₿$76,354.21▲ 0.01%
iPower Inc.
IPW🇺🇸Leveraged
iPower is a tech-driven online retailer and supplier of home, garden, and pet products. In December 2025, the company launched a Digital Asset Treasury strategy funded by a $30M convertible note facility, using proceeds to purchase Bitcoin and Ethereum.
BTC Holdings
15.1 BTC
180d
Stock Price
$0.95
180d
Total financing
3.69M USD
180d
mNAV
1.42x
180d
Leverage
145.6%
180d
BTC Credit
4629 bps0.7x
Sats/Share
875
180d
Mkt capFD
1.64M USD
SharesFD
1.73M
Fiat reserve
2.01M USD
Total reserve
3.16M USD
Dilution
30.6%
Coverage
3.1 yr
Analytics
BTC Coverage
Financials
US-GAAPQuarterlyAs of 2025-12-31
Balance Sheet
Total Assets$34M▲18.9%
Total Liabilities$16M▲50.0%
Stockholders' Equity$18M▲0.4%
Cash & Equivalents$2M▲122.5%
Total Debt—
Digital Assets$2.2M
Income Statement
Revenue$7.1M▼32.0%
Operating Income$-2.4M▼243.8%
Net Income$-1.2M
Interest Expense$61.8K▲19.8%
Cash Flow
Operating Cash Flow$763.9K▼54.7%
Instruments
| Instrument | Term | Coupon | Principal | Outstanding | Conv. price | BTC Rating |
|---|---|---|---|---|---|---|
| IPW-Dec27 | Dec '25 – Dec '27 | 10% | 30.00M USD | 3.69M USD | 9.13 USD | 0.7x |
| Total | 3.69M USD | |||||
Recent Changes
Tue, Apr 28, 2026
BTC Holdings
15.12→15.1-0.02 BTC(-0.1%)
Held in collateral account for senior secured convertible note
Form 8-K (balance sheet position update)Debt OutstandingIPW-Dec27
9.0M→3.7M-5.3M(-59.0%)
Disclosed as remaining note balance owed to institutional investor; collateral account ($2.2M cash + 15.1 BTC + 301.1 ETH) reference value approximately $4.05M
Form 8-K (balance sheet position update)Fri, Feb 20, 2026
Shares Outstanding
1.1M→1.3M+241.0K(+22.3%)
Form 10-Q (Q2 FY2026)
Tue, Feb 10, 2026
Debt OutstandingIssuanceIPW-Dec27
7.0M→9.0M+2.0M(+28.6%)
Additional Mandatory Series A Note; $2M principal at 6% OID ($1.88M net proceeds)
Form 8-K (additional $2M convertible closing + share buyback program)Wed, Dec 31, 2025
BTC Holdings
15.1→15.12+0.02 BTC(+0.1%)
Purchased Dec 27 2025 at ~$87,686/BTC; also holds 301.10 ETH ($893,376 FV)
Form 10-Q (Q2 FY2026)Shares Outstanding
1.0M→1.1M+31.7K(+3.0%)
Form 10-Q (Q2 FY2026)
Fiat Reserve
904.0K→2.0M+1.1M(+122.5%)USD
Form 10-Q (Q2 FY2026)
Mon, Dec 29, 2025
BTC Holdings
15.1 BTC
BTC Holdings Tracker
Mon, Dec 22, 2025
Debt OutstandingIssuanceIPW-Dec27
7.0M
Series A initial close; $7M face amount
Form 10-Q (Q2 FY2026)Debt OutstandingRepaymentIPW-Bridge
2.0M→0-2.0M(-100.0%)
Repaid upon closing of convertible note facility
Form 10-Q (Q2 FY2026)Sun, Dec 7, 2025
Debt OutstandingRepaymentIPW-ABL
0
Fully repaid and facility terminated
Form 8-K (ABL facility termination)Mon, Nov 24, 2025
Debt OutstandingIssuanceIPW-Bridge
2.0M
Form 8-K (bridge promissory notes)