iPower Inc. (NASDAQ: IPW) reported that its collateral account held approximately $4.05 million in assets as of April 28, according to a company statement.

The collateral account contains approximately $2.2 million in U.S. dollar cash, 15.1 Bitcoin and 301.1 Ethereum. The company calculated the aggregate reference market value based on current market prices for the digital assets.

iPower's outstanding note balance to an institutional investor totals approximately $3.69 million, the company said. The supply chain and infrastructure provider for online retailers operates from Rancho Cucamonga, California.

"Strengthening our balance sheet remains a key priority for iPower," said Lawrence Tan, chief executive officer. "Our current position provides the Company with greater flexibility as we continue to improve our operating platform, evaluate strategic opportunities and position the business for long-term shareholder value creation."

The company stated it will continue evaluating capital allocation decisions based on market conditions, liquidity needs, contractual obligations and strategic priorities. iPower noted that the reference market value does not represent contractual collateral calculations, covenant compliance, payoff amounts or other contractual amounts under its financing documents.

iPower provides technology and data-driven supply chain services including procurement, fulfillment, logistics and software-enabled services for online retailers and brands.