USBC, Inc. Draws $3.0M on Bitcoin-Backed Loan Facility

What Happened

• USBC, Inc. announced on Sept. 11, 2026 that it took a fifth fixed-rate borrowing of $3.0 million under its Master Loan Agreement (MLA) with Payward Interactive, Inc. The draw increases the total outstanding principal under the MLA to $21.0 million. The loan bears interest at 8.5% per year and matures on Sept. 11, 2027, unless earlier terminated under the MLA.

Key Details

• Lender and agreements: Master Loan Agreement dated March 18, 2026 with Payward Interactive, Inc.; borrowings are subject to individual term sheets and a $25.0 million aggregate cap.
• Collateral: Borrowings are secured solely by 479 Bitcoin held by Payward Financial, Inc. (the Custodian) for the benefit of the Lender and governed by an account control agreement.
• Collateral maintenance: The MLA includes standard margin requirements and liquidation rights; a ~27.4% drop in Bitcoin value (with no repayment or added collateral) would lower coverage to the MLA’s 130% collateral call margin as of Sept. 14, 2026. No collateral calls, mandatory repayments, or liquidations had occurred as of that date.
• Timing and terms: Fifth draw executed Sept. 11, 2026; loan maturity Sept. 11, 2027; interest rate 8.5% p.a.

Why It Matters

• This filing signals USBC is using Bitcoin-collateralized financing to fund operations or development, increasing leverage to $21.0 million under a facility that can reach $25.0 million. Because the loan is secured by Bitcoin, changes in Bitcoin’s price directly affect collateral coverage and can trigger margin calls or liquidations under the MLA. Investors should note the interest cost (8.5% fixed) and the concentrated collateral risk (479 BTC), along with the company’s disclosure that no margin events had occurred through Sept. 14, 2026.