Options, Collars and Loans Tie Up $2B in Corporate Bitcoin

CleanSpark, PowerCompute and USBC disclosed legal arrangements that encumber portions of their corporate Bitcoin holdings in filings between June and August. The structures include option programs, a non-recourse collar loan and a secured borrowing, each attaching coins to contract terms and settlement paths.

In its Aug. 6 quarterly filing for the period ended June 30, CleanSpark reported 9,400 Bitcoin-equivalent call contracts sold through its Spot+ program and $8.017 million in premium proceeds. The contracts were entered when Bitcoin averaged about $68,766, with an average strike of $76,383. CleanSpark reported 12,205 Bitcoin held at June 30 and a separate receivable of 1,719 Bitcoin posted to derivative counterparties. A July operational update reconciled those numbers to a 13,924-Bitcoin operational total by including the 1,719 posted as collateral or receivable.

CleanSpark’s June activity included 250 Bitcoin sold through call exercises, 25 acquired through put exercises and 244 acquired in a delta-neutral basis trade. Its quarterly digital asset reconciliation listed $8.595 million in premium and Spot+ trading proceeds, 7,850 Bitcoin-equivalent close-outs with negative premium proceeds, and $2.982 million of fair value above strike on settled derivatives. The company reports both period trading flows and point-in-time holdings in separate tables.

PowerCompute entered a $21.892 million non-recourse collar loan on Aug. 25 secured by 307 Bitcoin, with a 6.5% annual interest rate. The new principal incorporated a $3.765 million unwind cost from a prior collar. The contract annex sets a $71,112 floor, a $75,000 ceiling and a $93,500 knock-in barrier for a rolling period that reset on Sept. 24. At each reset the reference price determines whether the ceiling applies. If the reference price is below $93,500 at the test date, the ceiling does not apply and appreciation above $75,000 remains with the borrower. If the barrier is met or exceeded, appreciation above $75,000 becomes payable to the lender and may be settled with the pledged Bitcoin or in cash, added to loan principal, or addressed in the next rollover.

Under the PowerCompute loan annex, a drop below the $71,112 floor gives the borrower options to surrender the pledged Bitcoin, repay to recover them, or roll after curing a shortfall. Without an affirmative election, the loan matures and the annex’s collateral retention or sale provisions apply. The 307 pledged coins are subject to the contract’s reset tests and settlement choices rather than continuous, automatic sale.

USBC disclosed two encumbrances as of Aug. 24. One program showed 34.1% of the company’s treasury pledged as options collateral; those coins were held in cold wallets with custodial partners designated by counterparties, which controlled the private keys. The collateral can create obligations to deliver a fixed amount of Bitcoin depending on options outcomes. Separately, USBC reported an $18 million Bitcoin-backed borrowing from Payward Interactive with roughly 478 Bitcoin pledged under an account-control agreement and held by Payward Financial. That loan required a 150% initial margin; a decline to 130% permits a collateral call and a drop to 120% can give the lender liquidation rights if coverage is not restored.

The filings disclose different measurement bases and legal arrangements. CleanSpark reports period option activity and separate point-in-time holdings and posted collateral. PowerCompute ties coins to a reset-tested non-recourse collar. USBC separates counterparty-controlled options collateral from a secured lending facility. Each disclosure identifies activation prices, settlement methods and custodial control that determine when pledged coins can move or when cash obligations arise.