B Treasury Capital (BTC) Q2 2025 earnings summary

Executive summary

• Incorporated in April 2025, the company completed its first reporting period with a focus on Bitcoin treasury operations and was listed on Spotlight Stock Market in July 2025.

• Strategic steps included direct share issues, a convertible loan, and listings on multiple exchanges to access global liquidity.

Financial highlights

• Net turnover for April–June 2025 was MSEK 0.0, with an operating loss of MSEK -0.7.

• Total assets at period end were MSEK 150.5, with equity of MSEK 151.1 and an equity/assets ratio of 99.9%.

• Cash flow from operations was MSEK -0.7; cash flow from investments was MSEK -82.6, and financing activities contributed MSEK 84.8.

• Cash at period end was MSEK 1.6.

• Earnings per share for the period were SEK -0.98.

Outlook and guidance

• The company targets maximizing Bitcoin accumulation while maintaining minimal risk and financial discipline.

• Preferred shares and flexible capital structures are planned to support long-term Bitcoin growth without excessive dilution or risk.