Bitcoin Treasury

What Bitcoin Treasury does

Bitcoin Treasury Corporation (TSX-V: BTCT; OTCQB: BTCFF) is a Canadian Bitcoin-native public company that holds Bitcoin as its primary treasury asset and seeks to grow Bitcoin per Share (BPS) for shareholders through accumulation, institutional lending, and disciplined capital allocation. The company was formed via reverse-takeover amalgamation of 2680083 Alberta Ltd. with the predecessor Bitcoin Treasury Corporation on June 23, 2025, and listed on the TSX Venture Exchange on June 30, 2025, following a CAD $125 million concurrent financing. As of May 31, 2026, it held 751.50 BTC with 9,689,380 common shares outstanding (11,772,713 diluted) and a BPS of 0.00006383.

The company's core operating products are institutional Bitcoin-denominated lending (yield generation through fixed-term loans to trading counterparties), Bitcoin liquidity services (institutional-grade market access), and Bitcoin collateral services (providing BTC as collateral to Layer 2 networks). A Bitcoin Price Risk Management Program launched December 18, 2025 writes options against a portion of holdings to generate incremental Bitcoin-denominated premiums. A real-time dashboard at treasury.btctcorp.com publishes BTC holdings, share count, market capitalization, and BPS. Operationally, lending execution and counterparty due diligence are delegated to FRNT Financial Inc. under a consulting agreement, and back-office administration is provided by Evolve Funds Group Inc. — the latter a related party given the overlap between BTCT's CEO (Elliot Johnson) and Chairman (Raj Lala) and senior roles at Evolve.

The business model combines three revenue streams: (i) usage-based interest income on Bitcoin loans (CAD $27,690 in Q1 2026, with the inaugural 7 BTC loan upscaled to a 50 BTC loan with the same US-based institutional counterparty), (ii) transaction-based options premium capture from the risk-management program, and (iii) capital formation through equity and debt issuance under the CAD $300 million base shelf prospectus to fund further BTC accumulation. Distribution occurs via the dual TSX-V/OTCQB listing plus eligibility for Canadian registered accounts (TFSAs, RRSPs, RESPs, RRIFs, RDSPs, FHSAs, DPSPs), and a Normal Course Issuer Bid repurchases shares when the equity trades below the per-share Bitcoin holding value. FY2025 revenue was CAD $3,592 against a net loss of CAD $44.2 million, the latter driven primarily by CAD $20.8 million in Bitcoin revaluation losses and CAD $24.1 million in share-based payments on performance warrants.

Name

Bitcoin Treasury

Legal name

Bitcoin Treasury Corporation

Website

https://btctcorp.com

Company type

Public

Founded year

2025

Operating status

Operating

Headcount range

1–10 employees

Short description

Bitcoin Treasury Corporation (TSX-V: BTCT; OTCQB: BTCFF) is a Canadian public company that holds 751.50 BTC as its primary treasury asset and seeks to grow Bitcoin per Share through accumulation, institutional Bitcoin lending, and share repurchases for Canadian and US investors.

Ownership category

akta.pro rank

Product category

Bitcoin Treasury Management

NAICS

Other Financial Investment Activities (5239), Funds, Trusts, and Other Financial Vehicles (525)

SIC

Finance Services (6199), Security & Commodity Brokers, Dealers, Exchanges & Services (6200)

akta.pro primary industry

Treasury Management & Corporate Crypto Yield Programs (FSADAHAL)

akta.pro secondary industry

Crypto Borrowing & Margin Credit Facilities (FSADAFAC)

Keywords

• Bitcoin treasury management
• Institutional Bitcoin lending
• Bitcoin liquidity services
• Digital asset treasury
• Bitcoin financial services

Headquarters

HQ city

Toronto

HQ country

Canada

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Infrastructure

Revenue model

1. Bitcoin Lending Income: The company earns yield on its Bitcoin holdings by providing Bitcoin-denominated loans to institutional trading firms. The inaugural loan was executed on November 11, 2025 with a US-based trading firm. The company enters into Master Loan Agreements with counterparties and charges interest on Bitcoin loans, with the first loan generating $27,690 in lending income in Q1 2026.
2. Bitcoin Price Risk Management / Options Income: Writing options against a portion of Bitcoin holdings during periods of elevated volatility to earn option premiums denominated in or convertible into Bitcoin, effectively increasing BPS without requiring incremental capital. The company intends to selectively employ options and other derivative instruments.
3. Capital Formation / Share Issuance: Raising capital through issuance of common shares, preferred shares, debt securities, subscription receipts, warrants under its base shelf prospectus (up to CAD $300 million over 25 months) to fund additional Bitcoin acquisitions and business operations.

Go-to-market motion1 record

Distribution channels3 records

Marketing channels7 records

Core offering

Bitcoin Treasury Corporation accumulates and holds Bitcoin as its primary treasury asset and deploys those holdings across institutional Bitcoin services. The company provides Bitcoin-denominated lending to institutional trading firms, Bitcoin liquidity services to market participants, and Bitcoin collateral services to Layer 2 networks. Its overarching goal is to grow Bitcoin per Share (BPS) for shareholders through strategic corporate finance, disciplined capital allocation, and disciplined risk management.

