Investors in Bitcoin treasury companies own shares in businesses that hold Bitcoin, with management controlling how the coins are purchased and when they are bought or sold. The relationship between coin accumulation and shareholder value depends on financing decisions and corporate obligations.
France-based Capital B, listed on Euronext Growth Paris, illustrates this dynamic. Between August 17 and September 7, its treasury Bitcoin holdings increased from 3,145 BTC to 3,521 BTC—a roughly 12 percent rise. However, Bitcoin per share barely moved when calculated on a diluted basis, which includes shares that could be created in the future. More Bitcoin entered the business alongside more claims to ownership.
How Companies Finance Bitcoin Purchases
Treasury companies can acquire Bitcoin using operating cash, selling new shares, borrowing, or combinations of these methods. Each approach affects existing shareholders differently.
Selling shares raises capital but spreads ownership across more shares, diluting existing positions. Borrowing preserves ownership percentages temporarily but creates repayment obligations. Capital B has used share offerings, warrant packages, and Bitcoin-denominated convertible debt to fund acquisitions.
The issue price of new shares determines whether an issuance benefits existing shareholders. If new investors pay a premium above the Bitcoin value per existing share, the additional coins purchased can increase the per-share amount. If they pay less, the new capital buys insufficient Bitcoin to maintain the original ratio.
Measuring Per-Share Holdings
Capital B's diluted share count includes issued shares and certain shares that could be created through convertible bonds, employee awards, and warrant exercises. Between August 17 and September 7, both the Bitcoin reserve and diluted share count expanded by roughly 12 percent, leaving the satoshis per diluted share nearly flat—from 736.4 to 736.6.
This metric compares Bitcoin holdings to a defined share count but does not represent shareholders' right to exchange shares for that amount of Bitcoin, nor does it deduct corporate debts.
A reverse stock split on September 8 consolidated ten old shares into one new share, mechanically increasing the amount attributable to each resulting share without changing the company's assets.
Beyond Bitcoin Accumulation
Treasury company shareholders must evaluate financing terms, operating costs, and claims against assets. Capital B's 2025 results reported a €62.2 million net loss, largely from a €53.9 million Bitcoin impairment, though its established operating entities generated positive adjusted EBITDA of about €1.2 million.
The company retained technology-services subsidiaries—iORGA, which builds web applications, and Trimane, which provides business intelligence and AI consulting—alongside its Bitcoin strategy.
Operating expenses, custody costs, and corporate financing require resources even when management intends to retain reserves. These obligations affect the cash available to purchase additional coins and the value shareholders receive.
The Investment Trade-Off
Shareholders in treasury companies gain professional management and access to capital markets for Bitcoin accumulation. They also bear corporate expenses, financing costs, and the risk that management cannot raise capital on favorable terms.
Capital B's appeal depends on management raising money on terms that leave existing shareholders better off once the company's costs and obligations are accounted for. A larger Bitcoin reserve represents only part of that assessment. The financing contracts determine who must be paid, and the share count shows how widely ownership is divided.
European investors have alternatives to corporate treasury exposure, including physically backed exchange-traded debt securities like those offered by WisdomTree.
