Bitcoin Treasury Capital secures approval for Sweden's first BTC-backed preferred offering

Bitcoin Treasury Capital received approval to list 195,078 Class A preference shares on Sweden’s Spotlight Stock Market, marking what it calls Europe’s first BTC-backed preferred equity offering. The shares, priced at SEK 120 each, carry a 10% annual dividend and are backed by the company’s Bitcoin reserves, which total about 172 BTC valued at roughly $11 million. The rights issue is expected to raise around SEK 23.4 million ($2.5 million), with proceeds earmarked to buy more Bitcoin. The structure splits exposure between BTC-linked common shares (BTCB) and income-oriented preferred shares (BTC PREF), potentially broadening access to crypto-linked instruments for yield-focused investors. The move is notable as a new financing model in Nordic crypto markets, but it also highlights balance-sheet risk if Bitcoin prices fall and dividend coverage tightens.