SEC filings from CleanSpark, PowerCompute and USBC show that reported Bitcoin treasury holdings don't equal freely available supply. Options, collars and secured loans tie some coins to future settlement choices that depend on price, dates and counterparty rights. The three disclosures use different measures, dates and legal structures, leaving no single combined total for unencumbered corporate Bitcoin.
CleanSpark put 9,400 Bitcoin-equivalent call contracts through its Spot+ options strategy during the quarter ended June 30, according to an Aug. 6 quarterly filing. Because the figure is expressed in Bitcoin equivalents, it can resemble a balance-sheet position even though it measures a quarter's trading flow, not a treasury balance.
The filing reported $8.017 million in premium proceeds from those calls. Bitcoin averaged $68,766 when the contracts were entered, against an average strike price of $76,383. The gap exposes a blind spot in corporate Bitcoin options analysis: a headline holding tells investors how much Bitcoin a company reports, while contracts and secured loans can assign rights over some of those coins.
CleanSpark's holding and its hedging move separately
CleanSpark reported 12,205 Bitcoin held at June 30, plus a separate receivable for 1,719 Bitcoin posted to derivative trading counterparties. Its July 7 operational update presented 13,924 Bitcoin in total, combining the holding with the posted collateral.
During June, the company reported 250 Bitcoin sold through call exercises, 25 acquired through put exercises and 244 acquired through a delta-neutral basis trade. Those figures sit in four distinct categories: period activity, period-end collateral, monthly settlement and dollar accounting — categories a single combined total would blur.
PowerCompute's collar hinges on a September reset
PowerCompute entered a $21,892,131.88 collar loan on Aug. 25, secured by 307 Bitcoin at 6.5% annual interest. The new principal included a $3.765 million cost to unwind the prior collar, which the borrower added to the loan balance.
The contract annex sets a $71,112 floor, a $75,000 ceiling and a $93,500 knock-in barrier for the rolling period scheduled to end Sept. 24. Bitcoin traded near $78,767 on Aug. 31, above the ceiling and below the barrier — a level at which PowerCompute had not forfeited its appreciation above $75,000.
If the reference price stays below $93,500 at the Sept. 24 test, the cap has no effect and PowerCompute keeps the gain. At or above that barrier, appreciation above $75,000 becomes payable to the lender, settled with pledged Bitcoin or cash, or rolled into the next period's principal.
USBC separates options control from loan liquidation
USBC's Aug. 27 filing disclosed that 34.1% of its treasury was pledged for options trading as of Aug. 24, with the coins held in cold-storage wallets controlled by counterparty-designated custodians. Separately, USBC reported an $18 million Bitcoin-backed loan from Payward Interactive, secured by about 478 Bitcoin held under an account-control agreement.
CleanSpark's flow figures, PowerCompute's reset-tested collar and USBC's options pledge and loan margin each carry their own dates, units and legal effects, so none of the three totals can be added to the others.
Source: CryptoSlate
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