Other DebtActive
BTC-Collateralized Loans (Equities First)
NCTY-EF
BTC Holdings
339 BTC
Total Debt
$21.00M
Leverage
61.6%
mNAV
3.08x
Outstanding
$21.00M
Issue date
2024-12-31
Principal
—
Coupon
3.25%
Maturity
—
Conversion price
—
- Via subsidiary 1111 Limited under master pledge agreements with Equities First (signed 2024 and Apr 2025)
- Each tranche has 1-year term; Equities First takes title to BTC collateral until repayment
Terms & Documentation
Terms
- BTC strategy
- No
- Ranking
- Secured, non-recourse
- Facility type
- Other
- Payment frequency
- Quarterly
- Rate type
- Fixed
- Collateral
- BTC-collateralized, 65% LTV, non-recourse. 323 BTC pledged across 7 tranches. 2% origination fee per tranche.
Sources(2)
- Form 20-F (FY2024)FilingForm 20-F (FY2024)Note 17 — LoanThe9 Limited — 2025-04-28
- Form 20-F (FY2024)FilingForm 20-F (FY2024)Item 5 — MD&Aloan tranche detailsThe9 Limited — 2025-04-28
Outstanding History
Outstanding history(4)
| As of | Event | Outstanding | Source |
|---|---|---|---|
| 2026-02-28 | Repayment | $21.00M Tranche #6 forfeited as settlement-in-full: ~$3.6M principal + accrued interest extinguished against 48 BTC collateral; 7 tranches remain outstanding | Form 20-F (2025) |
| 2025-12-31 | Draw | $24.60M Loan Agreement #2: 8 tranches outstanding; 386 BTC pledged as collateral | Form 20-F (2025) |
| 2025-06-30 | Draw | $19.91M RMB 142,589K at 7.1636 rate; additional tranches drawn in H1 2025 | Form 6-K (H1 2025 unaudit… |
| 2024-12-31 | Draw | $12.21M 273 BTC pledged; USD 12,207K per 20-F loan table | Form 20-F (FY2024) |
- 2026-02-28 — $21,000,000Item 5 — MD&A — filing — The9 LimitedSource
- 2025-12-31 — $24,600,000Item 5 — MD&A — filing — The9 LimitedSource
- 2025-06-30 — $19,905,000Condensed Consolidated Balance Sheet — filing — The9 LimitedSource
- 2024-12-31 — $12,207,000Note 17 — Loan — filing — The9 LimitedSource