A small Swedish company is doing something no European public firm has done before: issuing preferred shares that pay dividends backed entirely by Bitcoin holdings. Bitcoin Treasury Capital, known formally as B Treasury Capital AB, has received approval to list 195,078 Class A preference shares on the Spotlight Stock Market, with trading set to begin July 20.
The shares, ticker BTC PREF, are priced at SEK 120 each and promise a 10% annual dividend. The rights issue aims to raise approximately SEK 23.4 million, roughly $2.5 million, which the company plans to use for one thing: buying more Bitcoin.
How the structure works
Bitcoin Treasury Capital operates a dual-class equity structure that separates two very different investor appetites. Common shares, trading under BTCB, give investors direct exposure to Bitcoin’s price swings. The preference shares work differently: BTC PREF holders get a fixed 10% annual dividend, insulated from the volatility that common shareholders signed up for.
As of mid-July 2026, B Treasury Capital holds approximately 172 BTC, valued at around $11 million. Those holdings serve as the foundation supporting the dividend payments to preference shareholders.
A pattern emerging in Nordic crypto finance
This isn’t the company’s first rodeo with preference shares. Back in December 2025, B Treasury Capital conducted a directed issue of 60,400 preference shares that raised SEK 7.2 million. The current offering is meaningfully larger, roughly tripling the number of shares issued.
Founded in 2025 in Stockholm, B Treasury Capital has moved quickly from concept to listed security. CEO Christoffer De Geer has positioned the firm explicitly as a Bitcoin treasury management company, meaning the entire corporate strategy revolves around accumulating and holding BTC as a reserve asset.
Spotlight Stock Market is a Nordic exchange platform designed for growth companies. The rights issue was announced on June 5, 2026, with subscriptions opening on June 16. Trading begins July 20, 2026.
Why this matters beyond Sweden
Bitcoin Treasury Capital is claiming this is the first BTC-backed preferred equity offering in Europe. The concept of separating Bitcoin exposure into growth-oriented common shares and income-generating preferred shares addresses institutional allocators who want crypto on their books but require yield-generating instruments compatible with traditional equity markets.
The 10% dividend yield substantially exceeds what most European fixed-income products currently offer. The premium compensates investors for the risk that Bitcoin’s value could decline enough to threaten the company’s ability to sustain payments. There is no government backstop, no deposit insurance, just Bitcoin on a balance sheet and a promise.
What investors should monitor closely is the ratio between the company’s Bitcoin holdings and its outstanding dividend obligations. At current levels, 172 BTC worth roughly $11 million supports a relatively modest payout commitment. But if the company continues issuing preference shares at this pace, that ratio could tighten quickly during a bear market when the asset side of the ledger shrinks while obligations remain fixed.
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