Year End Report 2025
Highlights of the quarter
Introduced Class A preference shares with a SEK 1 monthly dividend
Issued preference shares for 7.2 MSEK in a directed share issue
Net Asset Value (NAV) update as of 2026-01-29
Share price: 119.80 SEK
BTC NAV per share: 158 SEK
NAV discount: -22%
Quarter October – December 2025
Net turnover: MSEK 0.0
Operating loss: MSEK -37.8
Revaluation of Bitcoin holdings: MSEK -45.5
Total comprehensive income: MSEK -47.1
Total assets: MSEK 134.6
Total Bitcoin holdings: 166.33
Number of B-shares end of period: 780,313
Bitcoin per B-share end of period: 0.000213
Earnings per share amounted to SEK -48.95
Year to date April – December 2025
Net turnover: MSEK 0.0
Operating loss: MSEK -40.7
Revaluation of Bitcoin holdings: MSEK -36.4
Total comprehensive income: MSEK -40.5
Earnings per share amounted to SEK -53.64
Comments from the CEO
2025 was a year of execution. Step by step, we built BTC AB into Sweden’s most transparent and investor-friendly bitcoin treasury company, built for long-term endurance.
During the quarter we took several important steps to strengthen our platform for shareholders: we appointed Pareto Securities as liquidity provider, executed on our first bitcoin treasury operations and expanded market access through approval for trading on OTC Markets in the US (ticker XBTAF).
Operating loss for the year was -40.7 MSEK. It is important to note that the majority of this, 36.4 MSEK, is due to the change in the value of bitcoin, an unrealized loss that is expected to happen from time to time as bitcoin's price goes through its normal fluctuations.
The most important milestone, however, was the creation and subsequent directed issue of Preference A shares, raising approximately SEK 7.2 million. This is not just financing; it is the blueprint for our long-term strategy.
Amplification: building long-term value
We believe we have chosen the right path. With a lean cost base and a prudent risk profile, we can stay patient and act only when conditions truly favor long-term shareholders.
Our strategy is to build value through amplification, increasing bitcoin exposure for B-shareholders by issuing preference shares when pricing and market conditions allow. Over time, this can enable BTC AB to accumulate more bitcoin per B-share while keeping a disciplined approach to risk.
We remain committed to a conservative balance sheet, with a financial target of 10–20% leverage. By combining a high collateralization of 5 - 10x with a 10% dividend we believe our preference share will be the most attractive in Sweden, if not Scandinavia.
The goal is not to maximize short-term returns, but to compound sustainably and keep flexibility through all market conditions.
We also continuously study what global leaders in the space are doing, including Strategy and Michael Saylor, while adapting execution to what makes sense for the Swedish market.
A note on 2026: the year of the roll-up?
One observation we find interesting is that more merger discussions are starting to form across the industry. My view is that 2026 may become the year of the roll-up, the year of the merger. That said, BTC AB has no plans today to merge with any other player.
We enter 2026 well positioned: low cost, high flexibility, and a clear mission, to build long-term value through amplification, and let bitcoin do the heavy lifting.
Christoffer De Geer
CEO
For further information, please contact:
Christoffer De Geer, CEO
Email: hello@btc.se
This information constitutes inside information that B Treasury Capital AB is required to disclose pursuant to the EU Market Abuse Regulation 596/2014. The information was submitted for publication by the contact person listed below on January 30, 2026, at 08:00
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