A Bitcoin treasury company's new preferred share offering, BTC PREF, has struggled to find buyers despite promising an indicated cash yield above 10%. Nearly half of the shares reportedly went unsold ahead of trading, which is expected to begin July 20. The preferred shares are priced at SEK 120, and any discount to that level would push the effective yield even higher for investors. The tepid demand highlights broader challenges facing Bitcoin treasury vehicles as they attempt to raise capital through structured income products. Even with double-digit yields on offer, investor appetite appears limited, raising questions about the viability of such financing strategies. The outcome could serve as a signal for other companies considering similar Bitcoin-backed instruments, particularly in markets where competing yield opportunities and risk concerns weigh on demand for crypto-linked securities.
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