Capital B has added 376 BTC to its treasury after wrapping up a fresh round of capital raises, pushing its strategic Bitcoin reserve to 3, 521 BTC and keeping the company firmly in the “raise fiat, stack sats” camp.
- 376 BTC bought for €25.3 million
- Strategic reserve now 3, 521 BTC
- €28.7 million raised through recent placements
- 10-for-1 reverse split takes effect on Sept. 8
- Adam Back, TOBAM, and Blockstream Capital Partners remain major backers
The French-listed Bitcoin treasury company said the latest purchase was completed at an average price of €67, 182 per BTC. With that buy, Capital B’s strategic reserve now carries an aggregate acquisition cost of €309, 418, 524, or an average of €87, 878 per Bitcoin.
That reserve was valued at about €240.8 million based on Bitcoin’s closing price on the trading day before the Sept. 7 announcement. In plain English: the company has stacked more BTC, but the euro value of the reserve still sits below its reported cost basis. Bitcoin does not care about your feelings, and neither does a treasury spreadsheet.
The purchase was executed by Swissquote Bank Europe, while custody technology was provided by Taurus. Capital B said the BTC acquisition was funded through capital raises that included €28.7 million in private placements, completed across Aug. 28 and Sept. 2.
On Aug. 28, the company announced a placement of 36, 219, 070 shares with warrants attached, raising €21, 007, 060.60. On Sept. 2, it completed a separate €7, 644, 997.40 financing with Adam Back. Together, those raises gave Capital B the cash it needed to keep building the reserve.
The shareholder base behind the company is worth paying attention to. Adam Back ended up with 67.49 million Capital B shares, equal to 17.64% of the ordinary capital and 14.68% on a fully diluted basis. Blockstream Capital Partners holds 18.77% on an ordinary basis, while TOBAM holds 3.16%.
That is not random retail momentum or meme-stock noise. It is a cap table anchored by Bitcoin-native and institutionally minded investors, which strengthens the thesis but also raises the stakes around dilution, control, and future financing terms. There is always a catch. Finance loves a catch.
Capital B also disclosed updated treasury performance metrics. Year to date, the company reported 2.17% BTC Yield and 61.3 BTC of BTC Gain. For the current quarter, it reported 0.31% BTC Yield, 9.9 BTC of BTC Gain, and €675, 086 in BTC € Gain. BTC per fully diluted share stood at 736.6 satoshis.
Those figures need a plain-English translation. BTC Yield is a company-defined metric that measures the change in Bitcoin per fully diluted share over a period. BTC Gain is the implied increase in BTC holdings based on that formula. BTC € Gain converts that into euros using Bitcoin’s closing price before the announcement. These are internal treasury indicators, not standard accounting profit. They help describe how the Bitcoin stack is growing relative to the share count, but they are not a substitute for ordinary financial reporting.
Capital B keeps its strategic reserve separate from coins held for operations. The company also holds 61 BTC for business needs outside the treasury bucket, which means total Bitcoin held by the company is higher than the 3, 521 BTC strategic reserve figure alone suggests.
The pace of accumulation has clearly stepped up. Capital B said its reserve stood at 2, 828 BTC in February and 3, 139 BTC by June. It then bought 624 BTC in June 2025, making the latest 376 BTC purchase its largest single Bitcoin acquisition since then.
The company also made smaller buys along the way, including one BTC on Aug. 3 and five BTC on Aug. 17 for €280, 000 at an average price of €55, 882 per BTC. The new purchase lifts the strategic reserve from 3, 145 BTC to 3, 521 BTC, a gain of nearly 12% from that pre-buy level.
Another important piece of the setup is the 10-for-1 reverse stock split, or consolidation, scheduled to take effect on Sept. 8. A reverse split reduces the number of shares and raises the per-share price proportionally. It does not change the company’s economics on its own, but it can improve optics, help avoid the look of a cheap microcap, and make the stock easier for some institutions to hold.
After the split, the exercise prices for the warrant tranches will be €7.50, €9.80, and €12.70. Each tranche has a five-year maturity. That structure matters because it gives Capital B a path to future capital if the stock performs, while also leaving existing shareholders exposed to dilution if the warrants are exercised.
In total, Capital B said 197.6 million warrants were outstanding under pre-consolidation terms. If all of them were exercised, the company would receive about €185.25 million in additional capital. That money is conditional, not guaranteed. Markets have a bad habit of treating possible cash like finished cash. It isn’t.
The company’s shareholders approved much larger financing authority in June, including up to €100 billion in debt capacity and as much as €5 billion in capital increases. That sounds absurdly large next to Capital B’s current size, and it should. In practice, it is an authorization ceiling rather than money sitting in a vault, but it tells you how aggressively the company wants the tools to keep scaling its Bitcoin strategy.
There is also a more technical wrinkle in the warrant structure. An accelerated exercise period can be triggered if the share price meets a volume-weighted average price, or VWAP, condition over 20 consecutive trading days. VWAP is the average price weighted by trading volume, which helps prevent a brief spike from unlocking favorable warrant terms too easily. If the condition is met, holders may have to exercise within the set window or risk losing the rights entirely.
That is the real tradeoff in these Bitcoin-treasury financings. They can compound BTC holdings fast, but they are also built on dilution machinery. If the equity market stays strong, the structure can funnel more capital into Bitcoin. If the stock lags, existing holders can end up doing the heavy lifting while share count keeps creeping higher. There is no free lunch; there is just a more expensive one later.
Capital B’s latest move shows both sides clearly. The company is steadily increasing Bitcoin per share, bringing in serious Bitcoin-aligned capital, and using equity markets to grow its reserve. At the same time, the company is still below cost on the latest reported euro mark, and much of its future firepower depends on whether the stock price is healthy enough to activate the warrant machinery.
Key questions and takeaways
-
What did Capital B buy?
It bought 376 Bitcoin for €25.3 million, at an average price of €67, 182 per BTC. -
How much Bitcoin does it hold now?
Its strategic reserve stands at 3, 521 BTC. The company also holds 61 BTC separately for operational needs. -
Who helped fund the purchase?
Capital B completed €28.7 million in private placements, with participation from investors including Adam Back and TOBAM. -
Why does the reverse split matter?
The 10-for-1 consolidation changes the share count and the per-share price, but it does not change the company’s underlying value by itself. -
Are BTC Yield and BTC Gain standard accounting figures?
No. They are company-defined treasury metrics meant to show how Bitcoin per share is changing over time. -
What is the main risk for shareholders?
Dilution. The financing structure can bring in a lot more capital, but if warrants are exercised, existing holders can see their ownership stake shrink. -
What is the big takeaway here?
Capital B is running a serious Bitcoin accumulation strategy, but the long-term result depends on whether the company can grow BTC per share faster than financing and dilution eat into the equity story.
Further reading
A few extra references worth keeping handy on Capital B’s latest Bitcoin-heavy moves and the broader treasury playbook.
