Capital B’s Bitcoin acquisition adds 12 BTC, lifting holdings to 3,550 BTC

Capital B’s Bitcoin acquisition of 12 BTC for €0.84 million lifted its treasury holdings to 3,550 BTC, the company said on November 10, 2026. The purchase used proceeds from capital increases completed under its “ATM” agreement with TOBAM, which raised €0.87 million at an average rounded price of €5.90 per share.

Key takeaways

• Capital B issued 147,176 ordinary shares through its TOBAM funding program.
• The Bitcoin treasury’s aggregate acquisition cost reached €311.5 million.
• Year-to-date BTC Yield stood at 2.23%.
• Swissquote Bank Europe SA remains the sole custodian of the company’s BTC.

Capital increases completed under the TOBAM agreement

The Capital B capital increase raised exactly €868,845.83, including share premium, through 147,176 new ordinary shares. The disclosure combined TOBAM subscription requests submitted between September 28 and November 4, 2026.

The average rounded subscription price of €5.90 per share represented a 3.55% premium to the closing share price on the trading day before the release. TOBAM Bitcoin Enhanced Fund subscribed for 47,723 shares, TOBAM Bitcoin Alpha Fund for 81,304, and TOBAM Bitcoin Treasury Opportunities Fund for 18,149.

The chief executive used authority delegated under the shareholders’ resolution approved on June 17, 2026. The shares were issued without existing shareholders’ preferential subscription rights, and the transaction required no prospectus approved by the AMF. The new shares will be admitted to trading on Euronext Growth Paris.

Under the ATM agreement renewed on January 26, 2026, each subscription price follows the highest of three reference levels: the preceding trading day’s closing price, a company-defined euro “mNAV” equivalent, and the applicable shareholder-approved floor. Requested shares cannot exceed 21% of trading volume on the request date or the preceding trading day.

Capital B’s Bitcoin acquisition expands treasury holdings

Capital B and its subsidiary Capital B Luxembourg SA held 3,550 BTC under the Bitcoin Treasury Company strategy after the purchase. Their aggregate acquisition cost was €311,496,841, or approximately €311.5 million, at an average cost of €87,746 per bitcoin.

That acquisition cost is distinct from the holdings’ reported net asset value of €237,567,811. The company calculates that value using Bitcoin’s closing price on the trading day before its release.

Swissquote Bank Europe SA, a MiCA-authorized crypto-asset service provider, executed Capital B’s Bitcoin acquisition and holds the assets using technology from Taurus. It acts as the company’s sole BTC custodian.

Capital B separately reported 61 BTC held for operational needs. Those coins are segregated from the treasury reserve and excluded from the published strategy indicators.

BTC Yield tracks Bitcoin per fully diluted share

Capital B reported year-to-date BTC Yield of 2.23%, BTC Gain of 63.0 BTC, and BTC € Gain of €4.2 million. Quarter-to-date figures were 0.03%, 1.2 BTC and €77,075, respectively.

The Bitcoin Treasury Company strategy targets an increase in Bitcoin holdings per fully diluted share over time. BTC Yield measures the percentage change in that ratio. BTC Gain multiplies the opening Bitcoin balance by BTC Yield; BTC € Gain converts that result using the preceding trading day’s closing Bitcoin price.

For these calculations, Capital B used 48,162,097 fully diluted shares, including an indicative reserve of 490,000 potential additional shares. It reported 7,370.9 satoshis per fully diluted share.

The company describes these indicators as supplemental strategy metrics, not operating, financial or liquidity measures. BTC Yield does not measure shareholder investment returns.

Convertible bonds and warrants add potential shares

Capital B’s outstanding Bitcoin-denominated convertible bonds represented 821 BTC of debt and 8,873,036 shares issuable on conversion. Holders included Blockstream Capital Partners, TOBAM, Moonlight Capital and Adam Back.

The six bond series carry 0% coupons and 30% premiums, with maturities in June, July and August 2030. Separately, eight outstanding warrant series represented 32,714,689 potential shares and an aggregate potential exercise amount of €320,382,456.

The capital-distribution table showed 38,614,985 ordinary shares and 47,672,097 shares on its stated diluted basis. That diluted count includes convertible bonds and 184,076 granted but unvested free shares, but excludes future warrant exercises and unissued amounts under the authorized €300 million TOBAM capital increases.

Article produced with the assistance of artificial intelligence and reviewed by the editorial team.