USBC launches tokenized deposit pilot, secures $25M Bitcoin-backed loan, plans sensor exit

Filed March 25, 2026 · Period ending December 31, 2025 · Compared to 10-K Dec 19, 2025 · ~2 min read

Key Changes

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  Launched Phase 1 internal pilot of tokenized deposit product on March 10, 2026 with employees using company funds; retail launch timing depends on pilot results and regulatory approvals.

  Business: Phase 1 pilot launch verify on EDGAR →
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  Secured $25M credit facility at 8.5% interest backed by Bitcoin collateral, with proceeds funding tokenized deposit development including up to $10.5M in reimbursements to affiliate Vast Holdings through year-end 2026.

  Business: credit facility and affiliate services agreement verify on EDGAR →
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  Bitcoin treasury declined 19.5% in value from $87,500 to $70,400 per coin between mid-December 2025 and March 2026, driving $27.2M unrealized loss in Q4 2025 partially offset by $15.7M tax benefit.

  Business: Bitcoin market capitalization and price volatility verify on EDGAR →