Bitcoin Treasury Corporation (TSXV: BTCT | OTCQB: BTCFF), a Toronto-based Bitcoin-native company focused on institutional-grade Bitcoin lending and treasury services, has released its October update on its Normal Course Issuer Bid. The company repurchased and retired 99,500 common shares during October at an average price of $3.91 per share. The update also confirms that Bitcoin per Share has grown 1.42% year-to-date to 0.00006435, a key metric the company uses to measure shareholder value creation.

Key Points

  • Bitcoin Treasury Corporation (TSXV: BTCT | OTCQB: BTCFF) is a Canadian Bitcoin-native company offering Bitcoin-denominated lending services
  • The company repurchased and retired 99,500 common shares in October 2026 at an average price of $3.91 per share under its NCIB
  • Bitcoin per Share rose 1.42% year-to-date to 0.00006435; shares outstanding stood at 9,299,980 as of October 31, 2026
  • Investors may watch whether NCIB activity continues at a similar pace given the NCIB permits repurchase of up to 989,228 shares in total

October Share Repurchases Reduce Bitcoin Treasury's Common Share Count

Between October 1 and October 31, 2026, Bitcoin Treasury purchased and cancelled 99,500 common shares at an average price of $3.91 per share under its NCIB, which was originally disclosed on January 5, 2026. As of October 31, 2026, the company had 9,299,980 common shares outstanding and 11,383,313 diluted common shares outstanding. The NCIB authorises repurchases of up to 989,228 common shares, representing approximately 10% of the company's public float as defined by the TSX Venture Exchange.

Bitcoin per Share Metric Climbs as BTCT Tracks Treasury Efficiency

Bitcoin per Share, calculated as Bitcoin holdings divided by diluted shares outstanding including convertible debentures but excluding performance warrants, reached 0.00006435 as of the reporting period, reflecting a 1.42% year-to-date increase. The company positions BPS growth as a core indicator of its strategy to build shareholder value through the accumulation and active deployment of Bitcoin. The release states that total Bitcoin holdings decreased to 732.47 BTC year-to-date, noting that holdings include the principal amount of Bitcoin loaned but exclude accrued and unpaid interest.

Bitcoin Lending Business Underpins BTCT's Operating Model

Bitcoin Treasury describes itself as a Canadian company providing institutional-grade Bitcoin services, with Bitcoin-denominated loans as its initial core offering. The release states the company expects income generated from operating activities, as it scales its Bitcoin lending business and Bitcoin Price Risk Management Program, to support share repurchases going forward. The NCIB will be deployed when management believes the common shares are trading at a price range that does not adequately reflect the company's underlying value, according to the announcement.