Capital B has boosted its bitcoin reserves to 2,925 BTC after finalizing a series of debt conversions and equity raises, expanding its position as a public company focused exclusively on bitcoin-based treasury management.
Debt conversions and share issuances reshape company structure
As part of the recent changes, Capital B completed major conversions involving its OCA B-01 convertible bonds. Blockstream Capital Partners converted 17,897,600 OCA B-01 into 32,900,000 ordinary shares.
Meanwhile, UTXO Management converted 2,020,372 OCA B-01 bonds into 3,713,919 shares, both at a conversion rate of €0.544 per share. This resulted in a collective issuance of 36,613,919 new shares through debt set-off.
Capital B is a European-listed entity offering shareholders exposure to bitcoin through direct on-balance-sheet holdings. The firm has become a notable player among public companies with large bitcoin treasuries, similar in approach to firms like MicroStrategy.
Both Blockstream Capital Partners and UTXO Management also took part in exercising their free BSA 2025-01 warrants, increasing their ownership by purchasing additional shares. Blockstream acquired 4,700,000 shares for €2.56 million, and UTXO Management purchased 530,559 shares for €0.29 million.
The company further conducted the conversion of 4,464,712 BSA 2025-01 into 637,816 shares, raising €0.35 million in cash as these warrants neared expiration.
New bitcoin acquisitions and treasury metrics highlighted
With the latest moves, the total bitcoin held by Capital B reached 2,925 BTC, acquired at a total investment of €269.4 million. The average acquisition price stands at €92,096 per bitcoin.
Capital B confirmed the most recent purchase of 37 BTC for €2.3 million at €60,892 per coin, expanding the bitcoin reserves further in line with its treasury strategy.
Year to date, the company has achieved a BTC Yield of 1.25%, equating to a “BTC Gain” of 35.3 BTC and a euro gain of €2.2 million. For the current quarter, these results are 0.53% yield, 15.2 BTC added, and €0.9 million realized in gains.
March saw Capital B secure an additional €3 million in new capital, with support from investors including asset manager TOBAM and UTXO Management, potentially enabling the acquisition of approximately 36 further bitcoin.
Following these transactions, Capital B’s issued share capital stands at 272,210,021 shares, with a fully diluted total of 397,622,899 shares when accounting for outstanding convertibles, warrants, and share plans.
A key figure in its shareholder metrics is 730 satoshis of bitcoin per fully diluted share, which Capital B tracks as it develops its equity-financed bitcoin accumulation model. The group clarified that an extra 60 BTC is set aside for operational purposes, separated from the main reserve that backs its bitcoin treasury objectives.
Capital B noted its commitment to regularly publishing BTC Yield, BTC Gain, and BTC € Gain metrics, providing transparency to investors interested in its approach to equity-financed bitcoin accumulation.
