Equity-Fueled Bet: Capital B Lifts Hoard to 3,521 BTC Despite Cost-Basis Gap

Capital B added 376 BTC for about $29.4 million (€25.3 million), taking its corporate treasury to 3,521 BTC, according to a Sept. 7 company disclosure. The Euronext Growth Paris–listed firm reported paying an average of roughly $78,025 (€67,182) per bitcoin for the latest purchase.

Equity-funded accumulation

Capital B said the acquisition was funded through recent equity raises. The company completed approximately $33.3 million (€28.7 million) of private placements with institutional investors that included Blockstream co-founder Adam Back and asset manager TOBAM. It separately raised about $1.67 million (€1.44 million) via an ATM-style equity program with TOBAM. A portion of those proceeds funded the 376-BTC buy.

The company measures progress partly by how quickly its bitcoin holdings grow relative to its fully diluted share count. In the disclosure, Capital B 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, which it valued at approximately $4.87 million (€4.19 million). The company cautioned these are not traditional investment returns or accounting profits.

Cost basis vs. market value

Capital B said it has spent approximately $359.3 million (€309.4 million) building its bitcoin reserve, reflecting an average acquisition price of about $102,061 (€87,878) per BTC.

As of the Sept. 7 disclosure, the company valued its 3,521 BTC at roughly $279.7 million (€240.8 million). That compares with the $359.3 million aggregate acquisition cost, leaving market value about $80 million below cost basis at the reported bitcoin price.

Context on conversions

All dollar conversions in the disclosure use a Sept. 7 EUR/USD reference rate of $1.1614 per euro.