Bitcoin treasury company offers 10% income and still can’t sell nearly half its shares
Swedish Bitcoin treasury firm B Treasury Capital AB expects its new BTC PREF preference share to start trading on the Spotlight Stock Market on Monday, July 20. Investors left 47.7% of the rights offer unfilled, so the market will soon reveal what buyers are willing to pay for a new route to funding further Bitcoin purchases. Investors subscribed for 102,025 of 195,078 shares, or 52% of the offer, according to the issuers July 2 result. The issue produced about SEK 12.2 million ($1.26 million) gross and SEK 11.9 million ($1.23 million) net, compared with a maximum of roughly SEK 23.4 million ($2.42 million) gross. The 10% issue yield faces a price test BTC PREF pays SEK 1 per month, totaling SEK 12 per year on the SEK 120 subscription price. If paid as scheduled, the official terms indicate an annual cash yield of 10% at issue. The same scheduled payment produces a different indicated cash yield at each market price. At SEK 100, SEK 12 represents 12%; at SEK 90, it represents about 13.3%. Dividends may be deferred, however, and unpaid shortfalls accumulate without interest ahead of dividends on Class B common shares. The calculations are therefore neither guaranteed returns nor total returns. A drop