The cryptocurrency company BTC made its trading debut today, July 8, on the Spotlight Stock Market. The listing concerns the company’s B-shares, which are traded under the ticker BTC B. The company’s formal name is B Treasury Capital.
BTC’s business model is to serve as an investment company for those who want to invest in real bitcoin in a secure manner. This means investors gain exposure to actual bitcoin holdings, not synthetic exposures through derivatives or certificates.
BTC will differ from traditional listed companies in terms of financial reporting. The focus will not be on revenue or earnings per share, but rather on how many bitcoins each share represents, CEO Christoffer De Geer explained in an interview with Finwire a month ago.
Prior to its listing, BTC raised SEK 150 million in capital. Of this, the company used SEK 148 million to purchase 147 bitcoins, while the remaining SEK 2 million remains in cash. The subscription price in the share issue was SEK 210 per share.
This morning, BTC reported that the company’s net asset value — reflecting its bitcoin holdings and cash — stands at SEK 214 per share.
So far today, the share has traded as high as SEK 700 and as low as SEK 421. As of 09:20, the last price paid was SEK 550, representing a surge of 162 percent compared to the subscription price. Shares worth SEK 11.7 million have changed hands so far today. The company has 0.72 million shares outstanding, giving it a market capitalization of SEK 396 million based on the latest price.
