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

3430.00 KRW

180d

Total financing

130.00B KRW

180d

mNAV

1.35x

180d

Leverage

180.5%

180d

BTC Credit

>9,999 bps0.6x

Sats/Share

2,247

180d

Mkt capFD

84.15B KRW

SharesFD

24.53M

Fiat reserve

17.74B KRW

Total reserve

79.92B KRW

Dilution

134.0%

Coverage

24.9 yr

Analytics

In-the-Money

0% ITM

OTM: 130B KRW

Maturity Profile

Conv

Nearest: MaturedWAM: -0.3yr

BTC Coverage

Capital Stack

0.6x · >9,999 bps

ConvertiblePreferredOtherBTC NAV: $42.1M

BTC Risk

53.66% avg

P(BTC Rating < 1x at maturity) · 45% vol, 30% ARR

BTC Credit

>9,999 bps avg

Credit spread to offset BTC Risk · 45% vol, 30% ARR

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

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	8.6x
BMAX-Mar28	Mar '25 – Mar '28	0%	15.00B KRW	15.00B KRW	5.8K KRW	2.8x
BMAX-Jun28	Jun '25 – Jun '28	0%	50.00B KRW	40.00B KRW	9.7K KRW	1.0x
BMAX-Jul28	Jul '25 – Jul '28	5%	50.00B KRW	50.00B KRW	17.2K KRW	0.6x
Total				130.00B KRW

Recent Changes

Mon, Mar 9, 2026

Shares Outstanding

9.3M→10.5M+1.2M(+13.1%)

Post-split share count = capital ₩5,242,138,000 / par ₩500 = 10,484,276. 감자기준일 (effective) 2026-04-08; reflects board-decision date 2026-03-09.

주요사항보고서(감자결정) — 보통주 4:1 무상병합

Fri, Feb 20, 2026

Debt OutstandingRedemptionBMAX-Jun28

50.00B→40.00B-10.00B(-20.0%)

Outstanding = 50B issued − 10B early repurchase = 40B

주요사항보고서(자기전환사채만기전취득결정) — 4회차 CB 100억원 만기전 취득

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 Statements

Fiat Reserve

33.14B→17.74B-15.40B(-46.5%)KRW

Bitmax Financial Statements

Bitmax Co., Ltd

377030🇰🇷Leveraged

Instrument

Term

Coupon

Principal

Outstanding

Conv. price

BTC Rating

BMAX-Feb28

Feb '25 – Feb '28

25.00B KRW

5.7K KRW

8.6x

BMAX-Mar28

Mar '25 – Mar '28

15.00B KRW

5.8K KRW

2.8x

BMAX-Jun28

Jun '25 – Jun '28

50.00B KRW

40.00B KRW

9.7K KRW

1.0x

BMAX-Jul28

Jul '25 – Jul '28

50.00B KRW

17.2K KRW

0.6x

Total

130.00B KRW

Recent Changes

Mon, Mar 9, 2026

Shares Outstanding

9.3M→10.5M+1.2M(+13.1%)

Post-split share count = capital ₩5,242,138,000 / par ₩500 = 10,484,276. 감자기준일 (effective) 2026-04-08; reflects board-decision date 2026-03-09.

주요사항보고서(감자결정) — 보통주 4:1 무상병합

Fri, Feb 20, 2026

Debt OutstandingRedemptionBMAX-Jun28

50.00B→40.00B-10.00B(-20.0%)

Outstanding = 50B issued − 10B early repurchase = 40B

주요사항보고서(자기전환사채만기전취득결정) — 4회차 CB 100억원 만기전 취득

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 Statements

Fiat Reserve

33.14B→17.74B-15.40B(-46.5%)KRW

Bitmax Financial Statements