Capital B brings the treasure to 2,812 BTC: over €314 million in Bitcoin

New purchase and growing allocation: Capital B consolidates its reserve in BTC with 12 new coins, for approximately €1.2 million, executed through a capital increase in collaboration with TOBAM.

The estimated valuation exceeds €314 million and is based on the spot price in euros as of September 29, 2025, as reported in the company’s official statement and in the coverage by specialized press:

Official communication Capital B and Capital B strengthens its position as a European leader in Bitcoin Treasury: new acquisitions and record growth in 2025.

According to the data collected from official statements and market notes, the total position is updated as of 09/29/2025 and reflects the latest purchase tranches completed through ATM mechanisms.

Industry analysts we compared the data with observe that the combined use of ATM and convertibles has reduced the dilutive pressure on shares during 2025.

In internal reports and market comparisons, it is also highlighted how collaboration with specialized funds has facilitated quick executions on small cuts without significantly impacting the spot market.

Key Numbers: What Happened and Why It Matters

In this context, Capital B, a company listed on Euronext Growth Paris, purchased 12 BTC at an average acquisition price of around €93,216 per coin.

The transaction was completed through an “ATM-type” placement, underwritten in partnership with TOBAM, which played a strategic role in the initiative.

• Total BTC held: 2,812 (data updated on 09/29/2025)
• Estimated value: over €314 million (spot price in EUR as of 09/29/2025)
• Average acquisition price: approximately €93,216 per BTC
• Shares issued: 706,000 at €1.70 each
• Collection 2025: over €270 million with low brokerage costs

How it finances purchases: ATM and zero-coupon convertibles

The core of Capital B’s financial strategy is a mix of instruments designed to minimize dilution and preserve cash flexibility.

In particular, the company has initiated an “ATM-type” program, which involves gradual issuance of shares at prices in line with current trading, and has also utilized zero-coupon convertible bonds, which are debt instruments without a coupon with an option for future conversion into shares, thus keeping liquidity intact.

Having said that, this approach allows Capital B to seize market windows, reduce costs, and maintain a steady flow of purchases in BTC, with a leaner operational profile.

Inside the Mechanism: Price, VWAP, and the Role of TOBAM

In the structure of the ATM offering, the established price is the maximum among three benchmarks: the previous closing price, the daily VWAP (volume-weighted average price), and the VWAP calculated over the previous 20 days, discounted by 15%.

In this tranche, TOBAM subscribed to the entire offering: its Bitcoin Enhanced Fund positioned itself as the main buyer. Thanks to this mechanism, Capital B raised approximately €19.7 million without incurring brokerage fees, strengthening funding capacity with operations free from operational frictions.

European Context: Who is Accumulating BTC and What Are the Effects

The rapid expansion of Capital B’s endowment fits into a broader trend, in which several European companies are building strategic reserves in Bitcoin.

The model is inspired by US and Asian experiences, but adapts to European regulations in terms of listing and governance. For more details, see Bitcoin.strategy: the continuous purchase that redefines the crypto market.

In comparison with other industry players, ranging from industrial vehicles to specialized funds in Norway, Germany, and Jersey, differences emerge in capital sources, risk management, and mandate transparency.

It must be said that a critical aspect remains the impact on the liquidity of both the asset and the general market, especially during periods of high BTC volatility.

Accumulation strategy: long-term goal

Capital B continues a strategy of progressive fundraising, using hybrid financial instruments to contain capital dilution.

The stated, ambitious, and long-term goal is to achieve by 2033 a participation equal to 1% of the total supply of Bitcoin, set at 21 million units according to the rules of the Bitcoin protocol; for more information on the BTC supply architecture, see Bitcoin.org.

Performance, methodology, and transparency

The company reports a YTD return of 1,656.1%, calculated based on the mark-to-market performance during 2025.

However, without a prospectus detailing the starting point, composition, weights, and any leverage effect, this percentage cannot be independently verified and should be interpreted with caution, especially considering the intrinsic volatility of the underlying asset and the impact of subsequent issuances on capital.

Recent Purchase History

• September 15, 2025: +48 BTC
• September 22, 2025: +551 BTC
• September 29, 2025: +12 BTC (approximately €1.2 million)

Thanks to these operations, Capital B’s overall position rises to 2,812 BTC, equivalent to approximately 0.013% of the maximum supply of 21 million Bitcoin. In other words, the accumulation trajectory remains consistent with the declared path.

Quick FAQ: How European Companies Accumulate BTC

• What tools do they use? Tools such as structured capital increases (ATM-type), zero-coupon convertible bonds, and dedicated credit lines.
• Why use the ATM? It allows for gradual issuances at market prices, ensuring timing and low costs.
• How is risk managed? Through custody policies, concentration limits, partial hedging, and periodic disclosure.
• Effects for shareholders? Possible dilution in the medium term, offset by a growth strategy focused on the accumulation of BTC.

What to Watch in the Coming Months

The variables to monitor include the speed of collection through ATM and convertible programs, the discipline in purchasing during any market drawdowns, and transparency on custody costs and fees.

Particular attention should be paid to the governance of operational risks and the management of liquidity during peak volatility moments.