Toronto, Ontario--(Newsfile Corp. - April 16, 2026) - Bitcoin Treasury Corporation (TSXV: BTCT) (OTCQB: BTCFF) ("Bitcoin Treasury" or the "Company"), a Canadian Bitcoin-native company building shareholder value in Bitcoin, today announced that it has filed its financial results for the year ended December 31, 2025. The financial statements and Management Discussion & Analysis can be found on sedarplus.ca.
Q4 2025 Financial Results
Elliot Johnson, CEO of Bitcoin Treasury, commented, "2025 was a foundational year for Bitcoin Treasury Corporation, marked by the successful execution of several key initiatives. We completed our public listing, acquired Bitcoin, launched our institutional lending platform, secured our Money Services Business registration, filed a base shelf prospectus, and announced our Normal Course Issuer Bid. While Bitcoin's price declined approximately 18% from our purchase date to year-end, our strategy remains firmly focused on the long term. We are building an institutional-quality Bitcoin services business underpinned by disciplined capital allocation and a scalable capital formation engine with the objective of compounding Bitcoin per Share and delivering sustainable shareholder value."
Key milestones achieved during and subsequent to the quarter ended December 31, 2025 include:
On October 9, 2025, the Company registered as a Money Services Business with the Financial Transactions and Reports Analysis Centre of Canada ("FINTRAC"), a designation that broadens the scope of services Bitcoin Treasury is authorized to offer and positions the Company to explore institutional-grade Bitcoin liquidity services going forward
On November 11, 2025, the Company initiated its institutional Bitcoin lending business with a Bitcoin loan to an institutional trading firm, marking a pivotal milestone in the Company's strategy to deploy its Bitcoin holdings as productive, yield-generating assets
On November 14, 2025, the Company received a receipt for its final base shelf prospectus, providing flexibility to raise up to CAD $300 million over a 25-month period through the issuance of common shares, preferred shares, debt securities, subscription receipts, warrants, or any combination thereof
On December 15, 2025, the Company announced its intention to initiate a Normal Course Issuer Bid ("NCIB") for the repurchase and cancellation of up to 989,228 Common Shares. The NCIB commenced on January 5, 2026. Through March 31, 2026, the Company has repurchased 227,600 common shares at an average price of $4.54 per share, and Bitcoin per Share ("BPS") has increased by 0.31% to B 0.00006364
On December 18, 2025, the Company announced its Bitcoin price risk management program, under which it intends to selectively employ options and other derivative instruments against a portion of its Bitcoin holdings to generate incremental Bitcoin without requiring additional capital. The program is designed to earn premiums denominated in or convertible into Bitcoin, with the objective of increasing BPS in a disciplined manner.
Selected Annual Information
| For the year ended December 31, 2025 | |
| Total assets | $94,278,497 |
| Total liabilities | $18,839,597 |
| Revenue | $3,592 |
| Total operating expenses | $27,619,954 |
| Net loss and comprehensive loss | $44,215,560 |
| Basic and fully diluted net loss per share | $(8.38) |
Summary of Quarterly Results1
| For the three months ended December 31, 2025 | For the three months ended September 30, 2025 | For the three months ended June 30, 2025 | |
| Total assets | $94,278,497 | $126,288,462 | $117,278,517 |
| Revenue | $3,592 | $Nil | $Nil |
| Total operating expenses | $(860,061) | ($1,352,397) | ($25,401,935) |
| Net income (loss) | $(17,999,300) | $3,830,688 | ($27,796,337) |
| Net income (loss) and comprehensive income (loss) | $(26,468,271) | $10,253,456 | ($27,796,337) |
| Basic net income (loss) per share | $(1.79) | $0.38 | $(35.67) |
| Fully diluted net income (loss) per share | $(1.79) | $(0.04) | $(35.67) |
| Bitcoin holdings | B 771.37 | B 771.37 | B 771.37 |
| Adjusted diluted shares outstanding | 12,158,413 | 12,158,413 | 12,158,413 |
| BPS2 | B 0.0000634 | B 0.0000634 | B 0.0000634 |
Net loss and comprehensive loss was $26,468,271 for the three months ended December 31, 2025. The Company recorded a net loss of $20,803,583 on the revaluation of digital currency, digital currency held as collateral and digital currency loans. During the fourth quarter of 2025, the market price of Bitcoin decreased from $158,738 per BTC at September 30, 2025 to approximately $119,688 per BTC at December 31, 2025, representing a decrease of approximately 25% over the period. While management believes the long-term fundamentals of Bitcoin support its treasury strategy, short-term price volatility may result in significant variability in quarterly earnings. Offsetting losses from the revaluation of Bitcoin, the Company also recorded a gain of $3,004,870 on the revaluation of its convertible debentures based on the assessed fair value of the instruments as at December 31, 2025.
For the full year ended December 31, 2025, net loss and comprehensive loss was $44,215,560. The Company recorded a loss of $20,803,583 on the revaluation of its Bitcoin holdings, which includes digital currency held for operations, digital currency held for collateral and digital currency loans. During the year, the market price of Bitcoin decreased from approximately $145,971 per BTC from the purchase date to approximately $119,688 per BTC at December 31, 2025, representing a decrease of approximately 18% over the period. The Company incurred $24,078,424 in share-based payments related to the issuance of performance warrants to key management and directors of the Company. Although the expense related to performance warrants have been fully recognized, as of December 31, 2025, none of the performance warrants have vested. This loss on revaluation of Bitcoin and issuance of performance warrants is offset by a gain of $6,512,079 on the revaluation of convertible debentures.
