IPOWER HOLDS 15 BITCOIN AT BITGO — THE CUSTODIAN TAKES ORDERS FROM ITS NOTE BUYER’S AGENT — 8.1 MILLION SHARES REGISTERED AGAINST 596,808 OUTSTANDING

iPower Inc., a Nasdaq company that bought its first bitcoin in December 2025, filed an amended S-1 with the SEC on October 30, 2026. It says that as of October 29 it held 15.11524045 bitcoin at BitGo Trust Company, plus $4,817,911.37 in cash, all in a controlled account.

The filing says who gives the orders: “The Collateral Agent has contractual control over the blocked account, and the custodian acts on instructions of the Collateral Agent in accordance with the custody-control arrangement.” That agent is “an affiliate of the Convertible Note Investor,” which the filing names as ATW Digital Asset Opportunities XIV LLC. iPower “may withdraw or use collateral only if the applicable release conditions are satisfied or the required consent is obtained.”

If the notes default, “the Collateral Agent may take control of and dispose of the collateral and apply the proceeds to the secured obligations before any residual value is available to holders of our common stock.” When iPower announced the $30 million note deal on December 23, 2025, its release named only “a US-based institutional investor” and said nothing about who would control the coins.

The share count tells the rest. This filing registers up to 8,089,888 shares for the note buyer to sell, against 596,808 shares outstanding on October 30. iPower has done three reverse splits in 2026, the last a 1-for-12 on October 26. Holding bitcoin and having bitcoin that answers to someone else are not the same thing. Here the coins sit at BitGo, and the instructions come from the lender’s side. At the time of this writing, bitcoin was $77,307.