Swedish Bitcoin Treasury Capital AB launches a new share class with a direct exposure to bitcoin, monthly dividends and priority in the event of liquidation. The new stock class may come to attract a new breed of Bitcoin treasury investors.
The new share class is Inspired by Michael Saylor and Strategy, which has launched similar stock classes in the US. Bitcoin Treasury Capital AB (BTC AB) is now aiming to bring the same innovative model to the Nordic market — with a monthly paid-out, non-convertible preference share specifically tailored for Nordic investors.
Photo: CEO Christoffer De Geer, BTC AB.
This new share class allows BTC AB to raise capital without incurring debt or repayment obligations. The capital raised through the sale of these preference shares will instead be used directly to buy bitcoin, strengthening the company's holdings in a risk-efficient manner, while aiming for sustainable returns per share.
Investors may be attracted to these preference shares because of the combination of stable monthly income, protection through liquidation priority, and unique exposure to bitcoin valuation. The shares are suitable for those who want predictable returns with downside protection and an opportunity for redemption, while accepting limited voting rights compared to ordinary shares.
This provides a stable dividend payout and increased bitcoin exposure with limited dilution for ordinary shareholders.
No, the capital raising for Class A Preference Shares has not yet commenced. The Board of Directors of BTC AB has only proposed this share class, and the issue will start with a directed issue to institutional investors in Q4 2025, followed by a directed issue for all shareholders in 2026.
Yes, Class A preference shares yield one vote per share. However, this is limited compared to ordinary Class A shares which garner ten votes each, preserving greater control for ordinary shareholders.
The dividend can be financed through several channels: premiums on new share issues, income from BTC AB's bitcoin holdings, secured loans with bitcoin as collateral, convertible promissory notes, or, if necessary, the sale of a portion of the bitcoin holdings. Dividends can also be deferred temporarily during financial stress and accrue until it can be paid.
Investors can appeal to:
This contrasts with ordinary shares which offer variable dividends, residual liquidation rights, and typically larger voting rights but higher volatility.
