Yesterday, Capital B (Euronext Growth Paris: ALCPB) expanded its Bitcoin treasury with the purchase of 551 BTC for €54.7 million, supported by a capital increase fully subscribed by Adam Back (CEO of Blockstream). With this addition, the total allocation rises to 2,800 BTC, strengthening the company’s profile as a publicly traded company with direct exposure to Bitcoin.
The official information is described in corporate communications and financial press coverage and in a market release published by specialized agencies.
According to data collected from the company’s regulated communications and financial information agencies, the transaction was finalized on September 22, 2025, and the two financial tranches were executed within the same time frame. Industry analysts note that the use of enterprise infrastructure for custody, and segregation with a qualified third-party custodian, are established practices to mitigate operational risks in companies with direct exposure to crypto assets.
Summary
Key Data: Quantity, Price, and Value
The new tranche of 551 BTC was executed for a total cost of €54.7 million (≈ $58.5 million at the indicative exchange rate of 1 EUR = 1.07 USD), equivalent to an average price of about €99,300 per BTC (≈ $106,200). At the same time, Capital B indicates a cumulative average price of the treasury of €93,205 per BTC (≈ $99,730), which translates to a total carrying value of approximately €261.0 million (≈ $279.3 million) on the 2,800 BTC. These numbers are updated as of 09/22/2025 and capture the current portfolio setup.
- Total purchased: 551 BTC for €54.7 million (≈ $58.5 million).
- Tranche 1 (capital increase): 21 BTC for €2.1 million (financing through capital increase of €2.2 million subscribed at €2.24/share by Adam Back.
- Tranche 2 (accelerated bookbuild): 530 BTC for €52.6 million (accelerated bookbuild at €1.55/share which raised €58.1 million).
- Average tranche price: ~€99,300/BTC; cumulative average price of the treasury: €93,205/BTC.
Financing and custody: operational structure
The operation was entirely financed on the capital market. The capital increase of €2.2 million (with a subscription price of €2.24 per share) was fully subscribed by Adam Back, allowing the purchase of 21 BTC. In parallel, the accelerated bookbuild raised €58.1 million (at a price of €1.55 per share), covering the purchase of 530 BTC.
The executions were entrusted respectively to Banque Delubac & Cie (for the tranche related to the capital increase subscribed by Back) and to Swissquote Bank Europe SA (for the bookbuild operation). For custody, the Bitcoin assets are held through the enterprise digital infrastructure of Taurus, with segregation at a qualified third-party custodian. The choice of an enterprise infrastructure aims at operational standards consistent with the regulated perimeter and with operational risk control practices.
Why it matters: impact on balance sheet and indicators
With this move, Capital B consolidates a Bitcoin-centric treasury strategy, increasing direct exposure to BTC in a transparent manner and funded by equity. The company reported, for the year 2025, an internal indicator – the “BTC Yield” year-to-date of 1,651.2% and +27.8% quarter-to-date – proprietary metrics intended as internal analysis tools and not to be interpreted as guidance or realized returns. In this context, the indicators remain descriptive of the journey and not substitutes for accounting metrics.
The consistency between the cost of the new tranche (approximately €99,300/BTC) and the cumulative average price (€93,205/BTC) suggests that previous purchases were made at lower average levels, helping to keep the overall cost of the treasury below the valuation of the new execution. Yet, the profile remains sensitive to movements of the underlying; BTC volatility can significantly impact fair value and potential impairment tests in the financial statement notes.
Effects on Shareholding and Dilution
The statement includes conservative estimates for future issuances, including instruments linked to BSA 2025-01 and legal adjustments related to the instruments OCA A-01 and OCA B-01. This results in a fully diluted count increasing from 214,137,385 shares currently issued to 389,824,422 shares, with a theoretical increase of about 175.7 million shares, corresponding to a potential dilution of approximately ~82% compared to the current float. However, the estimates remain tied to the indicated assumptions and the potential exercise or legal adaptation of the instruments.
Context, Governance, and Critical Angle
The direct participation of Adam Back as a subscriber to the capital increase provides strong strategic visibility and fuels the debate on the legitimacy of Bitcoin as a treasury asset for publicly traded companies in Europe. The decision to entrust custody to Taurus and involve regulated intermediaries in executions strengthens the control perimeter and compliance practices adopted by Capital B. In this context, governance and operational implementation appear aligned.
It remains to be assessed how the risk profile associated with BTC will affect accounting metrics – such as impairment and fair value volatility – and capital policy, especially in light of pending dilutive instruments. The operation, however, positions Capital B among the most interesting European models in terms of treasury crypto on regulated markets. That said, the trajectory will also depend on the market context and corporate developments.
Operational Summary
- Bitcoin purchased: 551 BTC for €54.7 million; total holdings: 2,800 BTC.
- Financing: capital increase (€2.2 million) + accelerated bookbuild (€58.1 million).
- Custody: enterprise solution by Taurus with a qualified third-party custodian.
- Internal indicators: BTC Yield YTD 1,651.2%; QTD +27.8% (proprietary metrics).
Next Steps and Regulatory Observation
It is important to follow developments related to BSA 2025-01 and any conversions of the instruments OCA A-01 and OCA B-01, as they could substantially change the number of shares outstanding. Capital B anticipates further corporate communications that will delve into:
- updates on the BTC treasury (further purchases or divestments);
- the status of conversion or exercise of dilutive instruments;
- any changes in the accounting policies related to the valuation and impairment of BTC reserves.
