Key Takeaways
Capital B bought 376 BTC for $29.4M, lifting its bitcoin treasury to 3,521 BTC.Adam Back and TOBAM-backed funding show firms still using equity markets to expand bitcoin treasuries.Investors will watch whether bitcoin gains can close Capital B’s roughly $80M cost-basis gap.
Capital B Adds Bitcoin After $33.3M Private Placement
Capital B is doubling down on bitcoin, adding 376 BTC to a corporate treasury that now holds 3,521 BTC.
The Euronext Growth Paris-listed company spent about $29.4 million (€25.3 million) on the latest purchase, paying an average of roughly $78,025 (€67,182) per bitcoin. The acquisition was funded through recent equity raises.
Capital B has now spent approximately $359.3 million (€309.4 million) building its bitcoin reserve, at an average acquisition price of about $102,061 (€87,878) per BTC. The latest purchase comes as companies using bitcoin as a treasury asset continue to rely on capital markets to increase their holdings rather than waiting for operating cash flow.
Adam Back and TOBAM Back Fresh Bitcoin Purchases
Capital B completed approximately $33.3 million (€28.7 million) of private placements with institutional investors, including Blockstream co-founder Adam Back and asset manager TOBAM. It separately raised about $1.67 million (€1.44 million) through an ATM-style equity program with TOBAM. A portion of those proceeds funded the latest bitcoin acquisition.
The financing structure matters for shareholders because Capital B measures success partly by whether bitcoin holdings rise faster than its fully diluted share count. The company reported a year-to-date “BTC Yield” of 2.17%, with 736.6 satoshis of bitcoin per fully diluted share. It also reported a company-defined “BTC Gain” of 61.3 BTC.
Capital B valued that metric at approximately $4.87 million (€4.19 million). It cautions that the measure is not a traditional investment return or accounting profit.
Bitcoin Holdings Sit Below Their Cost Basis
There is another number investors may watch more closely.
Capital B valued its 3,521-BTC treasury at roughly $279.7 million (€240.8 million) in the Sept. 7 disclosure. That compares with its $359.3 million (€309.4 million) aggregate acquisition cost, leaving market value about $80 million below cost basis at the reported bitcoin price.
That gap highlights the risk behind the strategy. Capital B is continuing to issue securities and buy bitcoin even while earlier purchases remain underwater on an aggregate basis.
For shareholders, the bet is increasingly straightforward: if the bitcoin price rises, Capital B has built substantial exposure. If it falls, both bitcoin volatility and financing dilution become harder to ignore.
Dollar conversions use the Sept. 7 EUR/USD reference rate of $1.1614 per euro.
