Crypto
USBC Draws $3 Million Loan Backed by Bitcoin Collateral
USBC Inc., a company valued at $173 million with shares trading at $0.46, has taken out an additional $3 million loan backed by its Bitcoin collateral.
The new borrowing is part of USBC's Master Loan Agreement with Payward Interactive, which allows the company to borrow up to $25 million over a 12-month period.
The loan bears interest at an annual rate of 8.5% and will mature on September 11, 2027, unless terminated earlier according to the agreement's terms.