Boosting Shareholder Value: Capital B Expands Bitcoin Treasury via Strategic Equity Raises

Capital B, a publicly traded Bitcoin Treasury Company listed on Euronext Growth Paris, finalized a €1.2 million capital increase on September 29, 2025, under an “ATM-type” agreement with TOBAM. The proceeds enabled the acquisition of 12 additional bitcoins at an average price of €95,935 per BTC, raising the company’s total holdings to 2,812 BTC, valued at €262.1 million at an average cost of €93,216 per bitcoin . The capital increase involved the issuance of 706,000 new shares at €1.70 per share, with TOBAM-led funds accounting for the majority of the subscription. Shareholder preferential rights were waived to facilitate the transaction, which increased the company’s equity per share from €0.74 to €0.75 .

The acquisition marked a significant milestone in Capital B’s Bitcoin accumulation strategy, which has generated a “BTC Yield” of 1,656.1% year-to-date (YTD) and 28.1% quarter-to-date (QTD). This metric reflects the growth in Bitcoin holdings per fully diluted share, calculated by dividing total BTC holdings by outstanding shares. The company’s “BTC Gain” YTD totaled 662.4 BTC, equivalent to €63.6 million in euro terms, while QTD gains reached 502.7 BTC, valued at €48.2 million . These figures underscore the company’s focus on leveraging equity capital to increase Bitcoin per share over time, aligning with its positioning as Europe’s first Bitcoin Treasury Company.

Capital B’s Bitcoin treasury strategy is supported by its subsidiaries in Data Intelligence, AI, and decentralized technology consulting. The company currently ranks as the 28th largest corporate Bitcoin holder globally, with a fully diluted share count of 390.5 million. The recent acquisition expands its treasury to 2,812 BTC, representing a 1.37% increase in holdings since early September. The company’s cost basis for the latest BTC purchase was €95,935, reflecting a 6.6% premium over its average cost of €93,216, highlighting strategic timing in a volatile market .

The transaction’s impact on share capital distribution includes a 5.7% stake for TOBAM, 39.84% for Fulgur Ventures, and 9.58% for Adam Back, the company’s largest individual shareholder. Public and institutional investors now hold 38.07% of the fully diluted capital, down from 66.05% prior to the capital increase . The company emphasized that the fully diluted basis conservatively accounts for potential future share issuances under existing convertible bonds and adjustment measures, ensuring no additional shares are added if these instruments are exercised.

Capital B’s Bitcoin Treasury strategy is designed to capitalize on long-term appreciation in BTC per share while maintaining operational growth through its subsidiaries. The company’s recent acquisition follows a €58.1 million capital raise in early September and a €54.7 million purchase of 551 BTC in late September, which contributed to the YTD BTC Yield surge. With Bitcoin trading at €113,200 as of September 29, the company’s treasury is valued at approximately €318.8 million, a 21.6% premium over its cost basis. This valuation gap suggests potential unrealized gains, though the company cautions that BTC Yield and related metrics do not reflect fair value or investment returns .

The press release highlighted the strategic importance of Bitcoin as a core asset, with the company’s treasury strategy aimed at enhancing shareholder value through compounding BTC per share. Capital B’s approach aligns with broader market trends of institutional adoption, as evidenced by the growing interest in crypto ETFs and regulated investment vehicles. The company’s CEO reiterated that the acquisition reinforces its commitment to a “Bitcoin-first” strategy, with plans to continue expanding holdings while developing operational revenue streams from its AI and data intelligence divisions .