Toronto, Ontario--(Newsfile Corp. - May 28, 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 quarter ended March 31, 2026. The financial statements and Management Discussion & Analysis can be found on sedarplus.ca.
Q1 2026 Financial Results
Elliot Johnson, CEO of Bitcoin Treasury, commented, "Q1 2026 marked our first quarter of Bitcoin per Share growth, driven by the launch of our Normal Course Issuer Bid, and we delivered it despite a meaningful decline in the price of Bitcoin. We also continued to build out our institutional lending business, which generates Bitcoin-denominated yield on our holdings. Both are core to how we build long-term value for shareholders."
Key milestones achieved during the quarter ended March 31, 2026 include:
On January 5, 2026, the Company commenced its Normal Course Issuer Bid ("NCIB"). During Q1 2026, the Company repurchased and cancelled 227,600 common shares under the NCIB for total consideration of $1,049,551 (47,200 shares in January at average $5.79; 133,900 shares in February at average $4.33; 46,500 shares in March at average $4.18).
On February 9, 2026, the Company's inaugural 7 BTC fixed-term loan to a US-based trading firm matured. On the same date, the Company entered into a new 50 BTC fixed-term loan with the same counterparty under the Master Loan Agreement dated October 20, 2025.
During Q1 2026, the Company sold approximately 12.11 BTC for cash proceeds of approximately $1,169,100, primarily used to fund the NCIB share repurchase program. The Company's total Bitcoin position decreased from 771.37 BTC at December 31, 2025 to 759.31 BTC at March 31, 2026. Bitcoin per Share grew 0.31% during the quarter to 0.0000636 BTC per adjusted diluted common share.
Summary of Quarterly Results
| For the three months ended March 31, 2026 | 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 | $72,665,231 | $94,278,497 | $126,288,462 | $117,278,517 |
| Revenue | $27,690 | $3,592 | $Nil | $Nil |
| Total operating expenses | ($472,422) | ($865,314) | ($1,352,397) | ($25,401,935) |
| Net income (loss) | ($19,280,840) | ($26,468,271) | $3,830,688 | ($27,796,337) |
| Net income (loss) and comprehensive income (loss) | ($19,280,840) | ($26,468,271) | $10,253,456 | ($27,796,337) |
| Basic net income (loss) per share | $(1.93) | $(2.63) | $0.38 | $(35.67) |
| Fully diluted net income (loss) per share | $(1.93) | $(2.63) | $(0.04) | $(35.67) |
| Bitcoin holdings[1] | ₿ 759.31 | ₿ 771.37 | ₿ 771.37 | ₿ 771.37 |
| Adjusted diluted shares outstanding | 11,930,813 | 12,158,413 | 12,158,413 | 12,158,413 |
| BPS[2] | ₿ 0.0000636 | ₿ 0.0000634 | ₿ 0.0000634 | ₿ 0.0000634 |
| BPS growth (period over period) | +0.31% | n/a | n/a | n/a |
Net loss and comprehensive loss for the three months ended March 31, 2026 was $19,280,840 (December 31, 2025 quarter: $26,468,271). The principal driver of the Q1 2026 net loss was a change in fair value decrease of $18,764,365 on the revaluation of digital currency and digital currency held as collateral, reflecting the decline in the price of Bitcoin during the quarter (CME CF Bitcoin Reference Rate at the close of March 31, 2026 was CAD $92,175.76 per BTC, a decrease of approximately 26% from the December 31, 2025 close of CAD $125,333.70 per BTC).
The change in fair value loss on digital currency was partially offset by a change in fair value increase of $1,247,171 on the revaluation of the convertible debentures, a change in fair value decrease of $1,281,184 on the revaluation of the digital currency loan receivable, and lending income of $27,690 from the Bitcoin loan. Operating expenses totalled $472,422 for the quarter, principally comprising operating fees ($208,146), insurance ($80,715), professional fees ($71,136), marketing expense ($32,808), and salary and wages ($31,554).
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 expect", "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.
[1] BTC Holdings include the principal amount of Bitcoin loaned but exclude accrued and unpaid interest.
[2] BPS is calculated as BTC Holdings divided by adjusted diluted shares outstanding. Adjusted diluted shares outstanding equal common shares outstanding plus the conversion equivalent of the convertible debentures (2,083,333 common shares at the $12.00 conversion price), and exclude the 2,431,667 performance warrants outstanding (none of which had vested as at March 31, 2026).
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Source: Bitcoin Treasury Corporation