Swedish Treasury Company BTC AB Uses Preferred Share Proceeds to Wipe Out Its Only Debt

B Treasury Capital AB has repaid in full the sole loan on its balance sheet, using proceeds from the BTC PREF issue that began trading on Spotlight nine days ago. The Company now holds its Bitcoin reserve against no interest-bearing debt at all.

B Treasury Capital AB (BTC AB) has repaid in full its loan from its custodian institution, EUR 270,000, equivalent to approximately SEK 3.0 million, using proceeds from the preference share issue completed ahead of BTC PREF's 20 July listing on the Spotlight Stock Market. The Company has no interest-bearing debt remaining.

Christoffer De Geer, BTC AB's CEO, framed the position plainly: "BTC AB is now debt-free. This gives us a clean and resilient capital structure and full control over our entire bitcoin reserve."

The proceeds did exactly what the instrument was sold to do

BTC PREF has now raised capital in two rounds. A December 2025 private placement sold 60,400 preference A shares to institutional and professional investors for SEK 7.2 million. A public rights issue followed in June and July, closing on 30 June at 52.3 per cent take-up - 29,192 shares subscribed on rights, a further 72,833 without - for gross proceeds of about SEK 12.2 million and net proceeds of about SEK 11.9 million. The preferred count rose to 162,425 shares, and BTC PREF began trading on Spotlight on 20 July with Pareto Securities as liquidity provider.

Across both rounds, BTC AB has raised somewhere north of SEK 19 million through the instrument. A sliver of that - SEK 3.0 million - has now gone to retiring the Company's only loan, rather than sitting alongside it. BTC AB described the structure at the time of the June resolution as a way to raise equity capital without creating debt or large repayment obligations, and to increase its amplification through preferred equity while limiting dilution for ordinary holders. A debt repayment, with no fresh announcement of strategic intent attached, is that description showing up on the balance sheet rather than in a press release about strategy.

It leaves the Company's capital stack in a simpler shape than most of the field it's measured against. BTC AB's Bitcoin treasury sits below 200 coins - smaller than The Smarter Web Company's 2,700, Capital B's 3,139, or H100's 1,051. It was also the smallest of that group to get a Bitcoin-backed preferred to a public order book in the first place, back in July. The debt repayment is a second small marker in the same direction: whatever separates BTC AB from the larger European treasuries around it, execution has not been the constraint.