Capital B Adds 12 Bitcoin, Completing TOBAM Equity Program at 3,550 BTC

Capital B added 12 Bitcoin to its corporate treasury this week, bringing its total holdings to 3,550 BTC — and, in the process, exhausted the funding program that paid for them. The Paris-listed firm disclosed that its at-the-market equity facility with TOBAM, the asset manager that has anchored its Bitcoin accumulation strategy since late 2024, is now fully complete.

The numbers behind the purchase are small but precise. Capital B issued 147,176 new ordinary shares at an average price of €5.90 each, raising approximately €0.87 million. The company converted all of it into Bitcoin, buying its latest batch at €70,295 per coin. That is well below the firm's overall average cost, and it signals something quietly important: the easy funding route is gone. Any future purchases will need a fresh program or a different source of capital altogether.

What does the treasury look like now?

Capital B's cumulative spend on its 3,550 BTC stands at €311.5 million, according to the company's own disclosures. That works out to an average acquisition cost of €87,746 per Bitcoin. The company trades on Euronext Growth Paris under the ticker ALCPB.

The firm also refreshed its performance metrics alongside the purchase:

• Year-to-date BTC Yield of 2.23%, up from 2.20% as of September 28
• A BTC Gain of 63 BTC, which the company values at €4.2 million
• Both figures are company-reported measures tied directly to the treasury strategy

The yield metric matters here because it is how Capital B frames shareholder value. Rather than reporting earnings per share, the company measures how much Bitcoin its equity base captures over time. A rising yield means each share is backed by more BTC, even as dilution increases the share count.

How did Capital B get here?

The company was previously known as The Blockchain Group. It launched its Bitcoin Treasury Company strategy in November 2024 and has since built its 3,550 BTC position using capital raised in public markets.

The model is simple and unapologetic. Capital B issues shares, collects euros, and converts those euros into Bitcoin. It does not hedge. It does not trade around the position. The treasury is the business.

What changes for shareholders?

For existing holders, every ATM round carries the same trade-off. New shares dilute their ownership stake, but the proceeds add Bitcoin to the corporate balance sheet. This round was light — €0.87 million spread across 147,176 shares — consistent with a program running its final tranche rather than a strategic acceleration.

The exposure cuts both ways. A treasury built at an average cost of €87,746 per coin is fully exposed to Bitcoin's price swings, with no buffer between the balance sheet and the market. The latest purchase at €70,295 per coin came in well below that average, which flatters the blended cost — but the aggregate position remains a leveraged bet on a single asset, funded entirely by equity issuance.

With the TOBAM program finished, the immediate question for investors is operational, not philosophical: how does Capital B intend to keep funding purchases? A fresh ATM facility, a private placement, or some new structure — each path carries different dilution math.

For now, the ledger reads 3,550 BTC, €311.5 million spent, and a year-to-date BTC Yield of 2.23%. The next disclosure that matters is the one revealing the company's next funding vehicle.