Capital B has expanded its Bitcoin treasury with the acquisition of 376 BTC for €25.3 million, following the completion of a series of capital-raising transactions. The French-listed company now holds 3,521 BTC, reinforcing its standing as one of Europe's prominent corporate Bitcoin holders. The strategy mirrors a broader corporate trend in which listed companies, most prominently Strategy in the United States and Metaplanet in Japan, hold Bitcoin on their balance sheets as a treasury reserve asset and fund accumulation through repeated equity raises.

The company confirmed the purchase on September 7, alongside the completion of €30.1 million in total capital increases. The funding included €1.44 million raised through an ATM-style agreement with TOBAM, a Paris-based quantitative asset manager, and €28.7 million from private placements involving institutional investors.

New Funding Supports Bitcoin Strategy

The larger private placement raised €21 million in August from global institutional investors, including strategic investors Adam Back and TOBAM. Back, a cryptographer and CEO of Bitcoin infrastructure firm Blockstream who is widely cited as one of the earliest contributors to Bitcoin's development, has been a recurring backer of Capital B's treasury program. Capital B then secured a further €7.6 million from Back through a separate private placement announced on September 2.

Each unit in the private placements consisted of one share and four subscription warrants. The structure offers investors potential exposure to future equity while supplying Capital B with additional capital for its Bitcoin treasury strategy.

Capital B said Swissquote Bank Europe executed the Bitcoin purchase using proceeds from the capital increases, and that the newly acquired Bitcoin was placed into custody through Taurus technology, a digital-asset infrastructure provider.

Treasury Reaches 3,521 Bitcoin

Following the latest acquisition, Capital B and its Luxembourg subsidiary hold 3,521 BTC with an aggregate acquisition value of €309.4 million. The company's average acquisition cost stands at €87,878 per Bitcoin.

Capital B reported a Bitcoin Yield of 2.17% year to date and 0.31% for the quarter. It also reported a year-to-date Bitcoin Gain of 61.3 BTC and a Bitcoin-denominated euro gain of €4.2 million. These Bitcoin Yield and Bitcoin Gain metrics, popularized by Strategy, measure growth in Bitcoin holdings relative to fully diluted shares rather than earnings, and have become standard reporting benchmarks among corporate Bitcoin treasury companies.

The latest purchase highlights Capital B's continued effort to grow its Bitcoin holdings through equity financing. The company has increasingly used capital markets to fund Bitcoin accumulation while targeting higher Bitcoin exposure on a fully diluted share basis.