B Treasury Capital
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B Treasury Capital (BTC) investor relations material

B Treasury Capital Q4 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q4 2025 earnings summary30 Jan, 2026

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.

How will preference shares amplify B-share value?
How will 2026 costs compare to 2025?
What is the plan for the convertible loan?
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