Capital B, listed on Euronext Growth Paris, has acquired 376 bitcoin for approximately $29.4 million, expanding its corporate treasury to 3,521 BTC. The purchase was funded through recent equity raises, including private placements totaling $33.3 million and an additional $1.67 million raised through an equity program with TOBAM.
The company paid an average of roughly $78,025 per bitcoin in this latest transaction. Since beginning its treasury strategy, Capital B has spent approximately $359.3 million accumulating its bitcoin holdings at an average acquisition price of about $102,061 per BTC.
Funding Structure and Performance Metrics
Institutional investors backing the recent capital raises include Blockstream co-founder Adam Back and asset manager TOBAM. Capital B measures performance partly through company-defined metrics, including a year-to-date "BTC Yield" of 2.17% and a "BTC Gain" of 61.3 BTC, valued at approximately $4.87 million. The company notes these are non-traditional measures and not standard investment returns.
Valuation Below Cost Basis
As of the company's September 7 disclosure, Capital B valued its 3,521-BTC treasury at roughly $279.7 million, compared with its $359.3 million aggregate acquisition cost. This leaves the market value approximately $80 million below the accumulated cost basis at the reported bitcoin price.
The strategy carries inherent risk, as Capital B continues to issue securities and purchase bitcoin while earlier acquisitions remain underwater on an aggregate basis. For shareholders, the investment outcome depends significantly on bitcoin price movements, which will determine whether the company's substantial exposure generates gains or whether the combination of price volatility and financing dilution becomes a concern.
