BTC AB intends to offer redemption of B shares for up to SEK 5 million at an indicative discount of 25 to 30 percent to net asset value
B Treasury Capital AB ("BTC AB") intends to offer all holders of B shares voluntary redemption at a price below the company's net asset value per B share. Final terms and the exact timetable will be announced in a separate press release. Full information will be available at btc.se when the final terms are announced.
In brief
- Voluntary offer to all B shareholders. Those who do not wish to participate need not take any action.
- The company will redeem shares for a maximum of SEK 5 million, funded from existing cash. No Bitcoin will be sold.
- Redemption price: net asset value per B share (see calculation below) less an indicative discount of 25 to 30 percent. The discount will be fixed at launch.
- Indicative timetable: the application period is expected to begin around 17 September. If the timetable holds, you need to own the shares on 11 September, four days before the first application day. Payment is expected in early October. Final dates will be stated in the final press release.
- As of 7 September, the value of the company's total Bitcoin value per B share was approximately SEK 166 and net asset value per B share approximately SEK 152.
Why
When the company redeems shares below net asset value per B share, the number of Bitcoin per remaining share increases. If the company pays SEK 100 for shares representing SEK 133 in net assets, the difference stays with the shareholders who remain.
How it works
- The company announces the discount, the cap and the final dates. Ahead of the application period, one redemption right per B share is booked into your account.
- During the application period you apply for a number of shares through your bank, which will display the offer in your account, or directly via btc.se (administered by Aqurat Fondkommission). Banks close for applications earlier than the company's final day, so check your bank's deadline. Applications are binding.
- The price is set at 17.30 CET on the banking day after the last day of the application period, based on the Bitcoin price at that time, and is announced the same evening together with the outcome. You therefore know the discount but not the exact price in SEK per share when you apply.
- If applications exceed the cap, redemption is allocated pro rata.
- Payment is made via Euroclear to your bank.
How the price is calculated
Net asset value per B share = (Bitcoin held times Bitcoin price in SEK, plus cash, less the preference shares' entitlement of SEK 120 per share plus accrued dividend) divided by the number of B shares. The number of Bitcoin and B shares is held constant during the application period.
Note that the discount applies to net asset value per B share after deduction of the preference shares' entitlement. This is not the same as the Market Cap to Bitcoin NAV metric on btc.se, which does not deduct the preference shares.
Indication of interest
The company would like an indication of interest. Email hello@btc.se by 10 September with the number of B shares you would consider applying for at a 25 to 30 percent discount. Non-binding, no priority, used only in aggregated form.
Participation may have tax consequences. The company does not provide tax advice. The board will make the final decision on the offer and its terms. The discount and timetable are preliminary and subject to change.
This information is information that BTC AB is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out below, at 18.00 CET on 7 September 2026.
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