Key Highlights
- Capital B expanded its Bitcoin treasury to 2,925 BTC after a €2.3 million ($2.5 million) purchase of 37 BTC via Swissquote Bank Europe.
- Major investors including Blockstream Capital Partners and UTXO Management boosted capital through conversions and share subscriptions.
- Capital B continues focusing on a long-term Bitcoin treasury strategy, aiming to increase BTC per fully diluted share.
Capital B, listed on Euronext Growth Paris, has expanded its Bitcoin treasury holdings after acquiring an additional 37 BTC worth €2.3 million, bringing its total holdings to 2,925 BTC. The acquisition was executed through Swissquote Bank Europe SA, a Luxembourg-registered virtual asset service provider using Taurus custody technology.
The company confirmed that its total Bitcoin reserves are now valued at €269.4 million, with an average acquisition cost of €92,096 per BTC, reinforcing its position as Europe’s first publicly listed Bitcoin Treasury Company.
Capital Raises and Share Conversions Completed
Alongside the Bitcoin purchase, Capital B finalized multiple capital market operations involving key institutional investors. Blockstream Capital Partners converted 17,897,600 OCA B-01 (convertible bonds) into 32.9 million shares and subscribed to an additional 4.7 million shares at €0.544 each, contributing €2.55 million.
Similarly, UTXO Management converted 2,020,372 OCA B-01 into 3.71 million shares and subscribed to 530,559 shares for €0.29 million. In total, the company issued over 36.6 million new shares through conversions and an additional 5.23 million shares via subscriptions, strengthening its capital base.
The firm also confirmed the exercise of 4,464,712 BSA 2025-01 (share subscription warrants) into 637,816 shares, generating €0.35 million before the warrants expired on April 10, 2026.
Bitcoin Treasury Strategy Gains Momentum
The newly raised capital partly funded the latest Bitcoin acquisition, supporting Capital B’s long-term goal of increasing Bitcoin per fully diluted share.
The company reported:
- BTC Yield of 1.25% YTD and 0.53% QTD
- BTC Gain of 35.3 BTC YTD and 15.2 BTC QTD
- BTC € Gain of €2.2 million YTD and €0.9 million QTD
These metrics measure how efficiently the company grows its Bitcoin holdings relative to its share base.
Capital B CEO Jean-Philippe Casadepax-Soulet has previously emphasized the company’s commitment to maximizing Bitcoin per fully diluted share as its core long-term metric.
Institutional Support Strengthens Position
Following the latest transactions, Blockstream Capital Partners now holds a significant share in the company, highlighting continued institutional confidence in Capital B’s Bitcoin-focused strategy.
The firm emphasized that its Bitcoin treasury approach aims to maximize long-term value by increasing BTC exposure per share rather than focusing solely on short-term financial metrics.
Growing Bitcoin Reserves Market
The company noted that its Bitcoin net asset value is now calculated using market prices prior to each reporting date. In addition to its treasury reserves, the company also holds 60 BTC in a separate account for operational purposes.
Capital B reiterated that its key performance indicators, including BTC Yield and BTC Gain, are not traditional financial metrics but internal measures to track the efficiency of its Bitcoin accumulation strategy. In March 2026, the company bought 2 BTC for €0.1M, expanding its treasury to 2,836 BTC and in February 2026, it acquired 6 BTC at €55,270 and 5 BTC at €64,124. Back in September 2025, a larger buy of 551 BTC at €99,272 pushed its total holdings past 2,800 BTC.
The company’s approach remains focused on long-term Bitcoin exposure, supported by equity financing and institutional participation.
According to CoinMarketCap, at the time of writing, Bitcoin was trading at approximately $70,790. Despite recent market volatility, institutional treasury accumulation by firms like Capital B continues to signal long-term conviction in the asset.
Also Read: Bhutan Offloads $18M Bitcoin in Fresh Sale as Strategy Shifts
