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BTC Treasury PLC · Legal Reality · The Rogue Protocol

Your BTC per share
is zero.

Companies publish a "BTC per share" figure. Analysts quote it. Influencers cite it. It is not a legal claim. It is a ratio. You own an ordinary share in a public limited company. The Bitcoin belongs to the company. The company belongs to no single shareholder. Under the Companies Act 2006 and Salomon v Salomon [1897] AC 22, the corporate veil means your interest in the underlying asset is exactly zero unless the board chooses otherwise. They are not legally required to choose otherwise. Ever.

The board can sell every Bitcoin tomorrow. No shareholder vote required. No consultation. No notification until after the fact. The profit buys more Bitcoin? That's a strategy, not a covenant. Strategies change. Boards change. Creditors don't. HMRC doesn't. The queue for the assets in a winding-up is fixed by law. You are last in it.
The Reality Check
Enter your position. Receive the legal reality.
What you put in
From the company's latest announcement
Live spot price in GBP
UK companies
US comparison
Your legal entitlement to Bitcoin
0
BTC · Not a satoshi · Not a fraction · Zero
Enter your investment above to see what your money actually bought.
You invested
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Shares acquired
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Company claims (total)
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"Your" BTC (marketing figure)
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Your legal claim on that BTC
£0.00
Direct BTC you could have bought
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Premium you paid for the wrapper
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Forensic Interpretation
Enter your position to generate the forensic verdict.
The Mechanics

Four reasons why BTC per share is a marketing metric, not a legal one. Each one is structural. None of them are disclosed in the prospectus with sufficient prominence.

01 — Corporate Veil
The company owns the Bitcoin. Not you.
Salomon v Salomon [1897] AC 22 is the foundation of UK company law. The company is a separate legal person. Its assets are its assets. An ordinary shareholder has a residual interest in the company — not a proprietary interest in specific assets. BTC per share is a ratio of one company's assets to its share count. It is not, legally or factually, your Bitcoin.
02 — No Voting Rights On Asset Strategy
The board decides what happens to the Bitcoin.
Ordinary shareholders vote on limited matters under the Companies Act 2006 — director appointments, accounts, major transactions above certain thresholds. Day-to-day asset management, including selling or pledging Bitcoin, is a board decision. The board can liquidate the entire treasury for operating expenses, debt service, or acquisition activity. No shareholder approval required.
03 — Dividends Are A Choice, Not An Obligation
The strategy is to never pay you.
Bitcoin treasury companies explicitly state that profits are reinvested into further Bitcoin acquisition. This is a stated strategy, not a legal covenant. The board is under no obligation to ever declare a dividend. The company can operate indefinitely, accumulate Bitcoin indefinitely, and you receive nothing unless you sell your shares — at whatever the market offers on that day.
04 — Leverage Is Hidden In The Ratio
The BTC was bought with debt you're also carrying.
Many treasury companies use convertible notes, bonds, or credit facilities to purchase Bitcoin. The BTC per share figure shows you the asset. It does not show you the liability used to acquire it. In a winding-up, bondholders are senior to you. The Bitcoin secures their claim first. The residual — if any — flows to equity. You are last in the queue by law.
The Winding-Up Queue

If the company is wound up, assets are distributed in strict statutory order under the Insolvency Act 1986. This order cannot be contracted out of. This order does not care about the BTC per share ratio.

05
You — Ordinary ShareholdersResidual claimants on whatever is left after everyone above is paid in full
Last. Always.
The Structural Reality
The Bitcoin secures the creditors, not the shareholders. The wrapper you bought is an option on the residual. If the Bitcoin price falls far enough, there is no residual.

This is not a prediction about any specific company. It is a description of how UK company law works. Every Bitcoin treasury PLC operates under this framework. The BTC per share ratio does not change the framework. It does not create a trust. It does not create a charge in your favour. It is a ratio. The chocolate is in the box. You own a certificate for the box. The board holds the key.

The Forensic Record

This is not a theoretical argument.
It has been documented in the primary record.

The Aerotyne BTC PLC forensic report applied this framework to live UK Bitcoin treasury companies — dissecting the metrics, the governance, and the legal architecture behind the BTC per share narrative. Three companies. Eight metrics. The CEO admission preserved before deletion.

Read The Aerotyne Forensic Report → All Forensic Tools →