Capital B Expands Cryptocurrency Portfolio
In a significant move to bolster its cryptocurrency portfolio, French-listed company Capital B has recently secured an additional 376 Bitcoin (BTC) at a cost of €25.3 million. This strategic acquisition, announced on September 7, increases the firm’s total Bitcoin holdings to 3,521 BTC. The purchase was part of a broader initiative where Capital B raised nearly €30.1 million through various financing channels, specifically utilizing proceeds from two private placements and an agreement with asset manager TOBAM.
Details of the Acquisition
The Bitcoin acquisition was executed at an average cost of €67,182 per coin, resulting in a cumulative investment in Bitcoin totaling €309.4 million, which translates to an average purchase price of €87,878 for each Bitcoin held. This latest transaction stands as Capital B’s largest Bitcoin buy since its significant purchase of 624 BTC in June 2025, and it marks a considerable increase from its previous holdings, which were reported at 3,145 BTC as of mid-August.
The preceding months saw a slowdown in purchasing activity, with a minor acquisition of one Bitcoin on August 3 and a subsequent purchase of five BTC for €280,000 on August 17. On this latter occasion, the average price per Bitcoin was €55,882, raising the total holdings at the time to 3,145 BTC.
Strategic Financial Maneuvers
The latest purchase has raised Capital B’s strategic Bitcoin assets by nearly 12% compared to the holdings stated on August 17. The acquisition was facilitated by Swissquote Bank Europe, which acted as an intermediary using the funds obtained from the capital raises. The custody of these digital assets is managed by Taurus, a Swiss technology company specializing in digital asset infrastructure.
In addition to its strategic reserve of 3,521 BTC, Capital B retains another 61 BTC for operational uses, which are kept apart from its main holding portfolio and not included in performance assessments. Currently, the valuation of Capital B’s Bitcoin reserve is estimated at around €240.8 million based on the closing Bitcoin price before the announcement date.
Shareholder Support and Future Plans
The procurement was supported by substantial capital measures carried out earlier this year, which included approvals from shareholders for a €100 billion debt capacity and an additional €5 billion for capital increases. Notably, these resolutions garnered over 95% approval from voting shareholders.
The financial maneuvers leading up to the Bitcoin purchase involved a series of private placements, raising approximately €28.7 million from global institutional investors, including Adam Back and TOBAM. In a structured and phased approach, the initial issuance on August 28, which totaled €21.01 million, was followed by a subsequent placement on September 2 that contributed €7.64 million. Each placement involved shares with subscription warrants, enhancing the potential for future capital inflow.
Performance and Yield
As part of this strategic financial restructuring, Capital B is also preparing for a 10-for-1 reverse stock split set to take effect on September 8. This consolidation will necessitate adjustments to the conversion terms for existing convertible bonds and warrants, affecting the exercise prices and share ratios for shareholders.
Reflecting on year-to-date performance, Capital B has noted a BTC yield of 2.17%, with gains amounting to 61.3 BTC and a calculated monetary gain of approximately €4.19 million. Despite these positive metrics, Capital B cautions that their BTC yield figures do not correspond to traditional financial yield measures and do not reflect direct shareholder returns. As the company navigates the evolving cryptocurrency landscape, its recent capital raises and acquisitions signify a robust commitment to expanding its digital asset portfolio.
