- Oxurion will make Bitcoin and Ethereum investments in 12 tranches, with each tranch of 2.5 million Euros in bonds, issued at a 10% discount.
- The program is designed to strengthen Oxurion’s treasury and support its broader strategy.
Leuven-based pharmaceutical firm Oxurion NV (Euronext Brussels: OXUR) has recently entered into a subscription agreement with Atlas Capital Markets for a 30 million Euro financing program through the issuance of convertible bonds. The firm will deploy the funds for its long-term digital asset investment strategy, which is focused on Bitcoin and Ethereum, as per the July update. The financing is structured in 12 tranches of 2.5 million Euro each.
Oxurion Reveals Its Bitcoin and Ethereum Investment Strategy
Under the agreement, Atlas Capital Markets will subscribe to convertible bonds that can be exchanged for Oxurion’s ordinary shares. Each tranche is issued at 90% of its nominal 2.5 million Euro value and contains 100 bonds with a nominal value of 25,000 Euro each.
Across all 12 tranches, the program totals 1,200 individually registered bonds amounting to 30 million Euro. This is the first major Bitcoin treasury announcement following that of the Texas government last week, as per the CNF report.
Each tranche of convertible bonds will mature in 12 months, with the entire program capped at a 24-month deadline from the signing date. The bonds carry a 6% annual coupon plus the applicable Euribor rate. The conversion price will be determined separately for each tranche, calculated on the 15-day volume-weighted average price (VWAP) of Oxurion shares prior to issuance, with an added premium of 10% to ensure up-to-date valuations throughout the program.
A key condition of the structure is that at least 85% of the funds raised must be invested in Bitcoin and Ethereum, held in a dedicated account, while the remainder supports associated hedging. Ethereum is not the preferred choice for investment among European asset managers, but also for launching tokenized funds, as mentioned earlier.
These digital assets may be unlocked if the 15-day VWAP of Oxurion shares exceeds the tranche’s conversion price by 30%, allowing the release of up to 20% of the company’s average traded value over the preceding 15 sessions.
As part of the security package, Atlas Capital Markets will receive a first-ranking pledge over all bank accounts used in the financing program, including the digital asset account.
Financing Terms And Capital Allocation
The initial 2.5 million Euro tranche will be released once all conditions precedent are met, after deducting a 900,000 Euro commission specified in the agreement. Subsequent tranches will be disbursed later on, provided that 75% of the convertible bonds from the previous tranche have been converted into shares and all conditions precedent remain satisfied.
Oxurion’s digital asset investment strategy aims to strengthen the company’s financial position by gaining long-term exposure to major cryptocurrencies like Bitcoin and Ether. The company said the approach is intended to secure and optimize available resources while supporting its broader ambition to emerge as a leading European player in clinical data and biotechnology.
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