Sebastian Furn Bitcoin Treasury Research

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Bitcoin Treasury Capital

BTC B

Optionality

A+

Bitcoin leverage

B

Durability

A

Bitcoin Treasury Capital ↗ (BTC AB) is a SEK 86 million company listed on Spotlight holding 172 BTC, and is the first small-scale company to issue Bitcoin-backed preferreds. This is a company with high grades in all three pillars, with a slightly lower grade in Bitcoin leverage due to the preferred being untested in the public markets and its relatively conservative risk management.

Grades follow the rubric in the BTC treasury investor whitepaper.

Optionality

BTC AB raised the vast majority of its capital through direct share issues. Its listing coincided with the peak of the mania in 2025, causing almost all of its BTCAB-TO1 ↗ warrants to expire worthless, which otherwise would have raised SEK 209 million. Its Bitcoin note ↗ also expired in February 2026, forcing the company to return 21 BTC. Although the market did not reward these attempts at the time, they demonstrate the company’s willingness and ability to raise capital at scale. Its maximum number of shares is 4 billion, far exceeding its roughly 1 million shares outstanding. This leaves ample room to raise capital aggressively in a future mania.

Bitcoin leverage

The Swedish preferred market is a niche industry almost entirely driven by individual investors, but there are multiple Swedish companies which have successfully issued preferreds in 2026 due to the low policy rate of 1.75%. The BTC PREF ↗ might draw some capital from the existing preferred market, but more likely draws capital from Bitcoin believers who want Bitcoin-like returns in the form of dividends.

BTC PREF is one of the highest paying preferreds in Sweden with a 10% annualized dividend; the preferred pays 1kr per month with a 120kr notional. In December 2025, BTC AB issued SEK 7.3 million of the BTC PREF in a private placement, and in June 2026 it announced a rights issue of the preferred which could raise SEK 23.4 million if fully subscribed, with an additional SEK 10 million overallotment. In connection with the rights issue, the preferred is expected to list on Spotlight Stock Market and begin trading on July 20.

A fully subscribed rights issue, although the amounts are relatively small, would push its amplification from 6.3% closer to 23%, or 28% if the overallotment is exercised. Management has already received subscription undertakings of SEK 6.4 million and non-binding intentions to buy SEK 2.4 million of the BTC PREF, which by itself would push its amplification closer to 13%. A fully subscribed rights issue would give it a similar amplification to Strategy ↗.

BTC AB’s small scale is both an advantage and a disadvantage. On one hand, each unit of capital raised will have a larger impact on its amplification and Bitcoin leverage. On the other hand, the BTC PREF will be trading with low liquidity which could push the price down and increase its effective yield. This dynamic can be seen in STRC and SATA, where Strategy has a lower cost of capital due to its larger scale and more conservative risk profile. This would become especially relevant if another company like H100 ↗ were to issue its own Bitcoin-powered preferred and compete for the same pool of capital, which is likely to happen in the near future considering its acquisition of Moonshot AS, which will take its holdings over 3,000 BTC. However, just like Strive ↗ and Strategy exist in the same market, BTC AB and a larger competitor would serve different investor bases. More broadly, as the market matures, Bitcoin-powered preferreds will likely spread to the rest of the SEK 9.1 trillion Swedish fixed income market, though this is unlikely to happen in the near future due to Bitcoin treasuries being a relatively new market with regulatory obstacles.

Durability

BTC AB is a small-scale company with a conservative risk profile. It has a maximum amplification target of 30%, very low expenses, and a simple capital structure that’s easy to model based on the price of Bitcoin. The company has two common classes: Class A carries ten votes and pays no dividend, while Class B is the listed common. The BTC PREF is a separate preference class, also designated series A, and Class C shares are a management fee. Class C shares convert into Class B shares as Bitcoin exposure grows, meaning management will receive a 20% fee on growth in Bitcoin exposure. Hedge funds typically follow the ‘2 and 20’ model in which they are compensated with a 2% fixed management fee and a 20% performance fee. BTC AB has a more conservative compensation structure in comparison, especially since the metric is denominated in Bitcoin exposure instead of fiat gain.

The risk is that the 20% compensation will dilute the common stock. If the stock is trading at a low mNAV, then the dilution will be greater since the compensation is determined by the SEK equivalent of the gain in Bitcoin exposure. However, when the stock is trading at a high mNAV, and when Bitcoin exposure is likely to experience its most significant increase, the dilution will be less significant for shareholders. This can be thought of as a 20% ceiling that the dilution won’t surpass in a 1x mNAV environment. The company has no salaries and no office costs, and the total operating costs in 2025 were SEK 4 million, including all IPO setup costs.

BTC AB has long-duration optionality; it will likely multiply its Bitcoin exposure in a future mania by raising capital aggressively, and its high durability allows it to survive prolonged bear markets, meaning the company won’t go bankrupt before capturing the upside. The BTC PREF has been tested at a small scale through a private placement, and July 20 will confirm demand for the product at scale. A lack of demand might limit its optionality in the near term as the market matures. If you believe in the Bitcoin thesis, then BTC AB is likely to outperform Bitcoin in the long term, and to multiply its Bitcoin exposure by orders of magnitude in a future mania.

Sources

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