Bitcoin Treasury Corporation held 771.37 bitcoin on December 31, 2025. On October 31, 2026, it held 732.47. Its bitcoin per share went up over those same ten months, and the buyback report the company filed on November 4 shows how.
Bitcoin Treasury Retires 99,500 Shares in October at $3.91 Average
Bitcoin Treasury Corporation (TSXV: BTCT) (OTCQB: BTCFF) bought back and retired 99,500 common shares between October 1 and October 31 at an average price of $3.91, according to its November 4 update. At that average, October’s repurchases come to roughly $389,000. September’s total was 11,800 shares. June, at 150,700, is still the bigger month.
Bitcoin per share (BPS), a figure CEO Elliot Johnson has described as the company’s “North Star,” rose to 0.00006435 as of October 31, up 1.42% year to date. Total bitcoin holdings fell to 732.47 BTC, from 737.33 a month earlier.
The October release does not say what happened to the 4.86 BTC difference. The quarterly reports have been more direct. In Q2 the company sold approximately 16.17 BTC for about $1.58 million in cash, primarily to fund repurchases, after selling about 12.11 BTC in Q1 for the same purpose.
Why BTCT’s Bitcoin per Share Rises While Its Bitcoin Falls
The company calculates BPS as BTC holdings divided by diluted shares outstanding. Shrink the bottom of that fraction faster than the top and the ratio climbs.
That is what happened. Diluted shares dropped from 12,158,413 at the end of 2025 to 11,383,313 on October 31, a decline of about 6.4%. Holdings dropped about 5.0%.
The trade only adds bitcoin per share when the stock is cheaper than the bitcoin behind it. Johnson told investors in April that the company buys back stock to grow BPS “whenever our shares trade below the value of our Bitcoin holdings.” The company has not published a net asset value per share for October.
Two definitions shape the number. Diluted shares include the company’s convertible debentures and exclude its performance warrants. BTC holdings include the principal amount of bitcoin loaned out, but not accrued interest.
BTCT’s $12 Convertible Debentures and a 100 BTC Loan
The debentures date to the company’s June 2025 go-public financing, when it sold 25,000 convertible debenture subscription receipts at $1,000 each, or $25 million in total, alongside equity receipts priced at $10.00. They convert into 2,083,333 common shares at $12.00 apiece. That is more than three times October’s average buyback price. Neither the interest rate nor the maturity date appeared in any release reviewed for this article.
Performance warrants are a separate overhang. There were 2,431,667 outstanding at June 30, none vested, and they sit outside the diluted count that BPS uses.
On May 11 the company entered a new 100 BTC fixed-term loan with a US-based trading firm, replacing a 50 BTC loan to the same counterparty that matured the day before. The interest rate and term were not disclosed. If that loan is still outstanding, about 13.7% of the 732.47 BTC reported for October is out with one borrower; the November 4 release gives no loan balance.
Lending income was $59,870 in Q2. Operating expenses were $560,370.
A Bitcoin Price Risk Management Program, introduced in December 2025, is the other income line. Under it, the company intends to write options against a portion of its holdings. The November 4 release says both the lending business and that program are being scaled, and that the company expects operating income to support future buybacks. It gives no figures for either.
BTCT Q2 2026 Net Loss of $7.87 Million Followed Bitcoin’s Decline
Bitcoin Treasury reported a Q2 net loss of $7,869,506, driven mainly by an $8,180,801 fair value decrease on its bitcoin. The six-month loss reached $27,150,346. Total assets were $63,207,672 at June 30, down from $94,278,497 at the end of 2025.
The Q2 release did not report a cash balance or total liabilities. The most recent liabilities figure found was $18,839,597 at December 31, 2025. No going-concern language was identified in the releases reviewed.
BTCT’s NCIB Runs to January 2027 With About 214,000 Shares Left
The buyback, a normal course issuer bid (NCIB) in Canadian terms, meaning an exchange-approved program of open-market repurchases, began January 5, 2026 and can run up to 12 months. It is capped at 989,228 shares. Based on the company’s reported share counts, 775,100 shares have been retired so far, leaving roughly 214,128 under the cap. No renewal had been announced in the releases reviewed.
Q1 and Q2 results were released on May 28 and August 28. A date for Q3 results had not been announced as of this writing.
Sources
- Newsfile: Bitcoin Treasury Corporation Provides October Update on Normal Course Issuer Bid, November 4, 2026
- Newsfile: Bitcoin Treasury Corporation Provides September Update on Normal Course Issuer Bid, October 6, 2026
- Newsfile: Bitcoin Treasury Corporation Reports Q2 2026 Financial Results, August 28, 2026
- Newsfile: Bitcoin Treasury Corporation Reports Q1 2026 Financial Results, May 28, 2026
- Newsfile: Bitcoin Treasury Corporation Reports Q4 2025 Financial Results, April 16, 2026
- Newsfile: Bitcoin Treasury Corporation Provides March Update on Normal Course Issuer Bid, April 7, 2026
- Newsfile: Bitcoin Treasury Corporation Provides Update on Normal Course Issuer Bid, February 5, 2026
- Newsfile: Bitcoin Treasury Corporation Announces Intention to Commence Normal Course Issuer Bid, December 15, 2025
- GlobeNewswire (full release reproduced by The National Law Review): Bitcoin Treasury Corporation Announces Closing of Amalgamation and Concurrent Financing, June 23, 2025
Editorial Disclosure
This article is based on publicly available information, primarily Bitcoin Treasury Corporation’s own releases distributed via Newsfile and GlobeNewswire. The security discussed is Bitcoin Treasury Corporation (TSXV: BTCT) (OTCQB: BTCFF). aktiego.com has not received any compensation from Bitcoin Treasury Corporation, its management, investor relations representatives, or any third party. No staff member or principal of aktiego.com holds a position in this security at the time of publication.
Bitcoin per share is a company-defined metric. Its rise this year reflects a falling share count, not a larger bitcoin position: total holdings declined from 771.37 BTC on December 31, 2025 to 732.47 BTC on October 31, 2026. The November 4 release does not state whether bitcoin was sold in October, while the company’s Q1 and Q2 reports state that bitcoin sales primarily funded repurchases in those quarters. The October buyback cost, cumulative shares retired, remaining NCIB capacity, the share of holdings on loan, the $25 million debenture total and all percentage changes cited here are aktiego.com calculations from company-reported figures, not company disclosures.
As of June 30, 2026, 2,083,333 shares were issuable on conversion of the company’s convertible debentures at $12.00, and 2,431,667 performance warrants were outstanding but unvested. The warrants are excluded from the BPS denominator and would be dilutive if they vest. The debentures’ interest rate and maturity were not identified in the sources reviewed. Reported holdings include bitcoin lent to a single US-based trading firm under a fixed-term loan with undisclosed rate and term, which exposes that portion to counterparty risk. The options-writing program uses derivative instruments; its current size was not disclosed.
No cash balance or current total liabilities figure was identified in the company’s 2026 releases; total liabilities were $18,839,597 at December 31, 2025, and no specific cash runway or going-concern language was found in the sources reviewed. The company reported a six-month net loss of $27,150,346 through June 30, 2026. It holds a base shelf prospectus permitting up to CAD $300 million of securities over 25 months from November 14, 2025, and any issuance under it would dilute existing shareholders.
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