B Treasury Capital AB’s preferred share offering drew subscriptions for only 102,025 of 195,078 shares, leaving nearly half the rights issue unclaimed before trading on Spotlight Stock Market begins Monday, July 20.
The Swedish Bitcoin treasury firm raised SEK 12.2 million ($1.26 million) in gross proceeds, falling short of the SEK 23.4 million ($2.42 million) maximum target. Net proceeds totaled SEK 11.9 million ($1.23 million) after costs.
BTC PREF is structured as preferred equity, designed to add balance-sheet capital without traditional debt or large repayment obligations. Proceeds are directed primarily to Bitcoin purchases and a liquidity reserve for preference dividends. The structure limits common-share dilution, a key advantage over debt or secondary offerings of ordinary equity.
Dividend Structure and Yield
BTC PREF carries a subscription price of SEK 120 per share and a monthly dividend of SEK 1, equivalent to SEK 12 annually. At the issue price, this yields 10% annually. At SEK 100, the indicated yield rises to 12%. At SEK 90, it reaches 13.3%.
Dividends may be deferred. Any unpaid shortfalls accumulate without interest and rank ahead of dividends on Class B common shares, providing preferred holders with contractual priority.
Reserve and Coverage Benchmarks
B Treasury Capital AB has not disclosed its final reserve balance or dividend coverage ratio after the partial take-up. For scale, Strategy, a major preferred-stock benchmark, holds $15.46 billion in preferred stock and maintains a $3 billion reserve covering 20.4 months of dividend obligations. Strategy adopted a policy requiring reserves to cover at least 12 months of expected preferred dividends and debt interest.
According to CryptoSlate Editor-in-Chief Liam ‘Akiba’ Wright, the undersubscribed offering represents a market test of preferred-share financing as a model for Bitcoin treasury capital raising.
B Treasury Capital AB did not disclose final allocation of proceeds or the resulting reserve balance. The firm also did not specify what opening price BTC PREF will trade at on July 20 or provide post-offering trading data.
