USBC Registers 93% of Shares for Resale Amid Heavy Bitcoin Exposure
A US-based Bitcoin treasury company, USBC, has registered almost 93% of its outstanding shares for resale. This move creates potential market pressure alongside a balance sheet that relies heavily on Bitcoin.
The registration covers up to 359,815,000 shares held by selling stockholders, which is about 92.7% of the total common shares outstanding as of August 24. USBC would receive no proceeds from any sale or other disposition by those holders.
The company's balance sheet relies heavily on Bitcoin, with approximately 478 BTC pledged as collateral for a loan worth $18 million at an 8.5% annual interest rate, maturing in July 2027. The loan agreement has a rapid response clause, which requires USBC to add collateral or repay enough loaned currency within 24 hours if the collateral value drops below a certain threshold.
The company's treasury also holds approximately 1,029.25 BTC in total holdings as of August 24, with about 34.1% pledged for options trading.