Capital B has acquired 376 Bitcoin for €25.3 million, bringing its strategic holdings to 3,521 BTC following nearly €30.1 million in capital raises. The company's Sept. 7 announcement confirmed the completion of the acquisition.

According to the company announcement, Capital B paid an average of €67,182 per Bitcoin. Its strategic reserve carries a total acquisition cost of €309.4 million, putting the average purchase price for the entire reserve at €87,878 per coin. The gap between the two averages means the latest purchase was made well below the reserve's blended cost basis.

Capital B operates a "Bitcoin Treasury Company" model, in which firms raise equity and debt specifically to accumulate Bitcoin as a primary reserve asset. The approach, popularized by publicly traded companies holding BTC on their balance sheets, has spread among smaller-cap European firms seeking Bitcoin exposure through listed equity.

What Changed in Capital B's Strategic Bitcoin Holdings?

Capital B valued its strategic holdings at approximately €240.8 million, using Bitcoin's closing price from the trading day before the announcement. The valuation covers the coins held under its Bitcoin treasury strategy.

The acquisition increased strategic holdings by nearly 12% from Aug. 17, when the company held 3,145 BTC. This was its largest single purchase since acquiring 624 BTC in June 2025.

🟠 Capital B confirms the acquisition of 376 BTC for €25.3 million, the holding of a total of 3,521 BTC, and a BTC Yield of 2.17% YTD ⚡️ Full Release (EN): Full Release (FR): BTC Strategy (EN): — Capital B (@_ALCPB) September 7, 2026

🟠 Capital B confirms the acquisition of 376 BTC for €25.3 million, the holding of a total of 3,521 BTC, and a BTC Yield of 2.17% YTD ⚡️ Full Release (EN): Full Release (FR): BTC Strategy (EN):

Swissquote Bank Europe executed the latest purchase with proceeds from the completed capital increases. The bank is a Luxembourg-registered virtual asset service provider, and custody was entrusted through technology supplied by Swiss digital asset infrastructure company Taurus. The setup reflects how treasury-focused firms typically separate execution, custody, and infrastructure across regulated third parties.

Capital B also maintains another 61 BTC set aside for operations. These coins are held outside the company's strategic Bitcoin holdings and are not included in the measurements used to gauge treasury performance.

The acquisition followed disclosures made during the company's latest fundraising, funded through two private placements and an agreement with TOBAM. Capital B had previously stated its available funds could support the purchase of 376 BTC.

Who Backed Capital B's Latest Fundraising Rounds?

An earlier announcement had outlined the expected increase to 3,521 BTC. That projection followed Adam Back's participation in a Sept. 2 share placement, and the Sept. 7 release confirmed completion of the previously planned purchase.

🟠 Capital B announces a €7.6 million capital raise with strategic investor Adam Back to accelerate its Bitcoin Treasury Company strategy⚡️ Full Press Release (EN): Full Press Release (FR): BTC Strategy (EN):… — Capital B (@_ALCPB) September 2, 2026

🟠 Capital B announces a €7.6 million capital raise with strategic investor Adam Back to accelerate its Bitcoin Treasury Company strategy⚡️ Full Press Release (EN): Full Press Release (FR): BTC Strategy (EN):…

Back is the CEO of Bitcoin infrastructure firm Blockstream and one of the earliest contributors to Bitcoin's underlying technology, giving his involvement particular weight among Bitcoin-focused investors.

The purchase followed two months of smaller buys. The company bought one BTC on Aug. 3 and added another five on Aug. 17, bringing its strategic reserve to 3,145 BTC. The five-BTC purchase cost approximately €280,000, an average price of €55,882 per Bitcoin. The reserve had previously risen from 2,828 BTC in February to 3,139 BTC by June.

Two private placements generated approximately €28.7 million in combined gross proceeds. Participants included Adam Back, TOBAM, and other global institutional investors. Each share came with four subscription warrants, with units priced at €0.58.

The first placement, announced on Aug. 28, involved the issuance of 36.22 million shares with attached warrants for €21.01 million. Strategic investors Back and TOBAM took part in that financing round.

How Did Adam Back Support the Capital B Bitcoin Acquisition?

Capital B expected approximately €19.9 million in net proceeds from the first placement, an estimate accounting for placement fees and transaction expenses. The funds and existing resources could support a purchase of around 270 BTC.

The placement carried a discount to the company's traded share price: its €0.58 unit price was 6.45% below the Aug. 27 closing price.

The company announced a second placement on Sept. 2, in which Back subscribed for another 13.18 million shares carrying warrants, raising €7.64 million. Capital B confirmed that both private placements reached final completion on Sept. 7.

The acquisition also drew on financing through the TOBAM agreement, a separate capital increase that raised €1.44 million. Capital B issued 2.8 million ordinary shares under the existing ATM arrangement at an average rounded subscription price of €0.51. TOBAM submitted the relevant subscription requests between Aug. 10 and Aug. 21.

Three funds managed by the asset manager participated in the capital increase. The TOBAM Bitcoin Alpha Fund invested about €769,527, the Bitcoin Enhanced Fund contributed approximately €508,691, and the Bitcoin Treasury Opportunities Fund contributed nearly €162,353.

What Treasury Metrics Followed the Capital B Bitcoin Acquisition?

After the acquisition, the year-to-date BTC Yield stood at 2.17%, up from 2.14% as of Aug. 17 and 1.85% in June.

Bitcoin per fully diluted shares was 736.6 satoshis following the capital raise and acquisition, compared with 736.4 satoshis in August. It is one of the metrics the company uses to measure its strategic reserve.

Year to date, Capital B has recorded a gain of 61.3 BTC and an approximate BTC € Gain of €4.19 million, based on the price of Bitcoin in the trading session before the announcement.

For the current quarter, the BTC Yield was 0.31%, the BTC Gain was 9.9 BTC, and the BTC € Gain was €675,086, according to the company's treasury figures.

Capital B defines BTC Yield using its strategic holdings and fully diluted shares, measuring the percentage increase in their ratio within the period. Operational Bitcoin holdings are excluded from the calculation. BTC Gain is calculated by multiplying the Bitcoin balance at the beginning of the period by the BTC Yield. BTC € Gain translates that gain into euro based on the closing price of the previous trading day. BTC Yield is a metric widely adopted by corporate Bitcoin treasury companies to show accretion in Bitcoin per share even when shares are issued to buy more coins.

How Will Capital B Adjust Its Convertible Bonds and Warrants?

The acquisition follows a June shareholder vote granting the company broader financing capability, including debt capacity to borrow €100 billion and authorization for a capital increase of up to €5 billion. Each resolution passed with more than 95% of votes.

All capital increases were completed before a planned share consolidation. Capital B's 10-for-1 reverse stock split takes effect from Sept. 8, converting every 10 current shares into one share. This requires modifications to the outstanding convertible bonds, and the company must also adjust the terms of its warrants to reflect the split. Reverse splits are commonly used by treasury companies to lift the per-share price and broaden access to institutional investors.

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