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B Treasury Capital (BTC) investor relations material
B Treasury Capital Q1 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Incorporated in April 2025, this is the first interim report with no prior year comparison.
Bitcoin holdings remained unchanged at 166.33 BTC during Q1 2026.
Operating loss of MSEK -27.1, mainly due to a non-cash impairment of Bitcoin holdings.
Net asset value (NAV) as of April 29, 2026, was MSEK 119.0, with a NAV per share of SEK 152 and a share price of SEK 111, reflecting a 22% discount.
AGM introduced a voluntary redemption mechanism for Class B shares and authorized new share issuances.
Financial highlights
Net turnover for Q1 2026 was MSEK 0.0.
Operating loss: MSEK -27.1, of which MSEK -26.2 was due to Bitcoin revaluation impairment.
Total comprehensive income: MSEK -27.2.
Total assets at period end: MSEK 114.7; equity: MSEK 111.6; equity/assets ratio: 97.3%.
Cash at period end: MSEK 6.7.
Earnings per share: SEK -34.87.
Outlook and guidance
Focus remains on disciplined Bitcoin accumulation and capital structure optimization.
Plans to continue building Bitcoin reserves through dollar cost averaging.
Board intends to proceed with a rights issue of Class A preference shares.
- Ended 2025 with 166.33 BTC, a 22% NAV discount, and a net loss from Bitcoin revaluation.BTC
Q4 202530 Jan 2026 - First quarter saw rapid Bitcoin accumulation, strong equity, and strategic capital actions.BTC
Q2 202523 Dec 2025 - Q3 2025 saw a 4.7% Bitcoin per share increase and MSEK 7.3 in comprehensive income.BTC
Q3 202523 Dec 2025
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