USBC Registers 93% of Shares for Resale as Bitcoin Treasury Risks Mount

USBC registered 359,815,000 already-issued shares for potential resale, representing 92.7% of its outstanding common stock. The filing creates a massive potential market overhang, primarily for shares issued to Goldeneye 1995 LLC in exchange for 1,000 BTC and $15M cash. The company's treasury holds 1,029.25 BTC, with approximately 478 BTC securing an $18M loan from Payward Interactive at an 8.5% interest rate. An additional 34.1% of the Bitcoin treasury is pledged for options trading, with the counterparty retaining control of the relevant private keys. USBC ended the second quarter with just $2.982M in unrestricted cash after using $15.225M in first-half operating activities.