Nasdaq-listed iPower Inc. (IPW), historically an e-commerce and supply-chain company, disclosed 15.11524045 Bitcoin in its October 15, 2026 SEC Form S-1. The holding carried an October 13 indicative value of $1,255,910.13. This is an updated balance-sheet disclosure, not a new October Bitcoin purchase: the coins were bought in December 2025 for approximately $1.325 million.

• 15.11524045 BTC: Worth about $1.256 million using iPower’s October 13 valuation.
• $4.82 million: Additional cash within the same controlled collateral account.
• $6.07 million: Combined gross account value; not unrestricted liquidity.
• AI infrastructure: Management now prioritizes financing, equipment leasing and compute services over additional passive crypto accumulation.

Why The Bitcoin Is Restricted

iPower says substantially all assets in the controlled account, including Bitcoin and cash proceeds, are pledged to a collateral agent for the company’s convertible-note holders. The agent controls the blocked custody account. Selling Bitcoin there would change the form of the collateral, not automatically release the proceeds. Investors therefore should not interpret the $6.07 million gross balance as money freely available to common shareholders.

The company previously bought Ethereum and a yield-bearing AI-infrastructure-related digital instrument, but reported selling those positions in August 2026. Its corporate treasury financing context and the earlier 2023 Bitcoin treasury adoption illustrate how different businesses have used digital assets in fundamentally different ways.

An AI Infrastructure Strategy Takes Priority

On October 15, iPower separately announced a customer-signed, non-binding letter of intent for AI equipment operations and management. The proposed project starts with 48 computing units and contemplates 396 units during 2027. At the illustrated $4,608 monthly fee per unit, a fully deployed fleet could represent up to $21.9 million in annualized service fees. This is a hypothetical full-buildout figure, not contracted revenue or recognized sales.

iPower Inc.
Nasdaq: $IPW

iPower disclosed a customer-signed, non-binding LOI covering a proposed five-year AI equipment services and management relationship.

The filing gives another data point on the company’s transition toward AI infrastructure and managed services.

Read…

— Cornerstone Marketing Inc. (@CS_MarketingInc) October 16, 2026

iPower says future financing proceeds may support AI equipment, operating liquidity and working capital, while existing pledged assets remain restricted. Related context: how GPU-backed lending is emerging and another shift from Bitcoin-related assets to AI compute.

What Investors Should Watch Next

On October 22, the company also announced a 1-for-12 reverse stock split scheduled to take effect October 26 to help address Nasdaq minimum-bid compliance. A reverse split does not itself increase total company value. Investors should distinguish that capital-market action, iPower’s pledged Bitcoin, and its still-proposed AI contract.

Key takeaway: iPower’s 15.115 BTC is confirmed, but restricted. Its AI pivot is the larger developing story, with the proposed services arrangement dependent on a definitive agreement and actual equipment deployment.

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