Capital B adds 12 Bitcoin, lifting its treasury to 3,550 BTC

Capital B has added another 12 Bitcoin to its balance sheet. The Paris-listed company now holds 3,550 BTC.

The purchase, by the numbers

According to the research findings, Capital B made the acquisition on November 10, 2026. It paid €0.84 million for the 12 coins.

That works out to an average of €70,295 per Bitcoin.

The funding came entirely from equity. Capital B issued 147,176 new ordinary shares at an average price of €5.90 each, raising approximately €0.87 million.

Those shares were sold through the last phase of an at-the-market program with TOBAM. With this round, that particular program has now been fully completed. Any future purchases will need a different funding source or a fresh program.

What the treasury looks like now

Capital B’s cumulative spend on its 3,550 BTC stands at €311.5 million. That puts its average acquisition cost at €87,746 per Bitcoin.

The latest batch cost €70,295 per coin, well below the company’s overall average.

The company also updated its performance metrics. Capital B reported a year-to-date BTC Yield of 2.23%, up from 2.20% as of September 28.

It also reported a BTC Gain of 63 BTC, which it valued at €4.2 million. Both figures are company-reported metrics tied to its treasury strategy.

Background: from The Blockchain Group to Capital B

Capital B was previously known as The Blockchain Group. It trades on Euronext Growth Paris under the ticker ALCPB.

The company launched its Bitcoin Treasury Company strategy in November 2024. It has built a position of 3,550 BTC using capital raised in public markets.

The funding model is the defining feature. Capital B issues shares, collects euros, and turns those euros into Bitcoin.

What this means for shareholders and the treasury model

For existing shareholders, every ATM round involves a trade-off. New shares dilute their ownership, but the proceeds buy more Bitcoin for the company.

The small size of this purchase is consistent with a program reaching its final tranche. Raising approximately €0.87 million through 147,176 shares at €5.90 is a light round.

With the TOBAM program now finished, investors will likely watch for how Capital B intends to keep funding purchases.

A treasury built at an average cost of €87,746 per coin is directly exposed to Bitcoin’s price swings. The latest purchase price of €70,295 per coin is well below that average acquisition cost.

For now, the ledger reads 3,550 BTC, €311.5 million spent, and a BTC Yield of 2.23% for the year.