B Treasury Capital (BTC) Q2 2026 earnings summary

Executive summary

• Increased Bitcoin holdings by 6 BTC to 172.0 BTC as of June 30, 2026, funded entirely by preference share capital.

• Listed the first Bitcoin-backed preference share in Europe (BTC PREF) on Spotlight Stock Market in July 2026.

• Raised approximately MSEK 12 in a rights issue of Class A preference shares, with proceeds used to repay all outstanding debt.

• Maintained a lean, debt-free, and conservatively financed structure, with all Bitcoin held in cold storage.

Financial highlights

• Net turnover for H1 2026 was MSEK 0.0; operating loss was MSEK -41.7, mainly due to a non-cash impairment of Bitcoin holdings (MSEK -39.9).

• Total comprehensive income for H1 2026 was MSEK -42.0; earnings per share for H1 2026 was SEK -53.79.

• Total assets at June 30, 2026, were MSEK 99.7; equity was MSEK 96.3, with an equity/assets ratio of 96.6%.

• Cash flow for H1 2026 was MSEK 1.2, with cash at period end of MSEK 1.6.

• Preference dividends of SEK 483,200 paid during the period.

Outlook and guidance

• Continued disciplined Bitcoin accumulation through dollar-cost averaging and preference share capital.

• Focus on maintaining low operating costs and conservative leverage, with no plans for dilutive common share issuance.

• Preference share framework to provide stable, long-term, non-dilutive capital.