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.
