTC Coverage
Financials
IFRSAnnualAs of 2025-12-31
Balance Sheet
Total Assets107.2B KRW▲275.4%
Total Liabilities96.5B KRW▲575.9%
Stockholders' Equity10.6B KRW▼25.6%
Cash & Equivalents17.7B KRW▲459.0%
Total Debt92.1B KRW▲979.0%
Digital Assets—
Income Statement
Revenue27.2B KRW▼26.8%
Operating Income-10.2B KRW▲51.2%
Net Income-96.2B KRW▼259.4%
Interest Expense9.4B KRW▲295.9%
Cash Flow
Operating Cash Flow-10.5B KRW▲37.6%
Instruments
BMAX-Feb28
Feb '25 – Feb '28
Coupon
0%
Principal
25.00B KRW
Outstanding
25.00B KRW
Conv. price
5.7K KRW
BTC Rating
8.0x
BMAX-Mar28
Mar '25 – Mar '28
Coupon
0%
Principal
15.00B KRW
Outstanding
15.00B KRW
Conv. price
5.8K KRW
BTC Rating
2.6x
BMAX-Jun28
Jun '25 – Jun '28
Coupon
0%
Principal
50.00B KRW
Outstanding
40.00B KRW
Conv. price
9.7K KRW
BTC Rating
0.9x
BMAX-Jul28
Jul '25 – Jul '28
Coupon
5%
Principal
50.00B KRW
Outstanding
50.00B KRW
Conv. price
17.2K KRW
BTC Rating
0.5x
Total
130.00B KRW
| Instrument | Term | Coupon | Principal | Outstanding | Conv. price | BTC Rating |
|---|---|---|---|---|---|---|
| BMAX-Feb28 | Feb '25 – Feb '28 | 0% | 25.00B KRW | 25.00B KRW | 5.7K KRW | 8.0x |
| BMAX-Mar28 | Mar '25 – Mar '28 | 0% | 15.00B KRW | 15.00B KRW | 5.8K KRW | 2.6x |
| BMAX-Jun28 | Jun '25 – Jun '28 | 0% | 50.00B KRW | 40.00B KRW | 9.7K KRW | 0.9x |
| BMAX-Jul28 | Jul '25 – Jul '28 | 5% | 50.00B KRW | 50.00B KRW | 17.2K KRW | 0.5x |
| Total | 130.00B KRW | |||||
Recent Changes
Mon, Mar 9, 2026
Shares Outstanding
9.3M→10.5M+1.2M(+13.1%)
4:1 reverse stock split
4:1 Reverse Stock Split (무상감자) AnnouncementFri, Feb 20, 2026
Debt OutstandingRedemptionBMAX-Jun28
50.00B→40.00B-10.00B(-20.0%)
4th CB partial early redemption (10B KRW)
Wed, Dec 31, 2025
Shares Outstanding
9.3M→9.3M-37.5K(-0.4%)
Adjusted for 4:1 reverse split Mar 2026 (pre-split: 37,080,000)
Bitmax Financial StatementsFiat Reserve
33.14B→17.74B-15.40B(-46.5%)KRW
Bitmax Financial Statements