UBS Registers Nearly All Shares for Resale Amid Bitcoin-Backed Loan

US Bitcoin (UBS) has registered nearly all of its outstanding common stock shares for resale, creating a potential market overhang. According to an amended preliminary prospectus filed on August 27, up to 359.815 million shares have been registered for sale by selling stockholders, which represents about 92.7% of the company's total outstanding shares.

The registration statement does not provide any proceeds to UBS from these potential sales. The largest shareholder, Goldeneye 1995 LLC, holds approximately 357.8 million shares and retains its voting position unless transactions or dilution change it.

UBS has a significant loan facility with Payward Interactive, which is secured by approximately 478 BTC. The company modeled that pledged Bitcoin collateral could lose about 37.9% of its value before reaching the 130% collateral-call ratio, assuming no repayment and additional collateral. However, the master loan agreement sets a rapid response once the cushion is exhausted.

The treasury disclosure shows that UBS has approximately 1,029.25 BTC in total holdings as of August 24, with about 34.1% pledged for options trading. The filing does not provide a reconciliation between these figures, leaving the aggregate amount unavailable for calculation.