Bitcoin treasury company registers 93% of shares for resale and puts third of its crypto into options
USBC has registered a block of already-issued shares equal to almost its entire outstanding common stock for potential resale, creating a potential market overhang alongside a balance sheet that relies heavily on Bitcoin.
The companyโs August 27 amended preliminary prospectus covers up to 359,815,000 shares held by selling stockholders. That equals about 92.7% of the 388,144,429 common shares outstanding as of August 24. USBC would receive no proceeds from any sale or other disposition by those holders.
No transaction is disclosed. The covered shares already exist, and the selling stockholders may dispose of all, some or none of them. The filing creates a route to market for a very large ownership block while leaving the current share count and control position unchanged until transactions occur.
| Risk layer | Latest disclosed figure | What it shows |
|---|---|---|
| Registered resale shares | 359.815 million | About 92.7% of common shares outstanding; resale proceeds go to selling holders |
| Payward loan | $18 million at 8.5% | Matures July 28, 2027 and is secured by approximately 478 BTC |
| Loan sensitivity | 37.9% decline as of Aug. 24 | Company-modeled drop in pledged BTC value to the 130% collateral-call ratio, assuming no repayment or added collateral |
| Options-trading pledge | 34.1% of treasury BTC | Separately disclosed; the filing does not say whether it overlaps with Payward collateral |
| Cash and equivalents | $2.982 million | June 30 balance, excluding $660,000 of restricted cash |
Most of the covered shares belong to Goldeneye 1995 LLC. USBC issued Goldeneye approximately 357.8 million shares in August 2025 in exchange for 1,000 BTC and $15 million in cash. Another 2 million registered shares are held by J3E2A2Z LP.
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