On September 28, 2026, Capital B announced that it had completed a capital increase of approximately €0.98 million under its “ATM” program with TOBAM. The funds were used to acquire 13 bitcoins for €0.97 million. This transaction brings the reserve accumulated under its bitcoin treasury strategy to 3,538 BTC. The company also reports a “BTC Yield” of 2.20% year to date, a specific metric whose scope differs from that of a conventional financial return.
Capital B, a company listed on Euronext Growth Paris and described as a Bitcoin Treasury Company, is continuing its bitcoin accumulation strategy. The purchase tranche announced on September 28 represents 13 BTC, acquired at an average unit cost of €74,364, for a total expenditure of around €0.97 million.
Following this transaction, Capital B and its subsidiary Capital B Luxembourg hold a combined 3,538 BTC as part of this strategy. The declared total acquisition value for this reserve is approximately €310.65 million, equivalent to a historical average cost of €87,805 per bitcoin. This average amount corresponds to the average purchase cost of the bitcoins included in the relevant treasury reserve.
The company separately states that it holds 61 BTC for its operational needs. These are not included in the key metrics published for its bitcoin treasury strategy. It is therefore important to distinguish the strategic reserve of 3,538 BTC from the bitcoins held for the group’s day-to-day operations.
An acquisition funded by a capital increase with TOBAM
The bitcoin purchase was funded by a capital increase carried out under the “ATM”-type agreement entered into with TOBAM. In total, Capital B issued 172,978 new shares at an average price rounded to €5.68 per share. The gross amount of the transaction, including the share premium, was €982,872.69.
The subscriptions grouped together for this transaction were made between September 14 and 22, 2026. Three funds associated with TOBAM took part in the issuance: TOBAM Bitcoin Enhanced Fund, TOBAM Bitcoin Alpha Fund and TOBAM Bitcoin Treasury Opportunities Fund. The funds raised were then allocated to the acquisition of the 13 BTC announced by the company.
According to the information provided, the average subscription price of €5.68 represents a premium of 3.8% over the closing price on the trading session preceding the announcement. The share subscription price is determined according to the terms set out in the program, which take into account, among other things, market benchmarks and a mechanism linked to the value of bitcoins per share. The company states that an application has been made to admit the new shares to trading on Euronext Growth Paris.
This transaction increases the resources available for the bitcoin strategy while also increasing the number of shares outstanding. The impact on shareholders therefore depends on both the change in the BTC reserve and the change in diluted capital. Investors can also follow the broader context of digital asset trading, including recent trends in cryptocurrency trading and volumes observed on platforms.
A bitcoin reserve tracked through several metrics
Capital B publishes various metrics to report on the progress of its treasury strategy. Since the start of 2026, the group has reported a BTC Yield of 2.20%, a BTC Gain of 62.1 BTC and a BTC € Gain of approximately €4.6 million. For the current quarter, the figures announced are 0.34%, 10.8 BTC and approximately €0.8 million, respectively.
According to the definition used by Capital B, BTC Yield measures the change in the ratio between the number of bitcoins held and the number of shares calculated on a fully diluted basis. BTC Gain is an estimate of the number of bitcoins associated with this change over a given period. BTC € Gain converts the latter metric into euros using a bitcoin reference price.
These are company-specific metrics and should not be confused with the financial return on an investment. They represent neither conventional operating performance, nor income distributed to shareholders, nor a change in the market value of the reserve. The euro amount of BTC Gain also does not represent a measure of the fair value of the bitcoins held.
The company also emphasizes that these metrics, on their own, do not take into account all debts, liabilities or receivables that could affect the value attributable to shareholders. The share price may also move differently from the value of the bitcoins held, trading at a possible discount or premium. Past results for these metrics are not indicative of their future performance.