Significant Projects
The Company is focused on three strategic priorities over the coming year:
The continued expansion of the institutional Bitcoin lending platform remains a key priority. Subsequent to year-end, the Company rolled and increased the outstanding loan with the same institutional trading firm. The Company will also continue to evaluate opportunities in institutional-grade Bitcoin liquidity services and Layer-2 networks.
The Company will continue to pursue accretive capital formation opportunities with the goal of increasing BPS, including the deployment of its NCIB where shares trade at a discount to the value of its Bitcoin holdings, the issuance of shares where they trade at a premium, and may also consider additional debt instruments.
The Company is building out the infrastructure necessary to operationalize its Bitcoin price risk management program, under which it intends to write options against a portion of its Bitcoin holdings to generate incremental Bitcoin without requiring additional capital.
This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.
About Bitcoin Treasury
Bitcoin Treasury Corporation is a Canadian-based company focused on institutional-grade Bitcoin services, initially offering Bitcoin-denominated loans. Bitcoin Treasury's core strategy is to build shareholder value through the strategic accumulation and active deployment of Bitcoin, while growing Bitcoin per Share (BPS). Recognizing Bitcoin's finite supply and long-term potential, the Corporation intends to maintain a robust treasury position while building a scalable platform for Bitcoin-based financial services.
To learn more visit www.btctcorp.com and join us on social media: X | LinkedIn
For further information, please contact:
Bitcoin Treasury Corporation
Elliot Johnson, Chief Executive Officer
Phone: 416-619-3403
Email: info@btctcorp.com
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
Cautionary Note Regarding Forward-Looking Statements
This news release includes certain "forward-looking statements" under applicable Canadian securities legislation. Any statements that involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as "expects" or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "budget", "scheduled", or variations of such words and phrases) are not statements of historical fact and may be forward-looking information and are intended to identify forward-looking information. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to: risks related to the Company's NCIB, including that the NCIB may not commence on the anticipated Commencement Date, may not be extended, may be suspended or terminated earlier than expected, may not result in the repurchase of the anticipated number of Common Shares, and is subject to limitations imposed by the TSXV and applicable securities laws; fluctuations in the market price of the Common Shares and other market conditions that may affect the timing, extent, or pricing of purchases under the NCIB; the availability of cash flows and capital required to fund repurchases under the NCIB; business integration risks; the Company's operating results will experience significant fluctuations due to the highly volatile nature of Bitcoin; the Company operates in a heavily regulated environment and any material changes or actions could lead to negative adverse effects to the business model, operational results, and financial condition of the Company; evolving cryptocurrency regulatory requirements and the impact on the Company's business plan; Bitcoin value risk; reliance on key personnel; implementation of the Company's business plan; lack of operating history; competitive conditions; de banking and financial services risk; anti money laundering and corrupt business practices; additional capital; financing risks; global financial conditions; insurance and uninsured risks; cybersecurity risks; changes to bank fees or practices, or payment card networks; audit of tax filings; market for the common shares of Bitcoin Treasury; market price of the common shares of Bitcoin Treasury; conflicts of interest; internal controls; tariffs and the imposition of other restrictions on trade could adversely affect the Company's business; risk of litigation; pandemics or other health crisis; acquisitions and integration; risk of dilution of Bitcoin Treasury securities; dividend policy; Bitcoin price volatility; custodial risks; technological vulnerabilities; Bitcoin transactions are irreversible and may result in significant losses; short history risk; limited history of the Bitcoin market; potential decrease in the global demand for Bitcoin; economic and political factors; top Bitcoin holders control a significant percentage of the outstanding Bitcoin; availability of exchange traded products liquidity; security breaches; the requirements that accompany being a publicly traded company may put a strain on the Company's resources, divert attention from management, and adversely affect its ability to maintain and attract management and qualified board members; liquidity risk; leverage risk; and share price fluctuations.
Although management of the Company believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions and have attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The forward-looking statements and information contained in this news release are made as of the date of this news release, and the Company does not undertake any obligation to update publicly or to revise any of the included forward-looking statements or information, whether as a result of new information, change in management's estimates or opinions, future circumstances or events or otherwise, except as expressly required by applicable securities law.
The TSXV has neither approved nor disapproved the contents of this news release.
Not for distribution to United States news wire services or for dissemination in the United States.
1 As the Company completed an amalgamation on the June 23, 2025, there are no prior published quarterly results of the Company to disclose.
2 BPS is a non-GAAP measure calculated as units of Bitcoin held as at December 31, 2025, divided by adjusted diluted shares outstanding. Units of Bitcoin held includes the principal value of Bitcoin loans outstanding, but excludes any accrued interest. Adjusted diluted shares outstanding includes common shares of 10,075,080 and convertible debentures of 2,083,333.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/292802
Source: Bitcoin Treasury Corporation
