Core Viewpoint - Nyxoah SA has successfully issued the first tranche of convertible bonds amounting to €22.5 million as part of a larger financing plan of up to €45 million, aimed at supporting its operations and commercialization efforts in treating Obstructive Sleep Apnea (OSA) [1][2]. Group 1: Convertible Bonds Issuance - The first tranche of convertible bonds was issued for a nominal amount of €22.5 million, consisting of 225 bonds with a nominal value of €100,000 each, fully subscribed by Heights Capital Management (HCM) [2]. - A subscription fee of €1.8 million, equivalent to 8.0% of the principal amount, was paid to HCM, satisfied by set-off against the subscription price [2]. - The bonds carry an interest rate of 6.5% per annum and have a three-year maturity with quarterly amortization payments starting February 18, 2026 [3]. Group 2: Amortization and Conversion Rights - HCM has the right to bring forward the payment of up to two amortized payment amounts between scheduled amortization payment dates [4]. - HCM can convert the outstanding principal or any amortized payment amount at any time during the bond's term, with an initial conversion price set at €5.00 [5]. - Payments of amortized amounts can be made in cash or through the issuance of new ordinary shares, with the issue price determined by specific conditions [6]. Group 3: Future Tranche and Conditions - The company has the option to issue a second tranche of convertible bonds for an additional €22.5 million, contingent upon certain conditions being met between July 18, 2026, and August 18, 2026 [8]. - As of December 16, 2025, certain conditions precedent for the second tranche were not met, including daily traded values and market capitalization thresholds [10]. - The second tranche will be issued on similar terms as the first tranche, with the conversion price based on the lowest VWAP of the shares on the closing date [11]. Group 4: Cash Runway and Use of Proceeds - The issuance of the first tranche and the closing of capital increases will extend the company's cash runway into the third quarter of 2026, potentially extending to the first quarter of 2027 if the second tranche is issued [12]. - Net proceeds from the first tranche will be utilized for commercialization activities in the U.S., clinical data gathering, research and development, and general corporate purposes [13].

Core Insights - The best performing income ETFs of 2025 are convertible bond strategies and emerging market local currency funds, despite convertible bonds typically yielding less compared to other fixed income options [1] - Convertible bonds behave like call options on equities, performing better in favorable equity markets while providing principal and low coupon returns in poor equity conditions [2] - Allianz Income and Growth fund's performance is analyzed, revealing its composition and returns over the years, with a focus on USD returns and income generation strategies [4][5] Fund Performance - Allianz Income and Growth fund has maintained a total return of 17.29% in 2023, 9.94% in 2024, and 10.60% year-to-date in 2025 [9] - The fund's income distribution is currently at 7.75%, which is significantly higher than the underlying portfolio yield of 2.8% [11][12] - The fund's composition remains approximately 33% in US Equity, US High Yield Bonds, and US Convertible Bonds [8] Income Generation - The fund pays out 61% from capital and 39% from income, raising questions about the sustainability of its high distribution yield [16] - Investors are often hesitant to sell units for income, yet they may end up in funds like Allianz Income and Growth that rely heavily on capital for distributions [16][18] - The fund manager's strategy may not align with individual investor income needs, as distributions are based on a systematic approach rather than personalized strategies [18] Market Context - Convertible bonds have performed well over the past two years, contributing to the income generation of funds like Allianz Income and Growth, despite not outperforming a composite portfolio of lower-cost ETFs [19]

Bitcoin Treasury Strategy & Market Dynamics - Strategy 的最坏情况是比特币本身出现问题，但这种情况发生的概率极低 [1][10] - 许多公司都在模仿 Strategy 的比特币国库策略，这些公司都有机会继续增长并通过现金流或资本市场机会永久性地购买更多比特币 [5] - 拥有比特币在资产负债表上对于未来至关重要，尤其是在 AI 颠覆的时代，公司可以通过比特币进行杠杆收购或其他操作 [6] - 市场存在对 Strategy 股票的投机行为，一些人通过做空该股票获利，这可能是 Strategy 改变策略的原因之一 [4] - 长期来看，最重要的指标是每股比特币数量，用美元等法币来衡量该工具的回报会带有法币的视角 [4] Perpetual Preferred Stock & Capital Markets - Strategy 使用永久优先股，因为它没有到期日，如果资产负债表以 50% 的复合年增长率增长，并且以 9% 的利率借出资本，那么资产的复合年增长率和未来支付的负债之间存在巨大的套利机会 [1] - STRF 产品的独特之处在于，进入这些工具的任何资金都会立即购买比特币，从而增加比特币在资产负债表上的持有量 [2] - Strategy 持有价值 700 亿到 750 亿美元的比特币，每年的股息负债为 6 亿美元 [2] - Strategy 暂停发行可转换债券是因为他们希望进入不同的资本池，并接触不同的持有者，可转换债券的卖方并不关心股票，他们是波动率爱好者 [4] - Strategy 正在尝试从 300 万亿美元的固定收益市场中吸引资本，需要提供一种他们可以接受的产品，这种产品看起来与他们投资组合中的其他产品相似 [2] Strive's Bitcoin Strategy - Strive 的目标是购买比特币，并利用比特币购买更多的比特币，Strive 旨在通过降低波动性的工具向资本提供者出售比特币 [10] - Strive 计划利用其在 True North 团队中建立的背景，将相同的消息传递到更广泛的资本市场，类似于在再保险领域所做的那样 [10] - Strive 旨在成为比特币国库领域的兰博基尼，在资本结构上更加灵活，行动更加迅速 [11]

