BTC PREF began trading on Sweden’s Spotlight Stock Market with a fixed 10% annual dividend paid monthly, after a partially subscribed share sale raised about SEK 12.2 million to buy more bitcoin and support payouts.
Bitcoin Treasury Capital’s BTC PREF has started trading on Sweden’s Spotlight Stock Market, marking what the company describes as Europe’s first Bitcoin-backed preferred stock. The instrument carries a fixed 10% annual dividend paid monthly and is designed to channel investor capital into the company’s bitcoin treasury strategy. The Stockholm-based company said in June it was offering 195,078 preference shares at SEK 120 each, which would have raised SEK 23.4 million if fully sold. Investors bought about 52% of the offer, generating roughly SEK 12.2 million. Each share pays SEK 12 annually in monthly installments, and the proceeds are earmarked for additional bitcoin purchases and a cash buffer to help fund the dividend. The structure mirrors the Bitcoin-financing playbook popularized in the U.S. by Strategy’s STRC preferred stock, but BTC PREF differs in scale and in having a fixed payout rather than a flexible rate. Bitcoin Treasury Capital already holds roughly 172 BTC, valued at about $11 million, and the stock’s early performance will be watched as a test of whether European investors want listed income products tied to corporate Bitcoin holdings. The launch also highlights the risks of packaging Bitcoin exposure inside a listed security. A prolonged downturn in bitcoin prices could pressure a fixed dividend model, while trading in preferred shares can diverge from the value of the company’s underlying bitcoin treasury.