Capital B Adds 12 BTC for €0.84M, Treasury Reaches 3,550 BTC

Capital B acquired 12 BTC for €0.84 million, lifting the Bitcoin Treasury Company's holdings to 3,550 BTC, the company disclosed on November 10, 2026. The purchase was funded entirely through capital increases completed under the firm's "ATM" agreement with TOBAM, which raised €0.87 million at an average rounded price of €5.90 per share.

The capital raise generated exactly €868,845.83, including share premium, through the issuance of 147,176 new ordinary shares. The disclosure aggregated TOBAM subscription requests submitted between September 28 and November 4, 2026, with three TOBAM vehicles participating: the Bitcoin Enhanced Fund took 47,723 shares, the Bitcoin Alpha Fund 81,304, and the Bitcoin Treasury Opportunities Fund 18,149.

What does the pricing mechanism change for shareholders?

The €5.90 average subscription price represented a 3.55% premium to the closing share price on the trading day preceding the release. That premium is not incidental. Under the ATM agreement renewed on January 26, 2026, each subscription price must clear the highest of three reference levels: the prior trading day's closing price, a company-defined euro "mNAV" equivalent, and the applicable shareholder-approved floor. Volume is also constrained — requested shares cannot exceed 21% of trading volume on the request date or the preceding trading day.

Chief executive authority for the issuance derived from a delegation under the shareholders' resolution approved on June 17, 2026. The shares were issued without existing holders' preferential subscription rights and required no AMF-approved prospectus. The new shares will be admitted to trading on Euronext Growth Paris.

Treasury position and custody

Capital B and its subsidiary Capital B Luxembourg SA now hold 3,550 BTC at an aggregate acquisition cost of €311,496,841 — roughly €87,746 per bitcoin, or about €8,150 per unit more than the reported net asset value implies on a per-coin basis. The company separately reported the holdings' net asset value as €237,567,811, calculated using Bitcoin's closing price on the trading day before the release. The gap between cost basis and mark-to-market valuation — approximately €74 million — remains the operative measure of the strategy's underwater position.

Swissquote Bank Europe SA, a MiCA-authorized crypto-asset service provider, executed the acquisition and serves as sole custodian, holding the assets using technology from Taurus. Capital B additionally holds 61 BTC for operational needs, segregated from the treasury reserve and excluded from published strategy indicators.

BTC Yield metrics

Year-to-date, Capital B reported a BTC Yield of 2.23%, a BTC Gain of 63.0 BTC, and a BTC € Gain of €4.2 million. Quarter-to-date figures stood at 0.03%, 1.2 BTC, and €77,075 respectively.

These indicators track Bitcoin holdings per fully diluted share rather than shareholder returns. The company used 48,162,097 fully diluted shares — including an indicative reserve of 490,000 potential additional shares — and reported 7,370.9 satoshis per fully diluted share. Capital B states plainly that BTC Yield does not measure shareholder investment performance.

Dilution overhang

The capital structure carries substantial potential dilution. Outstanding Bitcoin-denominated convertible bonds represent 821 BTC of debt and 8,873,036 shares issuable on conversion, with holders including Blockstream Capital Partners, TOBAM, Moonlight Capital, and Adam Back. The six bond series carry 0% coupons and 30% premiums, maturing across June, July, and August 2030.

Eight outstanding warrant series add another 32,714,689 potential shares, with an aggregate potential exercise amount of €320,382,456. The current capital table shows 38,614,985 ordinary shares and 47,672,097 shares on the stated diluted basis — a count that includes convertible bonds and 184,076 granted but unvested free shares, but excludes future warrant exercises and unissued amounts under the authorized €300 million TOBAM capital increases.

Practitioners should watch two dates: the 2030 convertible maturities, when 821 BTC of Bitcoin-denominated debt comes due, and the remaining capacity under the €300 million authorized TOBAM program, which will determine the pace of further issuance-funded acquisitions.