Swedish bitcoin treasury company BTC AB (B Treasury Capital AB) will list its newly issued preferred shares, ticker "BTC PREF," on the Spotlight Stock Market on July 20. The shares carry an annual dividend of 12 Swedish kronor per share, paid at 1 krona per month, based on an offering price of 120 kronor, giving a yield of 10% at issuance.
However, the offering saw only 52% subscription, leaving 47.7% of the shares unsold. Gross proceeds reached approximately 12.2 million kronor, about half the maximum target. If the post-listing price falls below 120 kronor, the effective yield would exceed 10%, signaling that investors may be demanding higher returns.
Preferred shares as a funding tool
BTC PREF is designed to raise capital for bitcoin purchases without taking on debt, with dividends that can be deferred. The structure follows the precedent set by Strategy (formerly MicroStrategy), which has issued $15.46 billion in preferred shares and set aside $3 billion in dividend reserves.
Market test for bitcoin treasury demand
The post-listing price and liquidity of BTC PREF will serve as a gauge for whether preferred shares can become a sustainable funding mechanism for bitcoin treasury companies. The listing is also seen as a litmus test for demand outside the United States, where similar instruments have gained traction.