Interim Report January - March 2026
Highlights of the quarter
Bitcoin per share (BPS) unchanged at 0.000213
Annual General Meeting held on 31 March 2026
Directed issue of 60,400 Class A preference shares for approximately MSEK 7.2 (carried out in December 2025) registered with Bolagsverket on 5 March 2026; subscription proceeds received on 6 March 2026
Net Asset Value (NAV) update as of 2026-04-29
BTC NAV: MSEK 119.0
BTC NAV per share: 152 SEK
Share price: 111 SEK
NAV discount: -22%
mNAV: 0.78
Quarter January - March 2026
Net turnover: MSEK 0.0
Operating loss: MSEK -27.1
of which revaluation of Bitcoin holdings: MSEK -26.2
Underlying operating costs: MSEK -0.9
Total comprehensive income: MSEK -27.2
Total assets: MSEK 114.7
Total Bitcoin holdings: 166.33
Number of B-shares end of period: 780,313
Bitcoin per B-share end of period: 0.000213
Earnings per share amounted to SEK -34.87
Comments from the CEO
The first quarter of 2026 was characterised by a continued challenging environment for the bitcoin treasury sector. Bitcoin retraced meaningfully from its early January levels, and listed treasury companies broadly traded at material discounts to NAV. BTC AB was no exception.
Despite the market backdrop, our message remains consistent: BTC AB is built for the full cycle. Our cost base is lean, our balance sheet is conservative, and we hold our bitcoin in cold storage. The first quarter saw no bitcoin acquisitions and no bitcoin sales, in line with our strategy of acting only when conditions clearly favour long-term shareholders.
During the quarter we received the subscription proceeds from the directed issue of Class A preference shares of approximately MSEK 7.2, following the registration of the issue with Bolagsverket on 5 March 2026. This builds on the preference share framework introduced in late 2025 and is the first step in what we believe will become an important pillar of our long-term capital structure. The preference share gives investors a stable yield from a bitcoin-backed vehicle, and gives BTC AB long-term, non-dilutive capital to compound bitcoin per share over time.
On 31 March 2026 we held our first Annual General Meeting as a listed company. Among other items, the AGM resolved on an amended articles of association which, going forward, gives us additional tools to manage capital structure on behalf of B-shareholders, including a voluntary redemption mechanism for Class B shares. Used selectively, and only when our shares trade at a meaningful discount to NAV, such tools can be highly accretive to bitcoin per share.
Operating loss of MSEK -27.1 for the quarter is almost entirely attributable to the impairment of our bitcoin holdings of MSEK -26.2, an unrealised, non-cash item driven by the SEK/BTC price at the balance day. Underlying operating costs amounted to MSEK -0.9 for the quarter, in line with our ambition to operate on a fraction of 2025 costs.
Looking ahead, we continue to evaluate the full set of tools at our disposal, preference share issuances, B-share buybacks, voluntary redemption, and selective opportunistic bitcoin purchases, and we will deploy them when, and only when, it is favorable. Patience, discipline and an unyielding faith in Bitcoin remain our most important assets.
Stockholm 30 April 2026
Christoffer De Geer, CEO
For further information, please contact:
Christoffer De Geer, CEO
Email: hello@btc.se
This information constitutes inside information that B Treasury Capital AB is required to disclose pursuant to the EU Market Abuse Regulation 596/2014. The information was submitted for publication by the contact person listed below on April 30, 2026, at 08:00 CEST