USBC’S OPTIONS COUNTERPARTY HOLDS THE KEYS TO 37.9% OF ITS BITCOIN — UP FROM 34.1% IN AUGUST — THE COIN COUNT DIDN’T MOVE

USBC filed its sixth amended S-1 at 20:28 UTC on October 29, 2026. It says that as of October 23, about 37.9% of its bitcoin was pledged as collateral for options trading. Then this: “Private keys used to access the Bitcoin pledged as collateral are controlled by the designated trading counterparty.” The filing doesn’t name the counterparty.

Two months earlier the same line said 34.1%, as of August 24. USBC held about 1,029.25 bitcoin on both dates, so that’s about 351 coins in August and about 390 in October. The filing says the options program is “intended to boost our Bitcoin holdings through premiums collected on options.” Between those two dates, the count didn’t grow.

That’s not the only pile. About 479 coins sit with Payward Financial, a Kraken affiliate, backing a $21.0 million loan. Since October 12, that collateral also backs derivative trades with another Kraken affiliate. The filing puts the cushion at a 29.5% price drop before a margin call, down from 37.9% in August. It doesn’t say whether the 479 coins and the options pile overlap. It does say this: “We do not self-custody any of our Bitcoin.”

Counterparty risk isn’t theory here. At June 30, USBC carried a $2.2 million credit-loss allowance against $2.3 million it was owed back from its derivatives trading. A company that holds no keys holds a promise. Count the keys before you count the coins. At the time of this writing, bitcoin was $76,790.