Capital B buys 5 Bitcoin, holdings rise to 3,145 BTC

Capital B purchased another five Bitcoin for €280,000, lifting its strategic Bitcoin treasury to 3,145 $BTC as the Euronext Growth Paris-listed company continued using equity issuance to fund its accumulation strategy.

The Aug. 17 release shows the latest Bitcoin was acquired at an average €55,882 each. Capital B now reports a total acquisition cost of €284.2 million, or €90,352 per $BTC.

Capital B raises Bitcoin treasury to 3,145 $BTC

The purchase followed €301,460.25 of capital increases completed through Capital B’s ATM-type agreement with French asset manager TOBAM. The company issued 647,110 ordinary shares at an average rounded price of €0.47 between July 27 and Aug. 7.

That issuance price represented a 3.52% premium to Capital B’s Aug. 14 closing price. Euronext shows the stock closed Friday at €0.454, down 2.72% for the session.

The company’s latest five-$BTC acquisition follows a much larger accumulation earlier this year. As crypto.news previously reported,the company deployed newly raised capital to purchase 192 $BTC in May, taking holdings to 3,135 $BTC at the time.

Bitcoin reserve remains well below its acquisition cost

The firm reported a €170.9 million net asset value for its 3,145-$BTC strategic reserve, compared with the €284.2 million acquisition cost. That leaves the company-calculated $BTC value about €113.3 million below cost at the reference price used in Monday’s disclosure.

The company calculates this figure using Bitcoin’s closing price on the trading day before each press release. It is therefore a snapshot of the Bitcoin reserve rather than the net asset value of the entire company.

Capital B also disclosed another 61 $BTC held for operational purposes. Those coins are segregated from the treasury reserve and excluded from its published Bitcoin strategy performance indicators.

Capital B reports 2.14% $BTC Yield

The company reported a year-to-date “$BTC Yield” of 2.14%, alongside a $BTC Gain of 60.3 $BTC and a $BTC € Gain of about €3.28 million. Quarter-to-date $BTC Yield stood at 0.28%. Its $BTC per fully diluted share remained at 736.4 satoshis, unchanged from Aug. 3.

Those figures require a caveat. Capital B states that “$BTC Yield” is not equivalent to yield in the traditional financial context and does not measure investment returns, operating income or returns generated by its Bitcoin holdings. The metric instead tracks changes in Bitcoin held per fully diluted share.

Blockstream completes OCA B-01 conversion

The company also confirmed that Blockstream Capital Partners completed the conversion of 14,195,352 OCA B-01 instruments into 28,687,362 ordinary shares at a rounded conversion price of €0.495. No OCA B-01 instruments now remain outstanding.

Following the transaction, Blockstream Capital Partners holds 71.8 million ordinary shares, representing 21.74% of Capital B’s issued capital. Its stake is 35.63% on the company’s stated fully diluted basis.

The conversion comes after shareholders approved more than €100 billion in financing capacity in June to support further Bitcoin treasury expansion. Capital B says its longer-term strategy is focused on raising Bitcoin per fully diluted share rather than merely increasing its absolute $BTC balance.

In addition, Capital B’s continued accumulation contrasts with the recent actions of Strategy, the world’s largest corporate Bitcoin holder.

Strategy sold a combined 3,328 $BTC across two weeks ending Aug. 9, raising about $213.3 million. The company used proceeds for preferred-stock dividends and STRC share repurchases rather than abandoning its broader Bitcoin treasury strategy.

As crypto.news reported, Strategy recently sold $108.6 million of Bitcoin to fund STRC repurchases, showing how some treasury companies are beginning to use Bitcoin more actively in capital management.

Meanwhile, Capital B retains broad financing authority for additional Bitcoin purchases. Its June shareholder vote authorized up to €5 billion in capital increases and €100 billion in credit instruments, although authorization does not mean those amounts will necessarily be issued.

The next treasury disclosures will show whether new financing can increase Bitcoin per diluted share while the market value of the existing reserve remains below its historical acquisition cost.