USBC Files Registration for 92.7% of Shares for Resale
USBC amended prospectus registers 359.8 million shares for resale by holders while Bitcoin treasury faces layered collateral commitments.
USBC amended a preliminary prospectus to register up to 359,815,000 shares for resale by selling stockholders, equal to 92.7% of the 388,144,429 common shares outstanding as of August 24. The company receives no proceeds from any resale.
The majority of the covered shares belong to Goldeneye 1995 LLC, which received approximately 357.8 million shares in August 2025 in exchange for 1,000 BTC and $15 million cash.
Treasury and collateral
USBC holds approximately 1,029.25 BTC and $2.982 million cash. An $18 million Payward loan at 8.5% is secured by about 478 BTC, with modeled room for a 37.9% decline in collateral value before a 130% call ratio. Separately, 34.1% of the Bitcoin treasury is pledged for options trading where the counterparty controls the private keys.
The filing does not reconcile the two BTC pledges. No actual sales or dispositions are disclosed, and the registration statement remains subject to effectiveness.