- iPower filed a Form S-1 on October 15, 2026 registering the resale of shares tied to $3,000,000 of convertible notes, revealing details of its retreat from digital-asset accumulation
- The company sold all of its roughly $1.00 million in sUSDai and roughly $563,391 in ether on August 14, 2026, after adopting a digital-asset-treasury strategy in mid-2025
- As of October 13, 2026, iPower’s remaining crypto-adjacent holdings totaled about $6.07 million, including 15.11524045 BTC worth roughly $1.26 million
iPower Inc. filed a Form S-1 registration statement with the SEC on October 15, 2026 covering the potential resale of up to 26,459,406 shares issuable upon conversion of $3,000,000 of Series A Senior Secured Convertible Notes the company issued on September 15, 2026. Buried within the filing’s disclosures is a detailed account of how iPower’s once-active digital-asset-treasury strategy has effectively wound down over the past several months in favor of a pivot toward artificial intelligence infrastructure.
iPower first adopted its digital-asset-treasury, or DAT, strategy in June 2025 and began actual purchases in December 2025, buying approximately 15.1 bitcoin for about $1.325 million and roughly 301.1 ether for about $884,000 in its initial round of purchases. The strategy continued into mid-2026, when the company bought roughly $1.0 million worth of USDai in June 2026 and converted it into sUSDai, a yield-bearing version of the token. But on August 14, 2026, iPower sold its entire sUSDai position, worth about $1.00 million at the time, along with its entire ether holdings, worth approximately $563,391, effectively exiting two of the three digital assets it had accumulated.
As of October 13, 2026, what remained of iPower’s digital-asset-related holdings totaled approximately $6.07 million held in a controlled collateral account, split between roughly $4.82 million in cash and 15.11524045 bitcoin valued at approximately $1.26 million. That bitcoin position is the one holding from the original DAT strategy the company has chosen to keep rather than sell off alongside its ether and sUSDai.
The S-1 states plainly that iPower’s management now prioritizes acquiring, financing and leasing AI infrastructure equipment over passive digital-asset accumulation, marking an explicit strategic pivot away from the DAT thesis the company embraced little more than a year earlier. The filing notes that iPower has no automatic purchase program or minimum DAT commitment going forward, leaving the company free to continue holding its remaining bitcoin without being bound to any ongoing accumulation targets.
The floor conversion price for the notes underlying the registered shares is set at $0.1359, calculated as 20 percent of iPower’s Nasdaq closing price on October 9, 2026, and the company said it will not receive any proceeds from the resale of shares being registered, since those shares are being sold by the noteholders rather than issued fresh by the company for cash. The S-1, filed with the SEC, offers one of the clearer public examples yet of a small-cap company retreating from an earlier digital-asset-treasury commitment in favor of a different technology trend entirely.
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