Bitmax (377030), formerly KOSDAQ-listed Maxt, is facing renewed scrutiny after an analysis of regulatory filings and on-chain data suggested its high-profile 'digital asset treasury' push was financed through convertible bonds and structured in a way that converted a controlling shareholder's personal crypto holdings into corporate-held tokens—and ultimately into cash. The ownership transition began in January 2025, when Maxt disclosed that a third-party allotment capital increase would make Meta Platform Investment Association its largest shareholder.