- USBC Inc, formerly non-invasive sensor company Know Labs, disclosed holding substantially all of its treasury reserves in bitcoin as of December 31, 2025, following an August 2025 transaction that brought in 1,000 BTC and $15 million in cash
- The company’s bitcoin is held in Coinbase Custody, with about 2% pledged for options trading through Hyrcanian Asset Management under a 33% performance-fee arrangement
- USBC has drawn $5 million at 8.5% interest under a $25 million bitcoin-secured Master Loan Agreement with Payward Interactive, the parent company of Kraken, maturing March 2027
USBC Inc, the company formerly known as Know Labs and previously focused on non-invasive sensor technology, filed a transition-period Form 10-K on November 4, 2026 detailing a complete pivot toward digital financial technology. The filing discloses that substantially all of the company’s treasury reserves were held in bitcoin as of December 31, 2025, the result of an August 2025 transaction the company refers to internally as “Goldeneye,” in which it received 1,000 bitcoin and $15 million in cash in exchange for issuing 357.8 million shares.
The company’s bitcoin holdings are custodied with Coinbase Custody, a widely used institutional custody provider. Approximately 2% of the holdings are pledged for options trading activity conducted through Hyrcanian Asset Management, under an arrangement that pays Hyrcanian a 33% performance fee on gains generated starting January 1, 2026, a relatively aggressive fee structure for an options strategy layered on top of a corporate treasury position.
The filing also discloses a $25 million Master Loan Agreement with Payward Interactive, the parent company of the Kraken exchange, secured by the company’s bitcoin holdings. USBC has drawn $5 million of that facility at an 8.5% interest rate, with the loan maturing in March 2027, giving the company access to additional liquidity against its treasury without needing to sell bitcoin outright.
Beyond the treasury itself, the filing describes USBC’s effort to build a Solana-based tokenized deposit product, branded USBC, in partnership with Vast Bank, N.A. and Uphold. The filing states the company has no current plans for additional open-market bitcoin purchases, framing the existing treasury as a foundational asset rather than one the company intends to actively grow through further buying. That stands in contrast to the growth-focused accumulation strategies several other publicly traded bitcoin treasury companies have pursued through regular share issuance.
The combination of a legacy sensor-technology company pivoting entirely into a bitcoin-backed, tokenized-deposit business illustrates how far the practice of holding corporate bitcoin treasuries has spread beyond crypto-native firms. The full filing is available on SEC EDGAR.
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