Bitcoin Treasury Corporation believes that the true challenge—and opportunity—lies in transforming its Bitcoin holdings into durable per-share value, not merely riding the swings of Bitcoin’s price. And this is where the plan grows more intriguing: a disciplined approach that uses Bitcoin inventory to generate income, while continuing to leverage long-term appreciation potential. But here’s where it gets controversial for some readers: the company is exploring a price-risk management program that seeks to harvest volatility without surrendering the upside. If you’re curious about how this balance could shape shareholder value, read on.
North Star and Strategy for Long-Term Growth
The company’s leadership emphasizes a strategic focus on maximizing Bitcoin per Share (BPS) as its guiding metric. As the CEO, Elliot Johnson, puts it, the next phase will involve expanding the institutional Bitcoin lending footprint and deploying Bitcoin inventory through options trading to support income generation. When market conditions allow, the plan also includes raising capital to acquire additional Bitcoin inventory when such purchases are accretive to shareholders. In our view, the longer-term trajectory for Bitcoin remains upward, driven by growing global demand from both individuals and institutions that view Bitcoin as a store of value. Bitcoin Treasury aims to deliver value that goes beyond mere price appreciation by growing BPS through disciplined execution and strategic growth.
What the company has already achieved since listing on the TSX Venture Exchange in June 2025 paints a clear picture of momentum and intent:
- June 26–27, 2025: Acquisition of approximately 771.37 Bitcoin.
- September 3, 2025: Entry into a consulting arrangement with FRNT Financial Inc to accelerate the development of the Bitcoin lending business.
- October 9, 2025: Registration as a Money Services Business (MSB) with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC).
- November 11, 2025: Execution of the company’s first Bitcoin loan.
- November 14, 2025: Receipt of the final short form base shelf prospectus, enabling the company to raise up to CAD 300 million on a short form basis through the issuance of common shares, preferred shares, debt securities, subscription receipts, or warrants.
- December 15, 2025: Announcement of an intention to initiate a Normal Course Issuer Bid (NCIB) to repurchase, for cancellation, up to 989,228 common shares—roughly 10% of the company’s public float.
Bitcoin Price Risk Management Program: Harnessing Volatility with Discipline
CEO Johnson outlined a plan to use a portion of Bitcoin inventory to write options, creating an additional income stream that can respond to volatility in Bitcoin’s price. He described Bitcoin’s strength as a collateral asset—decentralized, with fixed supply, yet highly liquid and divisible—and explained that the price-risk management program seeks to harvest value from Bitcoin’s volatility relative to fiat currencies. As Bitcoin adoption accelerates, the market opportunity to monetize inventory through structured options strategies could grow in parallel.
The program is designed to be selective and prudent. It relies on disciplined risk management, not on predicting market direction. By selling options against a subset of Bitcoin holdings during periods of elevated volatility, the company can earn option premiums that are denominated in Bitcoin or converted into additional Bitcoin, thereby enhancing BPS without requiring extra capital. All activities will be governed by internal risk limits and counterparty standards, with a clear objective of preserving balance-sheet strength.
Crucially, the aim is not to cap upside in Bitcoin. Instead, the company seeks to manage near-term price risk in a way that compounds its Bitcoin inventory over time. Positions will be sized conservatively, adjusted dynamically to market conditions, and opened only when management believes the risk-adjusted return will be accretive to BPS. When such activities occur, the company will structure positions so that it still participates in Bitcoin’s long-term price appreciation.
Macro Context: A Shifting Investment Narrative Around Bitcoin
Johnson notes that institutional adoption of Bitcoin is moving from the fringe to the mainstream. The expansion of spot ETFs and the growth of treasury-related Bitcoin strategies reflect a broader shift. He points to developments by large banks and asset managers who are recognizing Bitcoin as a potential tool to defend against currency debasement, along with governments—led by the United States—starting to view Bitcoin as a strategic reserve asset. Even with ongoing price volatility, the underlying demand for Bitcoin is viewed as likely to accelerate, and Bitcoin Treasury is positioning itself to maximize BPS in both rising and falling markets.
From Spot ETFs to Broad Adoption
Spot Bitcoin ETFs have drawn substantial flows, with holdings reported in the neighborhood of significant sums, signaling growing investor interest. Pension funds and asset managers increasingly regard Bitcoin as a standard component of diversified portfolios. Corporations are following suit, with examples such as Tesla reportedly holding Bitcoin on their balance sheet to help manage treasury exposure to fiat currency devaluations. On the consumer side, penetration is rising as well—roughly a quarter of American adults were reported to own cryptocurrencies in 2025, supported by scalable solutions like the Lightning Network that enable smooth, cost-effective transactions.
