Capital B Bitcoin Buy Hits 376 BTC for €25.3 Million

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The company announced the purchase from Puteaux at 08:00 CET on 7 September 2026. It was the largest Capital B Bitcoin buy since September 2025. Yet the stock barely moved.

Inside the Latest Capital B Bitcoin Purchase

The firm paid an average of €67,182 per coin for this tranche. That price sits well below its blended book cost of €87,878. So the group added coins while bitcoin traded near $79,500.

Swissquote Bank Europe executed the buy, as it has before. The bank also custodies the coins using Taurus technology. Because of that setup, the holdings stay custodial. Capital B did not publish any wallet addresses for the tranche.

Capital B and its Luxembourg subsidiary now hold 3,521 BTC together. According to the company, the reserve carries an acquisition value of €309.4 million. Meanwhile the mark-to-market value of that stash sat at €240.8 million on the report date.

How the Company Funded the Buy

This tranche came entirely from fresh equity, not debt. The firm raised roughly €30.1 million across two channels. It then deployed €25.3 million into bitcoin.

First, an at-the-market program with TOBAM raised about €1.44 million. It sold 2,799,200 shares at €0.51. Next, a private placement of shares and warrants brought in €28.7 million. That placement drew in Adam Back and TOBAM, while Maxim Group acted as sole placement agent.

Notably, no separate AMF prospectus was needed for the at-the-market program. As a result, the company moved from raise to purchase within days.

What BTC Yield Actually Means

Capital B reported a BTC Yield of 2.17% year to date. Importantly, this figure is not interest, staking, or price return. Instead, it tracks how much bitcoin per fully diluted share has grown since January.

The company also warns that BTC Yield is not a GAAP metric. Alongside it, the firm posted a BTC Gain of 61.3 BTC for the year. It also logged a BTC € Gain of €4.2 million.

Here is the catch for holders. Sats per fully diluted share rose only slightly, from 736.4 in mid-August to 736.6 now. So the buy grew the coin count much faster than it grew bitcoin per share.

Why the Capital B Bitcoin Stock Did Not Rally

The muted move tells a clear story. The company issued equity near its bitcoin net asset value, rather than at a fat premium. Therefore each new share bought only a little extra bitcoin per existing share.

The tape backed that up. Shares traded around €0.51 through the morning. Boursier logged a print of €0.504, down 1.56%. In short, the market treated the deal as routine deployment, not a new premium regime.

The gap runs deeper on basic shares. Its 382.5 million ordinary shares are worth about €195 million at €0.51. So the stock trades under the roughly €241 million bitcoin NAV.

A 1-for-10 reverse split then took effect on 8 September. That change is cosmetic for the share price. It does not alter the underlying economics.

The “Europe’s MicroStrategy” Debate

Capital B still leans on its “Europe’s MicroStrategy” framing. Deputy CEO Alexandre Laizet has used the line before. The company also remains the first EU-listed vehicle of its kind. Even so, the scale gap is large.

Strategy, the U.S. firm led by Michael Saylor, holds hundreds of thousands of coins. By contrast, Capital B holds 3,521. Adam Back and Blockstream Capital Partners remain the strategic anchors. After the raise, they hold ordinary stakes of 17.64% and 18.77%.

Coverage split on one detail. The Block called this the largest buy since a 551 BTC purchase in September 2025. Meanwhile crypto.news framed it against a 624 BTC buy from June 2025. Either way, the deal stands out against a quiet prior month of just 6 BTC.

How the Treasury Grew to This Point

The strategy itself is fairly young. Capital B adopted its Bitcoin Treasury Company plan in November 2024. It then rebranded from The Blockchain Group in July 2025.

The reserve has climbed steadily since. Holdings stood near 2,823 BTC last November. They reached 3,139 BTC by June, then 3,145 BTC in mid-August. Now they sit at 3,521 BTC after this buy.

What Comes Next for Capital B

Several questions stay open. The company did not say whether any cash remains undeployed from the raise. It also left its current operational bitcoin stack unstated in this release.

The bigger swing factor is warrants. If holders exercise them in full, they could add up to €185 million in fresh capital. That would also bring more dilution.

For now, the Capital B Bitcoin strategy keeps adding coins at a steady clip. Traders will watch the next raise and the warrant math. They will also track the bitcoin-backed credit product the firm flagged earlier. This article is not financial advice.