Capital B buys 192 BTC for €13 million, lifting holdings to 3,135 bitcoin

Paris-listed Capital B said it has acquired 192 bitcoin for about €13 million, taking its total holdings to 3,135 BTC and placing it among Europe's largest publicly listed corporate holders. The company said the purchase was funded through three financing transactions totaling €17.15 million: an €850,000 ATM facility with TOBAM, a €1.1 million warrant issuance subscribed by Blockstream CEO Adam Back, and a €15.2 million private placement with institutional investors. The average price paid for the 192 BTC was €67,866 per bitcoin. Capital B disclosed that its cumulative purchase cost for the 3,135 BTC position is approximately €283.6 million, implying an average acquisition cost of about €90,451 per bitcoin. The transaction was executed via Swissquote Bank Europe SA, with custody provided by Swiss firm Taurus. The private placement includes three tranches of warrants, each with a five-year term. Exercise prices are set at €0.86, €1.12 and €1.46, with each successive tranche priced 30% above the prior one. If all warrants are exercised in full, the company expects to raise an additional roughly €99.1 million. Maxim Group LLC is acting as lead underwriter, with Marex S.A. as co-manager. Capital B said it tracks an internal metric, "BTC Yield," which measures the increase in bitcoin per fully diluted share to assess the effectiveness of its treasury strategy. Year to date, BTC Yield stands at 1.82%, equivalent to a gain of 51.3 BTC and a Bitcoin-euro return of €3.5 million. Since the start of the second quarter, the figures are 1.09%, 31.4 BTC and €2.1 million. Following the transaction, the company said Adam Back holds 13.37% of common shares, or 10.00% on a fully diluted basis. Blockstream Capital Partners holds 14.36% of common shares, or 35.90% on a diluted basis, reflecting its ownership of a significant number of warrants. TOBAM holds 4.52% of common shares. Capital B trades on Euronext Growth Paris under ALCPB and in the U.S. over-the-counter market under CPTLF. The company said the core aim of its bitcoin treasury strategy is to continually increase bitcoin per fully diluted share. Capital B, formerly The Blockchain Group, is among the early France-listed companies to make a bitcoin treasury strategy a central pillar.