In June 2025, B Treasury Capital AB ("BTC AB" or the "Company") carried out a rights issue of units. One (1) unit consisted of one (1) newly issued Class B share and one (1) warrants of series TO1. Each warrant gives the owner the right to subscribe for one (1) new Class B share in the Company at an exercise price determined as the higher of 20% premium to NAV or 20% discount to the Volume Weighted Average Price of BTC AB's shares on Spotlight Stock Market over the 10 trading days immediately preceding the first day of the warrant exercise period, however not lower than the quota value.
The 10 days immediately preceding the warrant exercise period were August 4 to August 15, 2025, and after calculating the NAV and average share prices during this period, the exercise price has been determined to be SEK 292, equivalent to 20% premium to the Company's NAV, calculated in accordance with the terms of the warrants (btc.se/investors).
The subscription period for warrants of series TO1 runs from 18 August up to and including 29 August 2025. If all the warrants are exercised, the Company will receive approximately SEK 209 million before issuing costs.
Complete terms and conditions for the warrants is available at the Company's webpage, www.btc.se/investors.
Summarized terms for the warrants of series TO1:
- Subscription period: 18 - 29 August 2025
- Last day of trading: 29 August 2025
- Issue volume: 716,894 warrants, which entitles to subscription of 716,894 Class B shares.
- Exercise price: SEK 292 per Class B share.
- Gross proceeds: If all warrants are exercised, the Company will receive approximately SEK 209 million before issuing costs. At a current BTC/SEK of ~SEK 1.12 million per Bitcoin (Investing.com, 17 Aug 2025), full exercise would correspond to ~186.8 Bitcoin before transaction costs and fees.
- Dilution: Upon full exercise of the warrants, the number of shares may increase by up to 716,894 shares, from 766,527 to 1,483,421 and the share capital to increase by up to approximately SEK 358.45, from approximately SEK 500,383.1635 to approximately SEK 500,741.6135.
Please note that warrants that are not exercised no later than 29 August 2025 or not sold no later than 29 August 2025, will expire without value. For warrants not to lose their value, the holder must actively subscribe for new shares or sell the warrants.
How warrants are exercised
Nominee-registered warrants (Custody account):
Subscription and payment by exercise of warrants shall be made in accordance with instructions from each nominee. Please contact your nominee for additional information. Observe that certain nominees might close their application earlier than 29 August 2025.
Direct-registered warrants (Securities account):
No issue account statement nor any instructions regarding payments will be sent out. Subscriptions will be made through simultaneous payment in accordance with the instructions on the application form.
The application form including instructions for payment will be available at Eminova Fondkommission's webpage, www.eminova.se.
Outcome
The outcome of the exercise of warrants will be published via a press release shortly after the subscription period. Shares that have been subscribed and paid for will be registered on the subscriber's securities depository as interim shares (IA) until registration of the issue has been completed with the Swedish Companies Registration Office, whereupon the interim shares automatically will be converted into shares in BTC AB.
About BTC AB
B Treasury Capital AB (BTC AB) is a Swedish bitcoin investment company focused on long-term growth in Bitcoin per share (BPS) through disciplined treasury management and transparent governance.
Important information
This announcement is for information purposes only and does not constitute an offer to sell or a solicitation of an offer to buy any securities of BTC AB. Exercise of TO1 is made solely in accordance with the applicable warrant terms and conditions.
This information is information that B Treasury Capital 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 persons set out above, at 2025-08-18 07:00 CEST.