Bitcoin treasury company registers 93% of shares for resale and puts third of its crypto into options

A Bitcoin treasury company made a $370 million BTC purchase — its first corporate buy since June — while registering 93% of its shares for resale and allocating roughly one-third of its Bitcoin holdings into options. Registering the large share pool increases the potential for share-based selling or secondary offerings that could dilute investor demand for the firm. Moving a substantial portion of reserves into options shows a shift toward hedging or monetization, which can reduce immediate spot selling but creates contingent supply risk at option expiries. Together, these moves signal more active balance-sheet management that could mute the firm's direct support for spot BTC prices and introduce event-driven selling risks.