Bitcoin treasury company offers 10% income and still can’t sell nearly half its shares
Swedish Bitcoin treasury firm B Treasury Capital AB plans to begin trading its BTC PREF preference share on Spotlight on July 20 after only 52% of the rights offer was taken up. The issue raised about SEK 12.2 million gross, less than half the maximum available. BTC PREF is structured to pay SEK 1 per month, or SEK 12 per year, implying a 10% annual cash yield at the SEK 120 subscription price if paid as scheduled. The market price will test whether investors want a higher yield, since a discount to SEK 120 would push the indicated yield above 10%. Thin trading would also make the signal unclear. BTC AB says the preferred stock is meant to fund more Bitcoin purchases and build a reserve for dividend payments without using debt or causing major dilution. Key questions are the final reserve size and whether dividend coverage is credible. A stable price near issue level with real volume would support the financing model; a discount or illiquid trading would not.
