USBC USBC, Inc.
Price Chart
Executive Summary
USBC drew an additional $5.0M under its Bitcoin-backed Master Loan Agreement, increasing total borrowings to $15.0M at 8.5% interest, with a 13% Bitcoin price decline from June 3 levels triggering the 130% collateral call margin. Separately, the company provided a progress update on its tokenized deposit product, noting $3.9M in development reimbursements to Vast (against a $10.5M cap) and accelerating costs ahead of a future public launch.
Actionable Insight
The company is increasing leverage via Bitcoin-collateralized debt while development costs accelerate with no revenue from the tokenized deposit product yet. Monitor Bitcoin price closely — a 13% decline from current levels would trigger a collateral call, potentially forcing liquidation of Bitcoin collateral or dilutive capital raise. The product update is a positive narrative but lacks a launch date or revenue timeline.
Key Facts
- Third draw of $5.0M under the MLA brings total outstanding to $15.0M at 8.5% interest, maturing June 1, 2027.
- Loan is secured by 336 Bitcoin; a 13% decline in Bitcoin value from June 3 levels would trigger the 130% collateral call margin.
- No collateral calls, mandatory repayments, or liquidation events had occurred as of June 3, 2026.
- Development costs for the tokenized deposit product are accelerating and expected to be significant.
- As of May 31, 2026, USBC had incurred $3.9M in reimbursements to Vast under a $10.5M cap agreement expiring Dec 31, 2026.
Financial Impact
Additional $5.0M debt at 8.5% interest; total debt under MLA now $15.0M. Development costs accelerating with $3.9M already reimbursed against a $10.5M cap.
Risk Factors
- Bitcoin price decline of ~13% from June 3 levels would trigger a collateral call, risking forced liquidation or additional borrowing.
- Development costs are accelerating and expected to be significant, with no revenue from the tokenized deposit product yet.
- The $10.5M reimbursement cap with Vast may be reached before product launch, creating a funding gap.
- No public launch date or revenue guidance provided for the tokenized deposit product.
Market Snapshot
Documents Analyzed
This report is based on 4 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001074828-26-000030 |
| Document: 0001074828-26-000030-index-headers.html | 0001074828-26-000030 |
| Document: 0001074828-26-000030-index.html | 0001074828-26-000030 |
| Document: 0001074828-26-000030.txt | 0001074828-26-000030 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
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Jun 4, 2026
1d ago
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8-K
| $0.3100 $0.3290 | ▼ −6.13% | ▼ −8.70% | $0.3290 (−6.13%) |
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May 1, 2026
5w ago
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8-K
| $0.3800 $0.4100 | ▲ +7.89% | ▲ +8.24% | $0.3290 (−13.42%) |
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Apr 27, 2026
5w ago
|
10-K/A
| $0.3900 $0.3700 | ▼ −5.13% | ▼ −4.64% | $0.3290 (−15.64%) |
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Apr 20, 2026
6w ago
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S-1/A
| $0.3400 $0.3900 | ▼ −14.71% | ▼ −13.69% | $0.3290 (+3.24%) |
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Apr 15, 2026
7w ago
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8-K
| $0.3500 $0.3400 | ▼ −2.86% | ▼ −3.11% | $0.3290 (−6.00%) |
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Apr 2, 2026
9w ago
|
8-K
| $0.3400 $0.3400 | · 0.00% | ▼ −0.48% | $0.3290 (−3.24%) |
US Market Status
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