Capital B, a publicly traded subsidiary of The Blockchain Group, announced the purchase of 12 bitcoin for €0.8 million, lifting its total BTC holdings to 2,937. This acquisition is part of an ongoing treasury strategy focused on digital assets and positions Capital B among the notable institutional holders of bitcoin in Europe.
Fresh financing drives new BTC acquisition
The company has spent €270.1 million on its bitcoin treasury to date, with the average cost per bitcoin calculated at €91,975. Recent financial actions played a key role in facilitating this latest purchase. Capital B fully exercised 16.6 million BSA 2025-01 warrants, which converted into 2.36 million new shares and contributed €1.29 million in funding. The firm noted these warrants expired on April 10, 2026, and any unutilized rights became void after this date.
Additionally, a capital increase under an at-the-market arrangement with TOBAM led to the issuance of 370,701 shares at an average price of €0.60 each, generating another €0.22 million. This issue price reflected a discount under the agreement’s mechanism, which factors in recent trading activity. The company confirmed the combined proceeds from these fundraising efforts went directly toward bitcoin acquisitions.
Last week, Capital B purchased 37 BTC for €2.3 million at a reference price of €60,892 per coin. Year-to-date, the company has posted a bitcoin yield of 1.57%, with realized BTC-denominated gains amounting to 44.4 BTC and €2.9 million. In the second quarter alone, the yield stood at 0.85% and brought in 24.4 BTC in gains.
Capital B’s role in the institutional BTC trend
Capital B has defined itself as a Bitcoin Treasury Company, aiming to grow the amount of bitcoin represented per fully diluted share. This approach has become increasingly popular among public companies seeking to use BTC as a reserve asset. The company’s latest bitcoin acquisition was handled through Swissquote Bank Europe SA for execution, with custody infrastructure provided by Taurus.
Headquartered in France, Capital B operates a range of subsidiaries specializing in data intelligence, artificial intelligence, and decentralized technology consulting. Its shares are listed on Euronext Growth Paris, providing exposure to both public and institutional investors. Notable backers and shareholders include Blockstream Capital Partners and TOBAM funds, among others.
Following the recent transactions, Capital B’s share count stands at around 274.9 million on an ordinary basis, and about 394.8 million on a fully diluted basis. This diversified capital base has supported its ongoing bitcoin accumulation strategy.
Rising competition among BTC treasury holders
Capital B’s strategy mirrors moves by other major institutions allocating capital to bitcoin. Earlier today, Strategy, led by Michael Saylor, acquired 34,164 BTC for $2.54 billion. With the latest purchase, Strategy now controls a total of 815,061 BTC at an average acquisition cost of approximately $75,527 per coin, surpassing BlackRock’s bitcoin holdings. BTC prices hovered around $75,000 at the time of the transaction, positioning Strategy’s massive holdings near breakeven levels.
Capital B’s continued investments and treasury management place it among a growing field of companies viewing bitcoin as a strategic asset for corporate reserves. The Blockchain Group, its parent entity, oversees subsidiaries working across the broader blockchain and technology consulting landscape.
Capital B emphasized its ongoing objective to “increase the amount of bitcoin held per fully diluted share,” reflecting a strategy aimed at boosting long-term shareholder value through direct BTC exposure.
