A convertible note is a bond that pays interest (or none) and can be exchanged for the issuer’s shares on set terms. Five public bitcoin miners have issued them, and large managers report holding them on Form 13F. This ranks the 9 issues by the principal amount reported at June 30, 2026, with each note’s coupon and maturity date from the issuer’s own filing.
Data as of · 13F holdings at Jun 30, 2026 (filings Jul 1–Aug 31, 2026) · maturities from issuer filings, retrieved 2026-11-06
| Rank | Note | Issuer | Maturity | Principal reported | Filers | Value reported | Source |
|---|---|---|---|---|---|---|---|
| 1 | CleanSpark 0% due 2030 | CleanSpark CLSK | June 15, 2030 | $662M | 43 | $834M | 3 |
| 2 | MARA Holdings 0% due 2030 | MARA Holdings MARA | March 1, 2030 | $590M | 31 | $604M | 4 |
| 3 | Riot Platforms 0.75% due 2030 | Riot Platforms RIOT | January 15, 2030 | $555M | 38 | $1,113M | 5 |
| 4 | MARA Holdings 2.125% due 2031 | MARA Holdings MARA | September 1, 2031 | $299M | 23 | $334M | 6 |
| 5 | MARA Holdings 0% due 2031 | MARA Holdings MARA | June 1, 2031 | $265M | 21 | $266M | 7 |
| 6 | IREN 3.50% due 2029 | IREN IREN | December 15, 2029 | $216M | 15 | $693M | 8 |
| 7 | IREN 3.25% due 2030 | IREN IREN | June 15, 2030 | $162M | 13 | $444M | 9 |
| 8 | Cipher Digital 1.75% due 2030 | Cipher Digital CIFR | May 15, 2030 | $150M | 15 | $792M | 10 |
| 9 | MARA Holdings 1.00% due 2026 | MARA Holdings MARA | December 1, 2026 | $41M | 5 | $46M | 11 |
Principal reported = the principal amount of the notes (one note CUSIP) that 13F filers listed at June 30, 2026, summed over filers; where a filer made an amendment the original is used.1 It is not the amount outstanding: a manager’s report can include client accounts and positions held to hedge, and combination reports may overlap, so totals are not de-duplicated. Only managers with $100 million or more in 13(f) securities file.2 Value reported can be above or below principal because the notes trade at market prices. Coupon and maturity are from the issuer’s filing at the time of issue. Not shown: Hut 8, TeraWulf and Core Scientific, for which no note position was found under their names in the data set. Observed facts, not a forecast.
For the miners’ shares rather than their notes, see public bitcoin miners by institutional ownership; for Strategy’s notes, the largest holders of Strategy’s notes and preferred stock.
43 filers reported $662.2 million principal amount of these notes at June 30, 2026, valued at $834 million in their filings.1 The notes pay 0% interest and mature on June 15, 2030.3 The three largest reporters were Linden Advisors LP ($197.8M), D. E. Shaw & Co., Inc. ($92.8M), Context Capital Management, LLC ($46.6M).1
31 filers reported $589.6 million principal amount of these notes at June 30, 2026, valued at $604 million in their filings.1 The notes pay 0% interest and mature on March 1, 2030.4 The three largest reporters were Context Capital Management, LLC ($109.8M), D. E. Shaw & Co., Inc. ($91.0M), Whitebox Advisors LLC ($72.2M).1
38 filers reported $554.8 million principal amount of these notes at June 30, 2026, valued at $1,113 million in their filings.1 The notes pay 0.75% interest and mature on January 15, 2030.5 The three largest reporters were Fmr LLC ($148.6M), Linden Advisors LP ($132.1M), Voya Investment Management LLC ($93.6M).1
23 filers reported $299.3 million principal amount of these notes at June 30, 2026, valued at $334 million in their filings.1 The notes pay 2.125% interest and mature on September 1, 2031.6 The three largest reporters were Whitebox Advisors LLC ($50.0M), Linden Advisors LP ($48.6M), Context Capital Management, LLC ($41.9M).1
21 filers reported $265.3 million principal amount of these notes at June 30, 2026, valued at $266 million in their filings.1 The notes pay 0% interest and mature on June 1, 2031.7 The three largest reporters were Aristeia Capital, L.l.c. ($88.0M), Context Capital Management, LLC ($52.2M), Whitebox Advisors LLC ($42.0M).1
INFOTABLE, positions measured in principal amount (not options), retrieved 2026-11-05.For information only. Not financial advice. See the terms of use.