Europe’s first Bitcoin Treasury Company Capital B confirmed the acquisition of an additional 12 Bitcoin (BTC) for approximately €0.8 million on April 20, 2026. The acquisition was executed by Swissquote Bank Europe SA, a regulated virtual asset service provider (VASP) in Luxembourg, which also provides secure custody for the firm’s growing reserves.
The latest purchase brings the company’s total holdings to 2,937 BTC, with a cumulative acquisition value of €270.1 million at an average price of €91,975 per Bitcoin. The purchases form part of its long-term strategy: increasing the amount of Bitcoin held per fully diluted share over time. Capital B also holds an additional 61 BTC for operational purposes, which it segregates from its treasury strategy and excludes from published performance indicators.
Capital raise and strategy
The BTC acquisition follows the successful completion of multiple funding activities. Capital B finalized the conversion of over 16,566,214 BSA 2025-01 warrants into 2.36 million ordinary shares, raising approximately €1.29 million. The company also executed an additional capital increase of €0.22 million under its “ATM-type” agreement with TOBAM, issuing shares at an average price of €0.60.
The Company announced the free allocation of BSA 2025-01 to its shareholders in order to accelerate its Bitcoin strategy, with a conversion ratio of 7 BSA 2025-01 for 1 new share of the Company, at a subscription price of €0.544 per new share, on April 11, 2025.
Capital B’s shareholder base includes notable crypto-focused entities and institutional investors, reinforcing its positioning as Europe’s first dedicated Bitcoin treasury firm.
Treasury performance metrics
Capital B reported a year-to-date BTC Yield of 1.57%, up from 1.25% at its April 13 announcement. The company uses BTC Yield — which measures growth in Bitcoin per fully diluted share — as its primary performance indicator, along with BTC Gain (total Bitcoin accumulated beyond what dilution would imply) and BTC € Gain.
Year-to-date, the company reports a BTC Gain of 44.4 BTC and a BTC € Gain of €2.9 million.
Capital B has cautioned that these are internal, non-financial metrics and do not reflect traditional financial performance, dividends, or shareholder returns. They should be viewed as supplemental indicators of the company’s accumulation efficiency relative to dilution.
Continuous accumulation
The company adopted its Bitcoin standard on November 5, 2024, and has stated a long-term objective of accumulating 1% of Bitcoin’s total supply (210,000 BTC) by 2033 — a target that would require roughly a 70x increase from current holdings.
Capital B’s has since continued its BTC accumulation. In April 2026, the company bought 37 BTC for €2.3M, expanding its treasury to 2,925 BTC, and in March 2026, it acquired 2 BTC for €0.1M, expanding its treasury to 2,836 BTC. Back in February 2026, it acquired 6 BTC at €55,270 and 5 BTC at €64,124.
The strategy remains exposed to Bitcoin price volatility, financing availability, operational costs, and macroeconomic conditions. Capital B acknowledged these risks and noted that future performance depends on continued access to capital markets.
Meanwhile, as of writing, Bitcoin was trading at $74,892, up about 5.9% over the last week, as per data from CoinMarketCap.
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