The impact of diluted capital on the BTC Yield calculation
Capital B uses a fully diluted basis to calculate some of its metrics. This includes outstanding ordinary shares and shares that could result from the conversion of bonds or the vesting of free shares already granted. The company also adds an indicative reserve of 490,000 potential shares to some of its metric calculations to anticipate the possible impact of future issuances or grants.
The group states that its calculation is adjusted to account for transactions actually completed by the publication date, rather than transactions still in progress. However, instruments giving access to equity, including convertible bonds and warrants, may affect the number of shares in the future if they are converted or exercised in accordance with their terms.
This distinction is important when interpreting BTC Yield: the change in the total number of bitcoins alone is not enough to determine the change in the number of bitcoins per diluted share. Security issuances can increase the number of shares included in the calculation, while BTC acquisitions increase the reserve. The metric reflects the ratio between these two changes, according to the methodology chosen by the company.
Bitcoin custody and transaction terms
Capital B states that Swissquote Bank Europe SA executed the bitcoin purchase funded by the capital increase. According to the announcement, the provider is authorized under the European MiCA regulatory framework and also provides custody of the assets using a technology solution developed by Taurus. The company identifies it as the sole custodian of its BTC.
The announcement states that the issuance carried out with TOBAM is not subject to a prospectus requiring approval by the Autorité des marchés financiers. The capital increase falls under the authorizations granted by the shareholders and the board of directors. As with any share issuance, the transaction changes the ownership structure: the relative stake of existing shareholders depends on whether or not they participate in the capital increase and on the total number of shares after the issuance.
Capital B’s strategy is to seek to increase the number of bitcoins per share on a fully diluted basis over time. This approach closely links financing decisions to its BTC acquisition policy. Analysis of the influence of major bitcoin holders and their potential effects on the market can provide additional insight, as discussed in this article on large holders and their role in market movements.
Bitcoin, digital assets and the market outlook
The decision to continue buying comes amid an environment in which bitcoin plays a central role in discussions about corporate treasuries and the evolution of digital markets. However, a publicly listed company’s holding strategy is not the same as an individual’s direct purchase of bitcoins: shareholders own shares in the company, not direct ownership of the digital assets held in its reserve.
The history of bitcoin and its infrastructure also contributes to the interest in this asset. Discussions around the timechain, a term sometimes used to describe the chronological organization of blocks in the Bitcoin chain, highlight the technological evolution that accompanied its development. This milestone is reviewed in this article on the fifteenth anniversary of the timechain.
Uses and tools related to the ecosystem are evolving as well. The potential integration of Bitcoin network-related features into digital wallets illustrates growing interest in interoperability and access to assets. The topic is explored in this analysis of how MetaMask could integrate the Bitcoin blockchain.
Market expectations nevertheless remain uncertain. Several factors—including macroeconomic conditions, liquidity, regulation, investor activity and price movements—can influence the BTC price. Scenarios pointing to a potential rise in the short or medium term are not guarantees, as discussed in this article on the possible turning point for bitcoin and the outlook presented by Matt Houga.
A strategy exposed to bitcoin price fluctuations and financing needs
The market value of a bitcoin reserve fluctuates with the asset’s price. As of the date specified in the announcement, Capital B reported a total value of approximately €259.9 million for the 3,538 strategic BTC, compared with a reported total acquisition cost of €310.65 million. These two amounts are based on different measures: one reflects an estimate at the stated market price, while the other aggregates historical purchase costs.
This comparison alone is not sufficient to assess the company’s overall financial position. It does not summarize its other assets and operations, its liabilities, or future changes in the price of bitcoin. Capital B notes that its ability to continue making acquisitions may depend on its results, expenses, access to financing and debt position.
The group also operates in consulting and development in Data Intelligence, artificial intelligence and decentralized technologies. Its bitcoin treasury strategy is therefore part of a company that combines operating activities with a digital asset holding policy. New acquisitions such as the one on September 28 show how the company combines capital raises with growth in its reserve, while remaining exposed to market risks and the effects of dilution.
