B Treasury Capital (BTC) Q3 2025 earnings summary

Executive summary

• Achieved a 4.7% increase in Bitcoin per share during the quarter, with total comprehensive income of MSEK 7.3 for July–September 2025.

• Listed on Spotlight Stock Market and Frankfurt Stock Exchange, and applied for trading on OTC Markets in the USA.

• Raised capital through multiple share issues and established a subsidiary for IFRS consolidated reporting.

Financial highlights

• Net turnover was MSEK 0.0 for both the quarter and year-to-date periods.

• Operating loss was MSEK -2.2 for the quarter and MSEK -2.9 year-to-date.

• Revaluation of Bitcoin holdings contributed MSEK 9.1 to income.

• Total assets stood at MSEK 181.8, with 166.33 Bitcoins held at period end.

• Earnings per share were SEK -2.36 for the quarter and SEK -3.25 year-to-date.

• Equity/assets ratio was 99.9%.

Outlook and guidance

• Plans to issue preference shares to raise long-term, non-dilutive capital and provide stable, high-yield exposure to Bitcoin.

• Targeting further equity raises and a rights issue, with a Spotlight Stock Market listing in 2026.