Bitcoin Treasury Corporation reported its financial results for the quarter ended June 30, 2026, highlighting a consecutive increase in its Bitcoin per Share metric despite a decline in the price of Bitcoin. According to official filings published on SEDAR+, CEO Elliot Johnson pointed to share repurchases and institutional lending expansion as primary drivers for shareholder value during a period marked by falling cryptocurrency prices.
Q2 2026 Financial Results and Net Loss
For the three months ended June 30, 2026, Bitcoin Treasury Corporation recorded a net loss and comprehensive loss of $7,869,506. According to the company’s financial statements, this loss stemmed largely from a net fair value decrease of $8,180,801 on the revaluation of its digital currency holdings and collateral, driven by declining market prices over the period.
The drop was partially offset by a net fair value increase of $676,314 on its digital currency loan receivable, a $195,418 increase on the revaluation of convertible debentures, and $59,870 in lending income. Operating expenses for the quarter totaled $560,370. Total assets stood at $63,207,672 at the end of June, down from $72,665,231 at the close of March 2026.
Bitcoin Holdings and Share Repurchases
During the second quarter, the firm continued executing its Normal Course Issuer Bid, which commenced on January 5, 2026. According to company disclosures, Bitcoin Treasury repurchased and cancelled 308,800 common shares for a total consideration of $1,232,104. This included 82,600 shares purchased in April at an average price of $4.16, 75,500 shares in May at an average of $4.24, and 150,700 shares in June at an average of $3.78.
To fund the share repurchase program, the company sold approximately 16.17 BTC during the quarter for cash proceeds of roughly $1,579,930. Consequently, total Bitcoin holdings decreased from 771.37 BTC at the end of 2025 to 743.84 BTC as of June 30, 2026.
Institutional Lending and Metric Growth
The company’s institutional lending division remained active through the quarter. On May 10, 2026, a fixed-term loan of 50 BTC extended to a United States-based trading firm reached maturity. The following day, Bitcoin Treasury entered into a new 100 BTC fixed-term loan with the same counterparty under an existing master loan agreement.
Despite the reduction in total coin inventory and a roughly 31% drop in the CME CF Bitcoin Reference Rate—which closed at CAD $83,146 per BTC on June 30 compared to CAD $119,688 at the end of December—the firm reported a Bitcoin per Share of 0.0000640. This marked the second consecutive quarter of BPS growth, representing a 0.57% increase period-over-period, supported by the reduction in adjusted diluted shares outstanding to 11,622,013.
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