Funding & Expansion - CleanSpark 计划通过发行可转换债券融资 10 亿美元，以支持其增长 [1] - CleanSpark 作为比特币矿企和数据中心运营商，寻求资金扩大规模 [1]

RT Bitcoin For Corporations (@BitcoinForCorps)📺 The Bitcoin For Corporations Show Episode 17 now live — hosted by @BitcoinPierrePierre Rochard hosts @AlexandreLaizet of @_ALCPB to discuss the issuance of the first bitcoin-denominated convertible bonds, Europe's investing landscape, and why reflexive structural demand from treasury companies will be a key force in the next stage of the bitcoin market.00:00 – Intro: Demand Dynamics & Treasury Outperformance01:44 – Alexandre’s Bitcoin Journey05:20 – Corporate ...

US equity capital markets are humming, with a standout IPO quarter and rising momentum in convertible bonds erasing memories of the post-pandemic slump https://t.co/990sbJD7qO ...

💥BREAKING:ETHEREUM TREASURY FIRM ETHZILLA TO RAISE $350M VIA CONVERTIBLE BONDS TO ACCUMULATE MORE $ETH. https://t.co/4E4LPR0a9i ...

Funding & Investment - ETHZilla plans to raise $350 million through convertible bonds [1] - The raised funds will be used to purchase more ETH [1] - Funds will be deployed into cash-flowing assets on Ethereum through L2 protocols and RWA tokenization [1]

Lufthansa is looking to refinance debt through the sale of €600 million in seven-year convertible bonds, giving a boost to Europe’s equity-linked market https://t.co/bCKaYZiBhh ...

Group 1 - Convertible bond funds are a type of fund that invests in convertible bonds, which have characteristics of both bonds and stocks, providing fixed interest income while allowing conversion to stocks under certain conditions, offering a "defensive and offensive" advantage [1] - As of August 25, 2025, the A-share market has shown active trading sentiment, with the Shanghai Composite Index reaching over 3800 points, a nearly 10-year high, and a year-to-date increase of 15.87%, while the convertible bond market has also performed well, with the China Convertible Bond Index rising over 18% [1] - The average return of convertible bond funds this year has outperformed other bond funds and even some mixed funds, with an average return of 21.50% for 76 convertible bond funds as of August 25, 2025, all achieving positive returns [1] Group 2 - Among convertible bond funds with a scale of over 1 billion, the average return this year is 24.50%, with the top three funds being "Southern Changyuan Convertible Bond A" managed by Liu Wenliang, "Bosera Convertible Bond Enhanced A" managed by Gao Hui and Guo Jun, and "Penghua Convertible Bond D" managed by Wang Shiqian [3][5] - "Southern Changyuan Convertible Bond A" achieved a return of 40.69% this year, significantly higher than the benchmark return of 13.87%, with a cumulative return of 90.86% since its inception [5] - "Penghua Convertible Bond D" has a return of 30.27% this year, with a cumulative return of 51.61% since its establishment in September 2024 [6] Group 3 - For convertible bond funds with a scale between 1-10 billion, the average return this year is 20.08%, with the top three funds being "Yinhua Convertible Bond A" managed by Sun Hui, "Huafu Convertible Bond A" managed by Dai Hongyi, and "Baoying Rongyuan Convertible Bond A" managed by Wang Hao [7][9] - "Yinhua Convertible Bond A" achieved a return of 28.22% this year, outperforming the benchmark return of 15.38%, with a cumulative return of 64.97% since its inception [9] Group 4 - Among convertible bond funds with a scale of 10 million to 1 billion, the average return this year is 19.06%, with the top three funds being "Oriental Convertible Bond A" managed by Yang Guibin and Xu Ao Qian, "Jiaoyin Convertible Bond A" managed by Wei Yumin and Wang Lijing, and "Dacheng Convertible Bond Enhanced A" managed by Cheng Qi [11][13] - "Oriental Convertible Bond A" achieved a return of 28.92% this year, significantly higher than the benchmark return of 12.30%, with a cumulative return of 27.47% since its inception [13]