Bitcoin treasury company registers 93% of shares for resale and puts third of its crypto into options

2 weeks ago 9



USBC has registered a block of already-issued shares equal to almost its entire outstanding common stock for potential resale, creating a potential market overhang alongside a balance sheet that relies heavily on Bitcoin.The company’s August 27 amended preliminary prospectus covers up to 359,815,000 shares held by selling stockholders. That equals about 92.7% of the 388,144,429 common shares outstanding as of August 24. USBC would receive no proceeds from any sale or other disposition by those holders.No transaction is disclosed. The covered shares already exist, and the selling stockholders may dispose of all, some or none of them. The filing creates a route to market for a very large ownership block while leaving the current share count and control position unchanged until transactions occur.Risk layerLatest disclosed figureWhat it showsRegistered resale shares359.815 millionAbout 92.7% of common shares outstanding; resale proceeds go to selling holdersPayward loan$18 million at 8.5%Matures July 28, 2027 and is secured by approximately 478 BTCLoan sensitivity37.9% decline as of Aug. 24Company-modeled drop in pledged BTC value to the 130% collateral-call ratio, assuming no repayme...

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