Recent Updates — USBC
USBC, Inc. entered into a Second Addendum to its Master Loan Agreement with Payward Interactive, Inc., increasing the aggregate borrowing commitment under the credit facility from $25.0 million to $40.0 million. As of the effective date, $21.0 million was outstanding, leaving $19.0 million available for future borrowings subject to collateral requirements. The amendment also expands the Bitcoin collateral arrangement to allow cross-collateralization with digital asset derivative transactions. Additionally, the Board approved December 17, 2026, as the date for the 2026 Annual Meeting of Stockholders.
USBC operates in the fintech sector, providing financial services and products related to Bitcoin-backed credit facilities.
USBC, Inc. entered into an unsecured promissory note with Goldeneye 1995 LLC on September 25, 2026, establishing a credit facility with an aggregate principal amount of up to $22.0 million. The loan bears interest at 8.5% per annum, payable quarterly starting December 31, 2026, and matures on September 25, 2029. No advances had been made as of the filing date. The transaction is a related-party arrangement because Goldeneye is solely owned by Robert Gregory Kidd, the Company’s Chairman and CEO. USBC intends to use proceeds for general corporate and working capital purposes.
USBC, Inc. appointed Daniel J. Beck as its new Chief Financial Officer and Principal Financial and Accounting Officer, effective August 27, 2026. Mr. Beck will receive an annual base salary of $400,000 and is eligible for a stock option grant of 2,500,000 shares under the company's equity incentive plan, subject to Compensation Committee approval and standard four-year vesting. The appointment is at-will with no severance arrangements. Mr. Beck brings extensive financial leadership experience from SVB Financial Group, BancWest Corporation, and other major financial institutions. However, he is a named defendant in multiple pending civil and securities litigations arising from his tenure as CFO of Silicon Valley Bank and its holding company following their 2023 collapse. The company operates in the fintech industry.
On August 21, 2026, Kitty Payne notified USBC, Inc. of her intention to transition from the role of Chief Financial Officer to become the CFO of Vast Bank, N.A., a wholly-owned subsidiary of affiliated entity Vast Holdings, Inc., effective August 31, 2026. The move supports the company's tokenized deposit initiative, with Vast Bank serving as the initial issuing bank. Payne’s departure is not due to any disagreement regarding operations or policies. USBC, Inc. has identified a successor and expects to announce the appointment separately. The company operates in the financial technology sector, focusing on blockchain-based solutions and digital asset services.
On July 28, 2026, USBC, Inc. drew an additional $3.0 million fixed-rate borrowing under its Master Loan Agreement with Payward Interactive, Inc., bringing the aggregate outstanding principal to $18.0 million of the $25.0 million facility limit. The loan bears interest at 8.5% per annum and matures on July 28, 2027, secured solely by 479 Bitcoin held in custody with Payward Financial, Inc. A decline of approximately 22.3% in the collateral's value would trigger a margin call to the 130% coverage ratio as of July 31, 2026; no such events had occurred at that date. The company also reported progress on its USBC tokenized deposit product with Vast Bank, initiating Phase 2 testing and developing USBC Pay for merchant transactions ahead of a future commercial launch. USBC, Inc. operates in the fintech industry, focusing on blockchain-based tokenized deposit products and payment solutions.
Goldeneye 1995 LLC, holding 92.2% of voting power, approved a reverse stock split with a ratio between 1-for-2 and 1-for-5. The split may be implemented within twelve months of June 15, 2026. USBC, Inc. is a financial technology company developing tokenized deposit products using blockchain technology.