Product overview

Bitcoin Treasury Corporation operates as a single unified Bitcoin-native financial services platform offering three core institutional services: Bitcoin Lending Services (yield generation through Bitcoin-denominated loans to institutional counterparties), Bitcoin Liquidity Services (institutional-grade liquidity provision), and Bitcoin Collateral Services (providing BTC as collateral to Layer 2 networks). The platform is supported by a Bitcoin Price Risk Management Program that employs options trading to generate incremental Bitcoin without additional capital. The company also provides a real-time Treasury Dashboard for investor transparency. All services are designed to maximize Bitcoin per Share (BPS) for shareholders while maintaining full Bitcoin exposure.

Differentiator

Problem solved

Functional benefit

Products and services

• Bitcoin Lending Services Institutional Bitcoin-denominated lending program that transforms passive Bitcoin holdings into yield-generating assets while maintaining full Bitcoin exposure. Provides loans to institutional trading firms and counterparties under Master Loan Agreements.
• Bitcoin Liquidity Services Institutional-grade Bitcoin liquidity services designed to provide market participants with access to Bitcoin liquidity, supporting the broader Bitcoin financial ecosystem.
• Bitcoin Collateral Services Services providing Bitcoin as collateral to Layer 2 networks and other blockchain protocols, powering Bitcoin scalability solutions.
• Bitcoin Price Risk Management Program Options trading program that writes options against Bitcoin holdings to generate incremental Bitcoin premiums without requiring additional capital, designed to increase Bitcoin per Share (BPS) in a disciplined manner.

Quantifiable outcome

• BPS growth of 0.62% year-to-date as of May 31, 2026, achieved through Normal Course Issuer Bid share repurchases totaling 227,600 shares at average price of $4.54
• +2 more outcomes

Named customers1 record

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature2 records

Partnerships

Three partnerships are on record, tiered core.

• LodeRock Advisors Inc.coreGTM or Marketing Partner · 21 November 2025BTCT retained LodeRock Advisors Inc. for strategic investor relations and capital markets communication services. Monthly fee of $12,500 for ongoing strategic communication services. The engagement is subject to TSX Venture Exchange approval. LodeRock is a leading investor relations firm with senior professionals from investor relations, equity research, and investment management.
• FRNT Financial Inc.coreStrategic or Co-development Partner · 10 October 2025BTCT entered into a consulting agreement with FRNT Financial to accelerate the buildout of its institutional Bitcoin lending business. FRNT provides expertise in Bitcoin lending strategies, due diligence, and counterparty selection. This is described as the first partnership of its kind in the nascent digital asset treasury segment. FRNT CEO Stéphane Ouellette noted BTCT leverages nearly a decade of experience FRNT has in capital markets operations within the digital asset ecosystem.
• Evolve Funds Group Inc.coreStrategic or Co-development PartnerBTCT has entered into an administrative services agreement with Evolve Funds Group Inc., a Canadian asset manager and leader in digital asset investment products. Evolve provides operational support to BTCT on a delegated basis, including administrative and back-office functions. BTCT retains full responsibility for strategic direction, regulatory compliance, business operations, and shareholder relations. Certain directors and officers of BTCT also serve in managerial or governance roles at Evolve, including CEO Elliot Johnson (CIO and COO at Evolve) and Chairman Raj Lala (CEO of Evolve ETFs).

Scale indicators8 records

Recent moves9 records

Expansion highlights7 records

Direct peers

• MicroStrategy (Strategy): The largest publicly listed corporate Bitcoin treasury company, accumulating BTC on balance sheet and using capital markets and convertible debt to fund purchases — directly comparable business model to BTCT, with much greater scale.
• Marathon Digital Holdings (MARA Holdings): Public Bitcoin-focused company combining BTC treasury accumulation with Bitcoin-related financial services; comparable to BTCT in its treasury-led capital markets strategy and use of equity/debt raises to grow BTC holdings.
• Riot Platforms: Public Bitcoin miner that has increasingly emphasized Bitcoin holdings on its balance sheet, competing with BTCT for capital-markets-driven BTC accumulation and treasury growth.
• Semler Scientific: U.S. public company that adopted a Bitcoin treasury strategy similar to MicroStrategy, using capital markets to build BTC-per-share — a close small-cap analog to BTCT's BPS growth thesis.
• Hut 8 Corp. Canadian-listed digital asset infrastructure company that combines Bitcoin mining with on-balance-sheet BTC holdings, providing a domestic comparable to BTCT's Canadian Bitcoin treasury model.
• Hive Digital Technologies: Canadian-listed company with a treasury of Bitcoin and Ethereum; shares the BTCT model of using capital markets to grow crypto holdings per share, primarily in the TSX-V ecosystem.

Broad incumbents

• Block Inc. Large-cap public company holding Bitcoin on its balance sheet as part of a broader payments/financial services platform; not a pure-play treasury but shares the corporate Bitcoin holding thesis.
• Tesla, Inc. Public corporate holder of Bitcoin cited explicitly by BTCT in its value proposition; competes for narrative around corporate treasuries adopting BTC, though not a pure-play treasury vehicle.

Emerging players

• FRNT Financial Inc. TSX-V listed digital asset financial services firm and BTCT's strategic consulting partner; provides comparable Bitcoin lending and capital markets services in the Canadian market.

Others

• Evolve Funds Group (Evolve ETFs): Canadian digital asset ETF issuer that provides administrative/back-office services to BTCT and shares overlapping management; offers competing regulated Bitcoin investment vehicles (e.g., EBIT) in the Canadian market.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights6 records

Customer concentration

• Xx.com/BTCTreasuryCorp
• LinkedInlinkedin.com/company/btctcorp

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles8 records

Funding overview

Funding rounds2 records

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Bitcoin Treasury