B Treasury Capital (BTC) Q3 2026 earnings summary

Executive summary

• Q3 Bitcoin holdings rose to 174 BTC; debt was fully repaid, leaving all Bitcoin unencumbered. BTC yield was 0.3% for Q3 and 7.6% since listing.

• Q3 operating profit was MSEK 45.0, driven by a non-cash MSEK 45.9 impairment reversal; 9M operating profit was MSEK 3.3.

• October redemption of 38,861 B-shares at a 28% discount to NAV increased Bitcoin per remaining B-share by ~5.2%.

Financial highlights

• Q3 net turnover MSEK 0.0; operating profit MSEK 45.0 versus loss MSEK 2.2 YoY; total comprehensive income MSEK 45.0 versus MSEK 7.3.

• 9M net turnover MSEK 0.0; operating profit MSEK 3.3 versus loss MSEK 2.9; net income MSEK 3.1 versus loss MSEK 2.5.

• Q3 EPS SEK 56.93; 9M EPS SEK 2.96, after preference dividends attributable to the periods.

• 9M total assets MSEK 153.1, equity MSEK 147.2 and cash MSEK 7.8 at 30 September 2026; holdings were 174 BTC versus 166.3 at the prior-year period end.

• Underlying operating costs were MSEK 0.9 in Q3 and MSEK 2.8 in 9M; Bitcoin carrying value MSEK 145.2 remained below MSEK 175.6 total acquisition cost.

Outlook and guidance

• After the October redemption payment, cash was ~MSEK 2.95, covering ~18 months of preference dividends at the current level and within the stated 12–24-month reserve target; operating costs use the same cash.

• No Bitcoin had been acquired since 5 August 2026; 586 Class C shares are scheduled to convert into Class B shares in Q4, representing ~0.1% dilution to B-shares.

• Capital allocation policy is to use share issuance when market value exceeds NAV and buybacks when it is below NAV, with discipline.