A Swedish company is betting that investors want their Bitcoin exposure with a side of dividends. Bitcoin Treasury Capital, trading under ticker BTC-B.ST, has announced a rights issue for what it calls Sweden’s first BTC-backed preferred stock, targeting roughly $2.5 million in fresh capital to buy more Bitcoin.
The offering consists of 195,078 Class A preference shares, dubbed BTC PREF, priced at SEK 120 per share. If fully subscribed, gross proceeds would hit approximately SEK 23.4 million. Trading on the Spotlight Stock Market is expected to begin July 20, 2026.
How the deal works
The subscription period for existing Class B shareholders opens on June 16, 2026, giving current investors first dibs before any broader allocation. There’s also an over-allotment allowance of up to SEK 10 million baked in, which could push the total raise meaningfully higher if demand materializes.
The headline feature is a 10% annual dividend, which the company says will be supported by its Bitcoin holdings.
This isn’t the company’s first rodeo with preference shares. Bitcoin Treasury Capital completed a directed issue of 60,400 Class A shares back in late 2025, raising MSEK 7.2. That earlier batch also listed on the Spotlight Stock Market.
The company currently holds approximately 171 BTC, with Bitcoin per common share sitting at around 0.000213 BTC. The entire model hinges on using equity, not debt, to accumulate more Bitcoin over time.
The dual-class structure, explained
Founded in 2025 and headquartered in Stockholm, Bitcoin Treasury Capital runs a dual-class share structure. It issues common shares (BTCB) that give investors direct exposure to its Bitcoin treasury, and preference shares (BTC PREF) that layer on a fixed 10% annual dividend yield.
The obvious question is what happens to that 10% dividend if Bitcoin enters a prolonged drawdown. A company holding 171 BTC and promising fixed payouts needs Bitcoin to at least hold its value, if not appreciate, to make the math sustainable.
What this means for investors
Bitcoin Treasury Capital is operating on the Spotlight Stock Market, a smaller Nordic exchange focused on growth companies, rather than a major venue like Nasdaq Stockholm.
The risk profile is layered. You have Bitcoin price volatility as the foundational risk. On top of that sits the company’s execution risk in managing its treasury and maintaining enough liquidity to service dividend obligations. In any scenario where Bitcoin drops substantially, the company faces pressure to either sell BTC to cover dividends, reducing per-share Bitcoin value for common shareholders, or suspend payouts.
The $2.5 million target is modest by any measure. Subscription rates during the June 16 offering window will reveal actual demand from existing shareholders, and early trading volume and price action on Spotlight following the July 20 debut will signal whether the broader Nordic investment community views BTC-backed preferred stock as a legitimate asset class.