B Treasury Capital (BTC) Q1 2026 earnings summary

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.