Focusing on Long-Term Value Creation
Bitcoin Treasury is led by the same team that built Evolve ETFs, one of Canada’s most successful independent asset-management platforms, with a track record of growing assets under management. The Evolve team oversees strategies that use derivatives to harvest volatility and currently manage several billion dollars in assets. As seasoned operators in Canada’s digital-asset landscape, the leadership emphasizes a disciplined, long-term play rather than chasing short-term hype. The overarching objective is to establish Bitcoin Treasury as Canada’s premier institutional-grade Bitcoin treasury company.
A balanced growth model combines two pathways:
Internal Growth: Building an Institutional Bitcoin Services Business
The company has developed an institutional Bitcoin services platform that starts with lending and expands to liquidity provision and collateral services. This is more than simply holding Bitcoin; it’s about turning inventory into new revenue streams and elevating Bitcoin’s practical role in the financial system.
As Bitcoin solidifies its role as a high-quality collateral asset because of its liquidity, portability, and divisibility, adoption trends create meaningful opportunities. Innovations such as Bitcoin-backed bonds and loans enable borrowing against BTC without selling, preserving upside while accessing capital. In the United States, progress in policy and regulation has begun to open doors for Bitcoin-backed financing products like mortgages backed by BTC reserves, pointing to a future where Bitcoin can serve as a robust asset backing real-world financing. The market for BTC-backed lending is already delivering attractive returns to lenders, and as institutional demand grows, Bitcoin Treasury position itself to provide secure and compliant services in this space.
External Growth: Accretive Capital Formation
The company plans to raise capital when it is accretive to BPS, leveraging Canada’s mature crypto fundraising ecosystem. Canada’s regulatory environment has supported early developments of Bitcoin-related investment products, creating a favorable backdrop for growth. Being publicly listed in Canada gives access to both retail and institutional investors, with tax-efficient accounts—such as Tax-Free Savings Accounts (TFSAs) and Registered Retirement Savings Plans (RRSPs)—that encourage tax-advantaged growth on holdings.
An additional external lever is the NCIB mechanism, Canada’s equivalent of a share buyback program. When shares trade at a meaningful discount, the NCIB enables the company to repurchase stock on the TSX Venture Exchange, potentially lifting BPS for remaining shareholders.
Transparency and Real-Time Insight
The company emphasizes transparency and invites investors to monitor progress through a real-time dashboard, which displays Bitcoin holdings, outstanding shares, and market capitalization. Whether issuing new shares or repurchasing existing ones, the focus remains on accretive growth in BPS while preserving sufficient cash reserves to support ongoing operations.
Looking Ahead: A Canadian Pioneer in Bitcoin Treasury
Bitcoin Treasury contends it is early in demonstrating how a corporation can thrive by treating Bitcoin as a treasury reserve asset. As 2026 unfolds, the plan is to let BTC holdings continue to drive shareholder value as adoption accelerates, while the business uses this inventory to deliver institutional-grade revenue-generating solutions. The company emphasizes its Canadian identity and a commitment to building a durable, value-generating platform.
Thank you for your ongoing trust and partnership. The team remains focused on execution, professionalism, and sustained long-term value creation.
Contact and disclosure notes
This release is a corporate communication and not an offer to sell or a solicitation to buy securities, and no sale of securities will occur in jurisdictions where such actions would be unlawful.
About Bitcoin Treasury
Bitcoin Treasury Corporation is a Canadian-based company delivering institutional-grade Bitcoin services, beginning with Bitcoin-denominated loans. Its core strategy centers on creating shareholder value through strategic accumulation and active deployment of Bitcoin, with a focus on increasing Bitcoin per Share. Recognizing Bitcoin’s finite supply and long-term potential, the company targets a strong treasury position and a scalable platform for Bitcoin-backed financial services.
For more information, visit www.btctcorp.com and connect with us on social media: X and LinkedIn.
For investor inquiries, contact:
Bitcoin Treasury Corporation
Elliot Johnson, Chief Executive Officer
Phone: 416-619-3403
Email: info@btctcorp.com
Disclaimer: The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release. Forward-looking statements are subject to risks and uncertainties; actual results may differ materially. The company does not undertake any obligation to update forward-looking information except as required by law.
