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.