Capital B acquires €25.3m in Bitcoin after completing capital raises

Capital B has acquired 376 Bitcoin for €25.3 million after completing nearly €30.1 million in capital raises, taking the French-listed company's strategic Bitcoin holdings to 3,521 BTC.
Summary

• Capital B acquired 376 BTC for €25.3 million, increasing its strategic Bitcoin holdings to 3,521 BTC.
• The purchase was completed at an average price of €67,182 per BTC using proceeds from recently completed capital raises.
• Capital B completed €28.7 million in private placements involving institutional investors including Adam Back and TOBAM.
• The company reported a 2.17% BTC Yield year to date and a BTC Gain of 61.3 BTC.
• Capital B's 3,521 BTC reserve has an aggregate acquisition cost of €309.4 million, averaging €87,878 per Bitcoin.

According to Capital B's Sept. 7 press release, the purchase was completed at an average price of €67,182 per Bitcoin using proceeds from its recently completed financing operations. The company now carries an aggregate acquisition cost of €309.4 million for its strategic BTC reserve, equivalent to an average purchase price of €87,878 per coin.

The transaction completes a purchase Capital B had been preparing through two private placements and its existing capital increase agreement with asset manager TOBAM. Crypto.news previously reported that Capital B had raised €7.6 million from Adam Back on Sept. 2 through a placement of 13.18 million shares carrying subscription warrants.

At the time, the company said the financing, combined with funds already available from an earlier placement, could support the acquisition of 376 BTC and raise its holdings from 3,145 BTC to 3,521 BTC. The Sept. 7 announcement confirms that purchase has now been completed.

Capital B Bitcoin holdings reach 3,521 BTC

The latest transaction is Capital B's largest single Bitcoin acquisition since it purchased 624 BTC in June 2025. Its strategic reserve stood at 2,828 BTC in February before a series of acquisitions increased the total to 3,139 BTC by June.

Purchasing activity slowed during the following two months. Capital B acquired one BTC on Aug. 3 before buying another five on Aug. 17 for €280,000, lifting the treasury to 3,145 BTC. The five Bitcoin purchase was completed at an average price of €55,882 per BTC.

The new 376 BTC acquisition raises Capital B's strategic holdings by nearly 12% from the Aug. 17 level.

Swissquote Bank Europe executed the purchase using proceeds from the completed capital increases. The Luxembourg-registered virtual asset service provider acquired the BTC, while custody was entrusted through technology supplied by Swiss digital asset infrastructure company Taurus.

Beyond the 3,521 BTC held under its treasury strategy, Capital B has another 61 BTC reserved for operational needs. The company keeps those coins segregated from its strategic Bitcoin reserve and excludes them from its treasury performance indicators.

Capital B's total strategic BTC holdings now carry a €309.4 million cost basis. The company valued the reserve at approximately €240.8 million based on Bitcoin's closing price on the trading day preceding the Sept. 7 announcement.

Adam Back and TOBAM financing funded the purchase

Capital B completed €28.7 million in private placements through shares carrying four subscription warrants each, with global institutional investors including Adam Back and TOBAM participating in the transactions. Each share-and-warrant unit was priced at €0.58.

The financing was split across two placements. On Aug. 28, Capital B announced the issuance of 36.22 million shares with attached warrants for €21.01 million. The company expected roughly €19.9 million in net proceeds after placement fees and transaction expenses, with the funding and existing resources potentially supporting a purchase of around 270 BTC.
You might also like: MicroStrategy buys Bitcoin worth $458m, total holdings hit 252,220 BTC

The €21 million private placement included strategic investors Back and TOBAM and was priced at a 6.45% discount to Capital B's Aug. 27 closing share price.

A second placement followed on Sept. 2, when Back subscribed for another 13.18 million shares carrying warrants for €7.64 million. Capital B confirmed the final completion of both raises on Sept. 7, bringing their combined gross proceeds to approximately €28.7 million.

Alongside the private placements, Capital B completed a €1.44 million capital increase under its ATM-type agreement with TOBAM. The company issued 2.8 million ordinary shares at an average rounded subscription price of €0.51 following subscription requests made between Aug. 10 and Aug. 21.

Three TOBAM funds participated. The TOBAM Bitcoin Alpha Fund subscribed for approximately €769,527, the Bitcoin Enhanced Fund contributed close to €508,691 and the Bitcoin Treasury Opportunities Fund accounted for roughly €162,353.

Completion of the transactions has left Back with 67.49 million Capital B shares, representing 17.64% of outstanding ordinary capital. His position equals 14.68% on the fully diluted basis used in Capital B's shareholder breakdown. Blockstream Capital Partners holds 18.77% on an ordinary basis, while TOBAM holds 3.16%.

Capital B secured substantial financing authority earlier this year. Shareholders in June approved €100 billion debt capacity along with authority for as much as €5 billion in capital increases. Every resolution received more than 95% support from votes cast.

Capital B reports 2.17% BTC Yield

Following the latest financing and acquisition, Capital B reported year-to-date BTC Yield of 2.17%, compared with 2.14% on Aug. 17 and 1.85% on June 1. Bitcoin per fully diluted share stood at 736.6 satoshis, slightly above the 736.4 satoshis reported in August.

The company reported a year-to-date BTC Gain of 61.3 BTC and calculated its BTC € Gain at roughly €4.19 million. For the current quarter, BTC Yield reached 0.31%, BTC Gain stood at 9.9 BTC and BTC € Gain was €675,086.

Capital B defines BTC Yield as the percentage change in the ratio between its strategic Bitcoin holdings and fully diluted shares during a given period. BTC Gain is calculated by multiplying Bitcoin held at the start of the period by the applicable BTC Yield, while BTC € Gain converts that result into euros using Bitcoin's closing price on the trading day before the announcement.

The company cautions that BTC Yield is not equivalent to yield in traditional finance and does not measure shareholder returns, operating income or investment returns from its Bitcoin holdings. BTC Gain and BTC € Gain are similarly defined as supplemental treasury metrics, while BTC € Gain does not represent a fair-value gain on the reserve.

Reverse stock split takes effect Sept. 8

Capital B completed the latest capital raises one day before its scheduled 10-for-1 reverse stock split takes effect on Sept. 8.

Under the consolidation, every 10 existing shares will become one new share. The corporate action requires corresponding adjustments to the conversion terms of Capital B's outstanding convertible bonds and its warrants.

For the three warrant tranches attached to the latest private placements, each warrant will entitle its holder to one-tenth of a post-split share. Exercise prices for one consolidated share will become €7.50 for Warrants 2026-06, €9.80 for Warrants 2026-07 and €12.70 for Warrants 2026-08. Each tranche has a five-year maturity.

Capital B can trigger an accelerated exercise period if its share-price VWAP exceeds 130% of the relevant warrant exercise price for 20 consecutive trading days. Once activated, holders would have another 20 trading days to exercise the applicable warrants before unexercised instruments from that tranche become void.

If all 197.6 million warrants issued through the two completed private placements were exercised under their pre-consolidation terms, Capital B would receive €185.25 million in additional capital. Warrants 2026-06 could generate €74.1 million, Warrants 2026-07 another €48.41 million and Warrants 2026-08 approximately €62.74 million.
Read more: Hanwha taps Avalanche for tokenized securities platform in South Korea