Key Takeaways:
A Swedish firm secured regulatory approval to issue preferred shares paying a 10% dividend backed entirely by its Bitcoin holdings.
Bitcoin Treasury Capital received approval to list 195,078 preference shares on Stockholm's Spotlight Stock Market, offering a 10% annual dividend backed by its Bitcoin reserves in what it calls Europe's first such structured equity product.
"This structure allows income-focused investors to gain exposure to Bitcoin's potential without taking direct price volatility," Christoffer De Geer, chief executive officer of Bitcoin Treasury Capital, said.
The shares, ticker BTC PREF, are priced at SEK 120 each and aim to raise approximately SEK 23.4 million ($2.5 million), which the company plans to deploy toward additional Bitcoin purchases. As of mid-July, the firm held roughly 172 BTC valued at about $11 million, serving as the collateral base for the dividend obligations. The rights issue was announced June 5, with subscriptions opening June 16.
The offering creates a template for separating Bitcoin exposure into growth-oriented common shares and income-generating preferred equity, potentially opening a new channel for institutional allocators who require yield-generating instruments compatible with traditional European equity markets. Trading begins July 20.
How the structure works
Bitcoin Treasury Capital operates a dual-class equity model. Common shares, trading under BTCB, give investors direct exposure to Bitcoin's price swings. The preference shares work differently: BTC PREF holders receive a fixed 10% annual dividend, insulated from the volatility that common shareholders accept.
The 10% yield substantially exceeds what most European fixed-income products currently offer. That premium compensates investors for the risk that Bitcoin's value could decline enough to threaten the company's ability to sustain payments. There is no government backstop or deposit insurance — only Bitcoin on a balance sheet and a contractual commitment.
This is not the company's first preference share issuance. In December 2025, Bitcoin Treasury Capital conducted a directed issue of 60,400 preference shares that raised SEK 7.2 million. The current offering is roughly three times larger.
What to watch
Investors should monitor the ratio between the company's Bitcoin holdings and its outstanding dividend obligations. At current levels, 172 BTC worth roughly $11 million supports a relatively modest payout commitment. But if the company continues issuing preference shares at this pace, that ratio could tighten quickly during a bear market when the asset side of the ledger shrinks while obligations remain fixed.
The offering also arrives as corporate Bitcoin treasury strategies gain traction globally. Strategy, the largest publicly traded corporate Bitcoin holder, raised approximately $466.7 million through an equity sale earlier this week, though its shares fell 3% on the announcement.
This article is for informational purposes only and does not constitute investment advice.
