Episode nine of Kaupr Weekly is out. Morten Myrstad asks how it went for the roughly fifteen Nordic companies that put bitcoin on the balance sheet last year, after the premium the whole model rested on disappeared.
Kaupr Weekly is a short news podcast with Morten Myrstad on onchain finance, fintech, stablecoins and the future of payments, out every weekend. Graphic: Kaupr
Around 250 companies globally and close to fifteen in the Nordics announced last year that they would hold bitcoin on the balance sheet. Mining companies, rig companies, gaming companies. Episode nine of Kaupr Weekly asks the simple question a year on: how did it actually go? The host is Morten Myrstad, founder and editor of Kaupr.
A bitcoin treasury company is a listed company that holds bitcoin on its balance sheet as its main business, and that measures itself on one thing: growth in bitcoin per share. The model assumes the market values the company above the bitcoin it owns. The company can then issue new shares, buy more bitcoin, and every existing owner ends up with more. That mark-up — the premium — is the engine.
Bitcoin peaked above US$125,000 last October and fell through the winter and spring. In the episode, Myrstad goes through what happened to the Nordic companies once the mark-up vanished, in an industry that has lost around US$80 billion in market value in a year. Most of them left quietly.
What the survivors have in common is that they attached something else to the holding. H100 bought while the price was down and brought in Peter Warren to trade options against the balance sheet. K33 lends against crypto collateral and has taken over the running of a Canadian company. Bitcoin Treasury Capital listed a preference share with a fixed monthly dividend. Ace Digital built on options experience from the start. Four companies, four different models.
"Everything still standing has something else attached to it," Myrstad says in the episode.Morten Myrstad, host of Kaupr Weekly
Whether that means the category is becoming a permanent part of the digital economy, he leaves open.
This is the ninth episode of Kaupr Weekly and the fourth week in a row since 9 August. The previous episode covered computing power as an asset class, with Nvidia and BlackRock as the starting point.
Kaupr has followed the Nordic treasury companies one by one throughout the period, and ran exclusive interviews with both H100 and K33 in October 2025 — when the premium was still intact. More recent coverage includes K33's option agreement at Canada's Sixty Six Capital and H100's acquisitions. The episode brings them together.
More episodes are at today.kaupr.io/listen, and you can follow Kaupr Weekly on Spotify and Apple Podcasts.
Sources: Kaupr Weekly, Kaupr
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