Garg Wins Board Control as Token Mortgage and Bank Sale Advance
Token-backed mortgage launch with Coinbase Better and Coinbase launched a conforming mortgage letting borrowers pledge bitcoin or USDC instead of selling it, with a 1% rebate up to $10,000. Early waitlist demand points to over $260 million in loans, expanding Better's customers and loan volume.
New product with real demand signals directly supports future revenue and is a core growth driver.
Garg's proxy fight ends with board control An inspector confirmed founder Vishal Garg won over 52% of votes to remove five directors, and the board dropped its challenge. Garg regains control, but the fight and a board investigation into his conduct leave governance uncertain, and the stock fell 7.3% on the news.
Control of the company changed hands, a major event that reshapes strategy and risk for BETR.
Birmingham Bank sale moves forward Better escrowed £10 million toward selling Birmingham Bank for about £56 million in net assets. If completed, pro-forma cash would rise to roughly $140 million, giving Better money to grow and reach positive cash flow, though regulatory approval is still needed.
A concrete capital event that strengthens the balance sheet and funds operations.