A Stockholm-based company called Bitcoin Treasury Capital AB has received approval to list what it calls Europe’s first Bitcoin-backed preferred stock, complete with a 10% annual dividend. The instrument, ticker BTC PREF, is set to begin trading on July 20, 2026, on Sweden’s Spotlight Stock Market.
If this sounds familiar, it should. The playbook was largely written in the US, where Strategy (formerly MicroStrategy) and a growing roster of corporate Bitcoin treasuries have issued high-yield preferred shares to fund Bitcoin acquisitions. That market has ballooned to roughly $13 billion. Now Europe is getting its own version.
How the structure works
Bitcoin Treasury Capital, founded in 2025, runs a dual-share model. Common shares trade under the ticker BTCB and give holders direct exposure to the company’s Bitcoin holdings. The new preferred shares, BTC PREF, sit on top of that structure and promise a fixed 10% annual dividend backed by the firm’s Bitcoin reserves.
The company reportedly holds between 167 and 172 BTC. The preferred stock issuance is designed to be the engine for growing it. The approach mirrors what US-based firms have done: issue yield-bearing equity, use the proceeds to buy more Bitcoin, and avoid diluting common shareholders in the process.
