USBC (USBC) Registration filing summary

Company overview and business model

• Focuses on developing a U.S. dollar-denominated tokenized deposit product leveraging blockchain and digital identity, aiming to combine regulatory protections of traditional bank deposits with blockchain efficiency.

• Strategic pivot in August 2025 from non-invasive sensor tech to fintech, following a controlling investment and recapitalization.

• Partners with Vast Bank (issuing bank) and Uphold (platform integration) for the tokenized deposit program, with a multi-phase rollout strategy.

• Maintains a Bitcoin treasury as a reserve asset, using it for yield generation and as collateral for financing.

• Product aims to support financial inclusion, programmable payments, and cross-border transactions, with a permissioned blockchain built on Solana.

Financial performance and metrics

• As of July 2, 2026, holds approximately $63.3 million in Bitcoin (1,030.53 BTC), representing the principal component of the balance sheet.

• Outstanding borrowings of $15 million under a Bitcoin-collateralized Master Loan Agreement, with a maximum facility of $25 million and 8.5% interest rate.

• No revenue from the tokenized deposit product as it remains in pre-launch phases; history of net losses and ongoing significant development costs.

• No proceeds expected from the current offering, as all shares are being sold by existing stockholders.

Use of proceeds and capital allocation

• Will not receive proceeds from the sale of shares by selling stockholders; proceeds from Bitcoin-backed loans are used for product development, working capital, and general corporate purposes.

• Development funded through Bitcoin treasury, credit facility, and potential future financings.