BTC HEALTH LTD
ASX:BTCFund / trustToday’s holders own 94.5% of what they think they own, once every option and right converts.
Share count grew 10% in 24 months; 1 cash raise in 24 months; options/rights overhang 6% of shares
BTC HEALTH LTD's ordinary share count grew 9.9% between March 2025 and December 2025, its latest share-count filing, to 357M shares. The company raised capital once in the past 24 months for total disclosed proceeds of A$2.0M, a placement in November 2025. Options and rights on issue could convert into 21M new shares, equal to 5.9% of the current share count, of which 3% are in the money at the current share price; the nearest expiry falls in November 2026. The company is a bank, lender, insurer, property or investment vehicle, so its operating cash flow is not a spend rate and no funding-runway figure applies.
Quick answers · 4
When did BTC last raise capital?
The last capital raise in BTC Health's filings is Placement of $2.0M announced 28 Nov 2025, one of 1 cash raises in 24 months.
How much placement capacity does BTC have left?
About 35% of the 15% placement capacity left, about 65% used in 12 months (estimate). Under ASX Listing Rule 7.1 a company may place up to 15% of its shares in 12 months without shareholder approval.
When do BTC's options expire?
Unexercised options and rights equal 5.9% of BTC Health's shares on issue; the nearest expiry is Nov 2026.
How much has BTC's share count grown?
BTC Health has 357.5M shares on issue as at 28 Oct 2026, up 9.9% over 24 months according to its Appendix 2A filings.
Shares on issue — last 2 years
Cash runway
Issuance timeline
Latest 5 filings (Appendix 2AThe form a company lodges to have new securities quoted on the ASX. It restates how many of each class are on issue. quoted issues, 3G unquoted, 3H cancellations)
| Date | Form | Security | On issue, per this filing | Source |
|---|---|---|---|---|
| 2 Dec 2025 | 2A · quoted issue | BTC : ORDINARY FULLY PAID | 357.5M | Appendix 2A |
| 1 July 2025 | 3G · unquoted | BTC : ORDINARY FULLY PAID | 325.3M | Appendix 3G |
| 20 May 2025 | 3H · cancellation | BTC : ORDINARY FULLY PAID | 325.3M | Appendix 3H |
| 5 Mar 2025 | 2A · quoted issue | BTC : ORDINARY FULLY PAID | 325.3M | Appendix 2A |
| 8 Apr 2024 | 3H · cancellation | BTC : ORDINARY FULLY PAID | 324.1M | Appendix 3H |
Securities on issue over time
Ordinary shares and every option and rights class, month by month over two years. The top edge is the fully diluted count.
Capital raises
1 cash raise in the last 24 months · 1 in the last 12 months
Forward supply
Every dated event on record that could add securities to the register — option expiries to their stated dates and proposed issues over the next 18 months, on one timeline.
Placement capacity
How much stock a company can place without asking holders. Listing Rule 7.1 / 7.1ARule 7.1 lets a company issue up to 15% of its shares in 12 months without a shareholder vote. Rule 7.1A adds 10% for smaller companies whose holders approve it. allows 15% of ordinary securities in any 12 months, and every Appendix 3BNotice that a company proposes to issue new securities, such as a placement. The securities are not on issue until a later filing confirms it. states how much of it an issue uses.
Pending proposed issues
Options & convertible securities
At $0.051 today, 12.0M securities are in the money (3.4% of shares on issue). At double today’s price it is 15.0M (4.2% of shares).
- Priced supply in the money at the price on the axis — the curve, and the only thing on it. Ten prices, sampled: between two of them the true figure lies between the two.
| Code | Security | Type | Exercise price | Expiry | On issue | Source |
|---|---|---|---|---|---|---|
| BTCAC | Options | Price-triggered | $0.12 | 23 Nov 2026 | 6.0M | Filing |
| BTCAG | Options | Price-triggered | $0.049 | 10 Nov 2028 | 12.0M | Filing |
| BTCAH | Options | Price-triggered | $0.080 | 30 June 2030 | 3.0M | Filing |
“Nil” is a stated nil exercise price: nothing is paid to convert. An em dash means the filing names no exercise price at all. Security is read from the filing’s own class description; an em dash there means the description is not one this table labels. One row is one security class, at the number stated in the most recent quotation application that restated it — linked, and dated, in the last column. For what expires soon across other listed companies, see the options expiry calendar.
Director dealings
| Date | Director | Type | Shares | Options | Other | Value | Source |
|---|---|---|---|---|---|---|---|
| 24 June 2025 | Martin Kahanovitz | Buy on-market | 3.9M | — | — | — | 3Y notice |
| 24 June 2025 | Richard S Treagus | Buy on-market | 320k | — | — | — | 3Y notice |
| 19 Mar 2025 | Richard S Treagus | Buy on-market | 119k | — | — | — | 3Y notice |
Ownership
Latest announcements
Headlines link to the source PDFs on the ASX announcements platform. Data as of 28 Oct 2026.