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USBC registers shares for resale, creating potential supply overhang

The filing covers up to 359,815,000 already-issued shares, or about 92.7% of USBC’s common stock outstanding as of Aug. 24.

Reported · Written up by our desk · Market Structure

USBC has filed an amended preliminary prospectus that registers a large block of already-issued shares held by selling stockholders for potential resale, creating a potential market supply overhang, according to CryptoSlate.

The company’s Aug. 27 filing covers up to 359,815,000 shares, equivalent to about 92.7% of 388,144,429 common shares outstanding as of Aug. 24. The shares are already issued, and USBC would receive no proceeds if the selling holders dispose of any of them.

CryptoSlate also reports that most of the covered shares belong to Goldeneye 1995 LLC, which received approximately 357.8 million shares in August 2025 in exchange for 1,000 BTC and $15 million in cash. The filing notes Goldeneye held about 92.2% of USBC’s voting power when it approved a proposed reverse stock split in June.

The prospectus is subject to completion, and the covered shares cannot be sold under it until the registration statement becomes effective. CryptoSlate says the filing creates two exposures, potential supply from registered resale routes, and control exposure that would only change if the holder sells or dilution occurs.

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