Capital B's Strategic Bitcoin Treasury Reaches 3,521 BTC
French-listed firm Capital B has made significant strides in its strategic Bitcoin treasury, completing the purchase of 376 BTC for €25.3 million. This acquisition brings the company's total Bitcoin holdings to 3,521 BTC, with an aggregate acquisition cost of €309.4 million. The transaction was executed at an average price of €67,182 per BTC, using proceeds from financings lined up since late August.
Capital B's strategic Bitcoin treasury is a notable aspect of its business model, where equity raises are funneled directly into large-scale Bitcoin acquisition programs rather than held as idle cash. This approach mirrors a pattern seen across listed Bitcoin treasury companies, where the focus is on long-term accumulation rather than short-term gains.
Capital Raising and Financing
Capital B's €25.3 million purchase drew on €28.7 million raised through two private placements involving global institutional investors, including strategic investors Adam Back and asset manager TOBAM. The first placement, announced August 28, issued 36.22 million shares for €21.01 million. A second placement on September 2 saw Back alone subscribe for 13.18 million shares, valued at approximately €7.64 million.
A separate €1.44 million capital increase under Capital B's agreement with TOBAM issued 2.8 million ordinary shares at an average price of €0.51, bringing total completed raises to roughly €30.14 million. This figure is consistent with the company's nearly €30.1 million capital raise target.
Acquisition Details and Average Cost
The 376 BTC purchase marks Capital B's largest single acquisition since it bought 624 BTC in June 2025. The company now holds 3,521 BTC in its strategic reserve at an aggregate acquisition cost of €309.4 million, or an average of €87,878 per coin. This average sits well above the €67,182 paid for the latest batch, reflecting Bitcoin's price swings across the company's buying history.
Capital B separately holds 61 BTC reserved for operational needs, which it keeps segregated from treasury performance metrics. The 376 BTC purchase will be reflected in the company's upcoming financial reports, providing insight into its strategic Bitcoin treasury and long-term accumulation strategy.
Impact on Capital B's Business Model
Capital B's strategic Bitcoin treasury is a key component of its business model, allowing the company to accumulate Bitcoin over the long term. The €25.3 million purchase brings the company's total Bitcoin holdings to 3,521 BTC, with an aggregate acquisition cost of €309.4 million.
The company's 10-for-1 reverse stock split takes effect on September 8, consolidating every 10 existing shares into one and requiring adjustments to outstanding convertible bonds and warrants. This move is expected to have a positive impact on the company's capital structure and long-term prospects.
What to Watch Next
Capital B's strategic Bitcoin treasury is an area of interest for investors and analysts, as it provides insight into the company's long-term accumulation strategy. The company's upcoming financial reports will provide further details on its Bitcoin holdings and treasury performance.
Additionally, the company's 10-for-1 reverse stock split and the potential exercise of warrants issued through the latest placements could generate significant additional capital, providing further support for the company's business model.
As the company continues to execute its strategic Bitcoin treasury plan, investors and analysts will be watching closely for any developments that may impact the company's long-term prospects.