Bitcoin Treasury Capital launches Europe’s first BTC-backed preferred stock with 10% dividend

A Stockholm-based company called Bitcoin Treasury Capital AB has received approval to list what it calls Europe’s first Bitcoin-backed preferred stock, complete with a 10% annual dividend. The instrument, ticker BTC PREF, is set to begin trading on July 20, 2026, on Sweden’s Spotlight Stock Market.

If this sounds familiar, it should. The playbook was largely written in the US, where Strategy (formerly MicroStrategy) and a growing roster of corporate Bitcoin treasuries have issued high-yield preferred shares to fund Bitcoin acquisitions. That market has ballooned to roughly $13 billion. Now Europe is getting its own version.

How the structure works

Bitcoin Treasury Capital, founded in 2025, runs a dual-share model. Common shares trade under the ticker BTCB and give holders direct exposure to the company’s Bitcoin holdings. The new preferred shares, BTC PREF, sit on top of that structure and promise a fixed 10% annual dividend backed by the firm’s Bitcoin reserves.

The company reportedly holds between 167 and 172 BTC. The preferred stock issuance is designed to be the engine for growing it. The approach mirrors what US-based firms have done: issue yield-bearing equity, use the proceeds to buy more Bitcoin, and avoid diluting common shareholders in the process.

Trading access for BTC PREF will be available through Avanza and Nordnet, two of the most widely used brokerage platforms in the Nordics.

Why Europe matters here

The US has dominated the corporate Bitcoin treasury trend. Strategy alone holds hundreds of thousands of BTC, and its preferred stock offerings have become a template for capital formation in the space. Average yields on similar US instruments range between 10% and 15%, putting Bitcoin Treasury Capital’s offering right at the lower end of that band.

The Spotlight Stock Market, where BTC PREF will trade, is a regulated marketplace operated by Spotlight Group AB. It’s smaller than Nasdaq Stockholm but serves as a common listing venue for growth companies in the Nordics.

The Strategy comparison, and its limits

Comparisons to Strategy are inevitable, but scale is important context. Strategy’s Bitcoin holdings dwarf Bitcoin Treasury Capital’s by orders of magnitude. With roughly 167 to 172 BTC, the Swedish company is operating at a fraction of the size that has made the US Bitcoin treasury model compelling to institutional investors.

The broader trend is worth watching. US Bitcoin treasury preferred shares have created a roughly $13 billion market in a relatively short period.

For investors evaluating BTC PREF, the key questions are straightforward. Can a company holding around 170 BTC reliably pay a 10% dividend? What happens to the preferred shares if Bitcoin enters a prolonged bear market? And how liquid will trading actually be on the Spotlight Stock Market compared to larger exchanges?

Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.