Conditional Supply: Uncovering Hidden Risks in Corporate Bitcoin Treasuries

CleanSpark's quarterly filing for June 30 revealed $8.017 million in premium proceeds from call options sold through its Spot+ strategy, which aims to sell options around ongoing sales from its corporate Bitcoin treasury.

The figure of 9,400 Bitcoin-equivalent calls represents period activity, while the company reported holding 12,205 Bitcoin at June 30 and a receivable for 1,719 Bitcoin posted to derivative trading counterparties.

A closer look at PowerCompute's collateral loan shows that its 307 Bitcoin is tied to a defined decision point and a menu of settlement routes. The loan has a $21,892 million non-recourse collar with a floor price of $71,112 and a ceiling price of $75,000.

The company also reported options trading on 34.1% of its treasury as of August 24, which is collateral under counterparty control rather than a forecast of imminent sales. USBC's separate credit facility requires a 150% initial margin, with a decline to 130% allowing for a collateral call and a fall to 120% granting the lender liquidation rights.