Capital B Adds 13 BTC as Treasury Reaches 3,538 Bitcoin

Capital B has acquired another 13 BTC for approximately €0.97 million, bringing the French-listed company’s Bitcoin Treasury Company reserve to 3,538 BTC. According to its official September 28 announcement, the latest coins were purchased at an average cost of €74,364 each. Capital B now reports an aggregate acquisition value of €310.65 million for its treasury Bitcoin, equivalent to an average historical cost of €87,805 per BTC.

The purchase was financed through Capital B’s At-The-Market-style agreement with TOBAM. Between September 14 and September 22, three TOBAM funds subscribed for 172,978 newly issued ordinary shares, generating €982,872.69 before the Bitcoin acquisition. The rounded average subscription price was €5.68 per share, a 3.8% premium to Capital B’s closing price on the trading day before the press release. The transaction continues the company’s strategy of issuing equity and directing the resulting capital toward additional Bitcoin purchases.

Equity Issuance Adds Bitcoin Per Diluted Share

The participating investors were the TOBAM Bitcoin Alpha Fund, Bitcoin Enhanced Fund and Bitcoin Treasury Opportunities Fund. Under the ATM agreement, each subscription price is determined using the highest of the preceding closing price, an adjustable Bitcoin-linked mNAV calculation or the shareholder-approved floor price. The pricing mechanism is designed to place new shares under predefined capital-allocation constraints rather than allowing issuance at an unrestricted discount.

Capital B measures the strategy through what it calls BTC Yield. As of September 28, the company reported 7,368.5 satoshis per fully diluted share, producing a BTC Yield of 2.20% year-to-date and 0.34% quarter-to-date. BTC Yield measures growth in Bitcoin holdings relative to the diluted share count and is not investment income, Bitcoin yield or shareholder return. The company previously used a substantially larger capital raise to acquire 376 BTC for €25.3 million, illustrating how equity financing has driven much of the treasury’s recent expansion.

Capital B also reports a year-to-date “BTC Gain” of 62.1 BTC and a corresponding “BTC € Gain” of approximately €4.6 million. Those figures are derived metrics based on BTC Yield rather than realized trading profits or fair-value gains. Capital B explicitly warns that these KPIs exclude considerations such as debt seniority and should supplement, rather than replace, conventional financial analysis.

Swissquote Handles Execution and Custody

Swissquote Bank Europe executed the latest purchase and remains Capital B’s sole Bitcoin custodian, using custody technology supplied by Switzerland-based Taurus. The company therefore relies on regulated third-party custody rather than maintaining its treasury reserve through corporate self-custody. Capital B separately holds 61 BTC for operational purposes, but those coins are segregated from the 3,538 BTC used to calculate its treasury KPIs.

The structure differs from other public-company Bitcoin strategies. Mining company CleanSpark held 13,924 BTC after its June operations, with treasury growth tied partly to mining production and derivatives activity, while Metaplanet has pursued recurring market purchases through a capital-markets-focused treasury strategy. Capital B’s latest transaction instead reinforces a model centered on raising equity while monitoring whether each issuance increases Bitcoin exposure on a fully diluted per-share basis.

The next measurable milestone will be another financing or Bitcoin acquisition and its effect on the company’s BTC-per-diluted-share ratio. Future purchases matter not only for the headline BTC balance but also for whether the Bitcoin added exceeds the dilution created to finance it, which is the core relationship Capital B’s BTC Yield metric is designed to track.