B Treasury Capital (BTC) Q4 2025 earnings summary

Executive summary

• Launched Class A preference shares with a SEK 1 monthly dividend and raised 7.2 MSEK through a directed share issue.

• Appointed Pareto as liquidity provider and gained approval for US OTC trading under ticker XBTAF.

• Ended the year with 166.33 BTC, zero net turnover, and a focus on long-term value through disciplined capital structure.

Financial highlights

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

• Operating loss was MSEK -37.8 for Q4 and MSEK -40.7 for April–December 2025, mainly due to Bitcoin revaluation losses.

• Total comprehensive income was MSEK -47.1 for Q4 and MSEK -40.5 YTD.

• Earnings per share were SEK -48.95 for Q4 and SEK -53.64 YTD.

• Total assets at year-end were MSEK 134.6, with equity of MSEK 131.5 and an equity/assets ratio of 97.7%.

Outlook and guidance

• Strategy centers on building long-term value by amplifying Bitcoin exposure for B-shareholders through preference share issuance.

• Target leverage is 10–20%, with a focus on maintaining a conservative balance sheet and high flexibility.

• No dividend proposed for 2025; preference shares have a SEK 12 annual dividend paid monthly.