ConvertibleActiveBTC
10% Convertible Notes due 2027
IPW-Dec27
BTC Holdings
15.1 BTC
Total Debt
$3.69M
Leverage
145.4%
mNAV
1.09x
Outstanding
$3.69M
Issue date
2025-12-22
Principal
$30.00M
Coupon
10.00%
Maturity
2027-12-23
Conversion price
$9.13
- Conversion price appears adjustable; initial stated price $17.70, XBRL reports $9.13 as of Dec 31 2025
- $9M Series A committed from $30M total facility
- Floor price reduced from $2.27/share to $0.22/share on Apr 17 2026 (per S-1MEF; 21,870,923 additional shares registered)
Terms & Documentation
Terms
- BTC strategy
- Yes
- Ranking
- Senior secured
- Settlement
- Shares
- Payment frequency
- Monthly
- Payment dates
- 1
- Rate type
- Fixed
- Call provision
- Redeemable at Company's option at 110% of Conversion Amount (115% during Event of Default period)
- Put provision
- Upon Event of Default at 115% of Conversion Amount; upon Change of Control at 110%; upon subsequent equity financing up to 20% of net proceeds at 110%; upon certain asset sales (if crypto collateral value < 150% of outstanding principal) up to 20% of net proceeds at 110%
- Use of proceeds
- Digital Asset Treasury (BTC + ETH), bridge loan repayment, and working capital; ~80% of subsequent tranches for digital assets
Sources(4)
- $30M Convertible Note Fac…Press Release$30M Convertible Note Facility for Digital Asset TreasuryiPower Inc. — 2025-12-23
- Form 10-Q (Q2 FY2026)FilingForm 10-Q (Q2 FY2026)Convertible NotesiPower Inc. — 2026-02-20
- Form 8-K/A (convertible n…FilingForm 8-K/A (convertible note facility)Item 1.01iPower Inc. — 2025-12-23
- Form S-1MEF (additional 2…FilingForm S-1MEF (additional 21,870,923 shares; Series A floor price reduced to $0.22)floor price adjustment from $2.27 to $0.22iPower Inc. — 2026-04-17
Participants
Holders & Underwriters(1)
- Form 8-K/A (convertible n…Digital Offering LLCunderwriteras of 2025-12-22Placement agent; received $394,800 in fees
Outstanding History
Outstanding history(3)
| As of | Event | Outstanding | Source |
|---|---|---|---|
| 2026-04-28 | — | $3.69M Disclosed as remaining note balance owed to institutional investor; collateral account ($2.2M cash + 15.1 BTC + 301.1 ETH) reference value approximately $4.05M | Form 8-K (balance sheet p… |
| 2026-02-10 | Issuance | $9.00M Additional Mandatory Series A Note; $2M principal at 6% OID ($1.88M net proceeds) | Form 8-K (additional $2M … |
| 2025-12-22 | Issuance | $7.00M Series A initial close; $7M face amount | Form 10-Q (Q2 FY2026) |
- 2026-04-28 — $3,690,000Exhibit 99.1 — filing — iPower Inc.Source
- 2026-02-10 — $9,000,000Item 1.01 — filing — iPower Inc.Source
- 2025-12-22 — $7,000,000Convertible Notes — filing — iPower Inc.Source