France-listed Capital B has acquired another 376 bitcoin after raising fresh capital from investors including Adam Back and TOBAM. The purchase lifts its bitcoin treasury to 3,521 BTC, even as the market value of those holdings remains below their accumulated cost.
Capital B Buys 376 Bitcoin for $29.4M as Treasury Grows to 3,521 BTC
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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.
