Sweden's BTC AB offers B shareholders redemption at 25 to 30 per cent below net asset value, for up to SEK 5 million from its cash. No bitcoin will be sold, and remaining holders are left with more bitcoin per share.
Christoffer De Geer is chief executive of BTC AB.
B Treasury Capital AB, which uses the short form BTC AB itself, holds bitcoin on its balance sheet and has both B shares and preference shares outstanding. The company said on Sunday afternoon that it intends to offer all B shareholders voluntary redemption — the company buying back and cancelling the shares for cash — at a price below net asset value per B share. Net asset value is the value of the assets less debt and other claims, divided by the number of shares. As of 7 September, the company said its bitcoin holding corresponded to about SEK 166 per B share, while net asset value per B share was about SEK 152. Final terms and dates will follow in a separate announcement.
The offer applies to everyone holding B shares and is voluntary. Those who do not want to take part need do nothing.
The company will redeem shares for a maximum of SEK 5 million, funded from existing cash. No bitcoin will be sold to pay for the redemption. The price is set at net asset value per B share less a discount the company indicates at between 25 and 30 per cent. The final discount is fixed when the offer launches.
The reason the company gives is that redeeming below net asset value lifts the number of bitcoin behind each remaining share. The share count falls by more than the value leaving the company.
BTC AB illustrates this with a calculation: if the company pays SEK 100 for shares representing SEK 133 in net assets, the difference stays with the shareholders who do not redeem.
Ahead of the application period, one redemption right per B share is booked into the shareholder's account. Applications are made through the bank, which displays the offer in the account, or directly via btc.se, where Aqurat Fondkommission handles the administration. Banks close for applications earlier than the company's own deadline, and applications are binding.
The price is set at 17:30 CET on the banking day after the last day of the application period, based on the bitcoin price at that moment, and is announced the same evening together with the outcome. Shareholders therefore know the discount, but not the exact krona amount per share, when they apply. If the offer is oversubscribed, redemption is allocated pro rata. Payment goes via Euroclear to the shareholder's bank.
Net asset value per B share is calculated as the number of bitcoin multiplied by the bitcoin price in Swedish kronor, plus cash, less the preference shares' entitlement of SEK 120 per share plus accrued dividend. The sum is divided by the number of B shares. Both the number of bitcoin and the number of B shares are held constant during the application period.
The company stresses that the discount is calculated on net asset value after the preference shares' entitlement has been deducted. That is not the same as the Market Cap to Bitcoin NAV metric on btc.se, which does not make that deduction.
The application period is expected to start around 17 September. If the timetable holds, the shares must be owned on 11 September, four days before the first application day, with payment expected in early October. Final dates will be stated in the closing announcement.
The company is asking for non-binding indications of interest by email by 10 September, stating the number of B shares the shareholder would consider applying for at a discount of 25 to 30 per cent. The information gives no priority and is used only in aggregated form. The board takes the final decision on the offer and its terms, and both the discount and the timetable may change. Participation may have tax consequences, and the company does not give tax advice.
The announcement was published as inside information under the EU Market Abuse Regulation at 18:00 CET on 7 September 2026.
Sources: B Treasury Capital
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