DevvStream secures $300 million convertible note facility for digital assets

DevvStream Corp. (NASDAQ: DEVS) announced it entered into a securities purchase agreement for up to $300 million in senior secured convertible notes with Helena Partners. The carbon management company completed an initial $10 million funding on July 18, 2025.

The company will allocate 75% of net proceeds toward purchasing liquid digital assets that provide continuous liquidity and serve as stores of value. These assets may be used as collateral for future credit facilities.

The convertible notes can be converted into DevvStream's common shares at an initial conversion price equal to 200% of the closing share price on the trading day before the closing date, subject to potential downward adjustments.

DevvStream plans to use the facility to develop a blockchain-based treasury and launch a tokenization platform for sustainability-linked infrastructure. The company is exploring tokenization of its existing environmental asset portfolio.

"This $300 million facility allows us to improve capital efficiency, reduce dilution, and bring global investors into the carbon ecosystem through a digital gateway," said CEO Sunny Trinh.

The strategy aims to generate multiple revenue streams, including staking yields, while reducing reliance on equity financing through crypto-backed credit options. Cohen & Company Capital Markets is serving as placement agent.

Founded in 2021, DevvStream operates in carbon management through three areas: an offset portfolio of nature-based and technology-based carbon credits, project investment and acquisitions, and project development services for activities like electric vehicle charging and renewable energy generation.

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