Convertibles
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Protocol TVL
About Convertibles
Structured credit protocol issuing convertible tokens that redeem at $1 or convert into ETH at a fixed price, offering stablecoin downside protection with ETH upside
Description sourced from DeFiLlama's protocol metadata; teams submit their own copy when listing.
Convertibles Timeline
Major events flagged by the DeFiLlama community — protocol launches, exploits, governance changes, and incentive programs.
- Feb 1, 2026Listed on DeFiLlama
Protocol Profile
Convertibles is a Options protocol where traders open leveraged, perpetual, or option positions priced off oracle feeds and settled in collateral held by the contract. It is deployed on Ethereum.
TVL Distribution by Chain
Supported Chains
Official Resources & Links
Verified external resources for Convertibles — use these to read the source code, follow governance discussions, or cross-check on-chain data against the original team's channels.
Other Options protocols on Mantapex
Convertibles is one of 7 Options protocols Mantapex tracks in this category. Direct peers ranked by total value locked include Rysk V12, Hegic, Deri V4, and 3 more. These peer protocols collectively secure $85.6M in deposits, giving you a frame of reference for whether Convertibles's own TVL is at the top, middle, or tail of the category.
Recent Convertibles news
Latest reporting from major crypto news outlets covering Convertibles.
- The Block
Nasdaq-listed BTCS buys $55 million in ETH, boosting holdings to over 70,000 ETH
BTCS closed $10 million in above‑market convertibles and increased its Ethereum treasury to 70,028 ETH, part of a capital push to expand corporate holdings.
- Coindesk
Strategy CEO: Equity and Debt Flexibility Power Long-Term Bitcoin Accumulation Plan
Phong Le says Strategy has no near-term debt maturity risk and plans to continue using convertibles and equity to grow its bitcoin position over time.
- The Cryptonomist
Capital B brings the treasure to 2,812 BTC: over €314 million in Bitcoin
New purchase and growing allocation: Capital B consolidates its reserve in BTC with 12 new coins, for approximately €1.2 million, executed through a capital increase in…
- The Currency Analytics
Convertible Bonds Pose Hidden Risks to Corporate Bitcoin Holdings
On November 19, 2025, Paris-based Sequans became the first large Bitcoin treasury firm to liquidate a portion of its holdings, selling 970 BTC for $93 million. This move…
- CryptoPotato
Convertible Bonds Threaten Corporate Bitcoin Treasuries, Exec Warns
Convertible bonds offer cheap capital but carry refinancing risk, upfront short-selling, and multi-year overhangs.
- Coincu
MicroStrategy Convertible Notes Added $100 Million for Bitcoin Investment
MicroStrategy convertible notes used to invest in Bitcoin have been increased to $700 million.
- Coincu
MicroStrategy Convertible Notes Worth $600M Offered For Bitcoin Investment
MicroStrategy convertible notes worth $600 million are being offered to boost Bitcoin investments.
- Crypto Briefing
Strive CIO Ben Werkman warns Bitcoin firms on convertible debt pressures
Bitcoin firms relying on convertible debt face heightened financial risks if crypto prices stagnate, urging a reevaluation of funding strategies. Strive CIO Ben Werkman warns…
Related protocols
Other DeFi protocols connected to Convertibles by category, deployment chain, or shared codebase lineage — useful for comparing TVL, fee models, or audit posture across direct peers.
Other Options protocols
Top protocols on Ethereum
Fork lineage & related versions
Risk Warning
DeFi protocols carry inherent risks including smart contract vulnerabilities, liquidity risks, and potential loss of funds. Always do your own research before investing.
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