₿$73,459.79▼ 0.12%
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 PriceUpdated 11h ago
$3.85▼ 9.84%
180d
Total financing
6.69M USD
180d
mNAV
2.64x▼ 9.73%
180d
Leverage
538.8%
180d
BTC Risk
99.26%0.2x
Sats/Share
1,983
180d
Mkt capFD
2.93M USD
SharesFD
761.51K
Fiat reserve
713.68K USD
Total reserve
1.82M USD
Dilution
15.2%
Coverage
1.7 yr
Analytics
BTC Coverage
FinancialsUnverified
US GAAPQuarterlyAs of 2026-03-31
Balance Sheet
Total Assets$31.3M▼7.9%
Total Liabilities$14.2M▼11.6%
Stockholders' Equity$17.2M▼4.6%
Cash & Equivalents$713.7K▼64.5%
Total Debt—
Digital Assets$1.7M▼24.8%
Income Statement
Revenue$3.5M▼51.0%
Operating Income$-1.1M▲53.1%
Net Income$-3.5M▼189.5%
Interest Expense—
Cash Flow
Operating Cash Flow—
Instruments
| Instrument | Term | Coupon | Principal | Outstanding | Conv. price | BTC Rating |
|---|---|---|---|---|---|---|
| IPW-Dec27 | Dec '25 – Dec '27 | 10% | 30.00M USD | 6.69M USD | 73.04 USD | 0.2x |
| Total | 6.69M USD | |||||
Recent Changes
Wed, May 20, 2026
Shares Outstanding
1.8M→5.3M+3.5M(+198.2%)
Cover-page count; ~3.5M new shares vs Mar 31 from additional Series A/B note conversions after the Apr 17 2026 floor-price reduction to $0.22/share
Form 10-Q (Q3 FY2026)Tue, May 19, 2026
Debt OutstandingIssuanceIPW-Dec27
3.7M→6.7M+3.0M(+81.3%)
Additional Optional Closing — $3M new Series A at $1.03 conversion price; running total $3.69M (Apr 28 balance) + $3M = $6.69M. Net proceeds $2.82M (6% OID); proceeds committed to sUSDai purchase
Form 8-K ($3M additional Series A convertible closing; AI infrastructure pivot)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
6.7M→3.7M-3.0M(-44.8%)
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)Tue, Mar 31, 2026
Shares Outstanding
1.3M→1.8M+451.5K(+34.1%)
Post-1-for-30 reverse split (Oct 27 2025); reflects 703,487 shares issued during nine months ended Mar 31 2026 from convertible-note conversions
Form 10-Q (Q3 FY2026)Debt Outstandingperiod_endIPW-Dec27
9.0M→6.7M-2.3M(-25.7%)
Q3 FY2026 period-end principal balance after $2,377,166 of principal+interest converted into 703,487 shares at weighted-avg $3.69/share during the nine-month period; net carrying amount $4,470,518 after $2,216,085 unamortized debt discount.
Form 10-Q (Q3 FY2026)Fiat Reserve
2.0M→713.7K-1.3M(-64.5%)USD
Unrestricted cash; separate from $2.21M Restricted Cash - BitGo (collateral for Dec 2027 senior secured convertible)
Form 10-Q (Q3 FY2026)Fri, Feb 20, 2026
Shares Outstanding
1.1M→1.3M+241.0K(+22.3%)
Form 10-Q (Q2 FY2026)
Thu, Feb 12, 2026
Debt OutstandingRepaymentIPW-Bridge
2.0M→0-2.0M(-100.0%)
Promissory Notes ($2M aggregate, issued Nov 24 2025) repaid Feb 12 2026 — subsequent-events disclosure in Q2 FY2026 10-Q
Form 10-Q (Q2 FY2026)Tue, Feb 10, 2026
Debt OutstandingIssuanceIPW-Dec27
6.9M→9.0M+2.1M(+30.4%)
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
31.5M→1.1M-30.4M(-96.6%)
Form 10-Q (Q2 FY2026)
Debt Outstandingperiod_endIPW-Dec27
7.0M→6.9M-100.0K(-1.4%)
Period-end balance after $100K Series B conversions during Q2 FY2026 (Dec 22 issuance $7M − $100K converted = $6.9M); Series A $5,184,024 + Series B $1,715,976
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