Capital B expands Bitcoin treasury to 3,145 BTC

The latest acquisition, executed at an average price of €55,882 per coin, follows a series of capital increases conducted through an agreement with French asset manager TOBAM. Between July 27 and August 7, the company issued 647,110 ordinary shares to raise approximately €301,460. This issuance occurred at a 3.52% premium to the stock's August 14 closing price of €0.454. Despite the continued growth of its holdings, Capital B reports that its strategic reserve carries a net asset value of €170.9 million, notably lower than the total acquisition cost of €284.2 million.

Beyond its treasury, the company is adjusting its equity structure. Blockstream Capital Partners recently converted 14.2 million OCA B-01 instruments into 28.7 million ordinary shares, leaving no such instruments outstanding and securing a 21.74% stake in the firm. While Capital B tracks a "BTC Yield" metric—which reached 2.14% year-to-date—the company clarifies that this figure represents changes in Bitcoin held per fully diluted share rather than traditional investment returns. With shareholders having authorized up to €5 billion in future capital increases, the firm maintains the capacity for further expansion, even as peers like Strategy have begun divesting portions of their reserves to manage capital.