Bitcoin Treasury to buy back up to 989,228 shares

Executive Summary

• Bitcoin Treasury Corp. provided an update on its Normal Course Issuer Bid (NCIB), confirming the purchase and retirement of 47,200 common shares between Jan. 5, 2026, and Jan. 31, 2026.
• The repurchases resulted in a 0.088% year-to-date increase in Bitcoin Per Share (BPS), raising BPS to 0.00006350, marking the first period where BPS increased.
• To finance these repurchases, the company sold 769.05 BTC from its treasury, reducing total holdings, while management remains opportunistic in buying back shares when trading at a discount to net asset value.

Key Details

• Shares Purchased and Retired: 47,200 common shares.
• Average Purchase Price: $5.79 per share.
• Reporting Period: Jan. 5, 2026, to Jan. 31, 2026.
• Bitcoin Per Share (BPS) Impact:
  • BPS increased by 0.088% year-to-date.
  • New BPS: 0.00006350.
• Share Count:
  • Common shares outstanding as of Jan. 31, 2026: 10,027,880.
  • Diluted common shares outstanding as of Jan. 31, 2026: 12,111,213.
• Bitcoin Treasury Changes:
  • Total bitcoin holdings decreased to 769.05 BTC.
  • Decrease was due to financing the share repurchases.
• NCIB Limits:
  • Maximum allowable repurchase: 989,228 common shares.
  • Represents approximately 10% of the public float (as defined by TSX Venture Exchange).
• Strategy: Management intends to use the NCIB when shares trade at a significant discount to net asset value, aiming to increase BPS as market conditions permit.
• Future Outlook: The company expects income from its scaling bitcoin lending business and bitcoin price risk management program to support future share repurchases.

Notable Quotes

• "We are thrilled to be making progress towards our North Star, increasing bitcoin per share. When BTCT's share price trades at a significant discount to net asset value, we are buyers of the stock. We will continue to be opportunistic, increasing BPS as market conditions permit." — Elliot Johnson, Chief Executive Officer