Bitcoin Treasury Capital pays out one Swedish krona per preference share on 19 August, the first monthly instalment of a fixed 10 percent annual yield. It is the first time a European company has paid a dividend built on a bitcoin holding.
BTC AB is led by CEO Christoffer de Geer (pictured).
Bitcoin Treasury Capital AB, known as BTC AB, is a Stockholm-based company set up in 2025 with a single stated purpose: to build a holding of bitcoin on its own balance sheet. The company is listed on the Spotlight Stock Market with two share classes. The ordinary share gives direct exposure to the bitcoin holding, while the preference share — a class with priority on dividends, but no upside in the bitcoin price — provides a fixed monthly payout. It is the latter that is now paying out, according to Crypto Briefing the first time a European company has distributed a dividend funded by a bitcoin holding.
The preference share trades under the ticker BTC PREF and was listed on 20 July. Holders receive one Swedish krona per share each month, equivalent to a fixed annual yield of 10 percent. The capital the company raises through the preference shares goes towards buying more bitcoin.
The ordinary share trades under BTC-B.ST. The point of placing the preference share on top is that the capital raised does not dilute how much bitcoin each ordinary share represents. The final trading day before the August payment is 12 August. Nordic investors can access the share through brokerages including Avanza and Nordnet.
The model of building a listed company around a bitcoin holding was popularised by US-based MicroStrategy, now Strategy, where Michael Saylor turned a mid-sized software company into a debt-funded bitcoin holding worth tens of billions of dollars.
BTC AB has taken a different route. The company has not issued convertible notes or taken on loans to fund its purchases, and states that it is debt-free after repaying all outstanding loans.
In cash terms the payment is modest. One Swedish krona per share per month is roughly ten US cents at current rates.
What sets the product apart from the alternatives is the combination. Exchange-traded products tracking the bitcoin price are plentiful on European exchanges, but they pay no running yield. Traditional dividend stocks pay a yield but give no bitcoin exposure. BTC PREF sits between the two.
The structure also answers one of the most persistent objections to bitcoin treasury companies: that issuing new shares to buy bitcoin dilutes existing owners. By isolating the capital raise in a separate share class, BTC AB keeps the ratio between bitcoin and ordinary share unchanged.
The half-year report presented on 31 July shows the holding rose to 172.0 bitcoin, up from 166.3 at the end of March. The purchases were financed with preference share capital, without issuing any new Class B shares. The company reports a yield measured in bitcoin per share of 3.4 percent in the second quarter and 7.3 percent since the listing in July 2025.
The operating result came in at minus 41.7 million Swedish kronor, of which 39.9 million stems from an unrealised revaluation of the bitcoin holding. The company raised roughly 12 million kronor in a rights issue, and BTC PREF was listed on the Spotlight Stock Market on 20 July as Europe's first listed bitcoin-backed preference share. The loan from the custodian institution was repaid on 28 July. As of 30 July, the Class B share traded at a discount of around 20 percent to net asset value, meaning below the value of the bitcoin holding behind each share.
The company announced on 5 August that it had bought one bitcoin at 64,435 dollars, and that the holding after the purchase stood at roughly 174 bitcoin. In the announcement the company describes the purchase as a continuation of steady accumulation, in line with its objective of increasing bitcoin per share over time.
Sources: Crypto Briefing, B Treasury Capital
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