Capital B Adds 12 BTC, Lifting Treasury to 3,550 Coins

Capital B said in its company research that it bought 12 Bitcoin for €840,000 on November 10, 2026, lifting its treasury to 3,550 BTC. The Paris-listed company paid an average of €70,295 per coin and funded the entire purchase with equity.

The acquisition came through the final phase of Capital B’s at-the-market share issuance program with TOBAM, issuing 147,176 new ordinary shares at an average of €5.90 each for approximately €870,000. Capital B has now completed the program.

What does this change for shareholders?

For now, the equity window has closed. Any future Bitcoin purchase will need a different funding source or a fresh program. Capital B has not identified either in the disclosure. In practice, the treasury can still grow, but its purchasing engine needs replacing.

Every replacement round brings the same trade-off. New shares can raise cash, but they dilute existing shareholders. The proceeds then buy Bitcoin, increasing the assets held by the company. Shareholders therefore receive more exposure to a larger treasury only after accepting a smaller proportional claim on the company.

The 12-coin transaction fits the end of a program rather than the start of a larger accumulation push. Its size is consistent with the final tranche of an at-the-market issuance. Capital B, previously known as The Blockchain Group, now has an established Bitcoin treasury but no completed TOBAM issuance channel left to draw on.

Capital B’s treasury stands at 3,550 BTC. Cumulative spending is €311.5 million. That works out to an average acquisition cost of €87,746 per Bitcoin, well above the €70,295 average paid for the latest 12 coins.

The lower purchase price gives the company a better entry point than its historical average. It also leaves the treasury directly exposed to Bitcoin’s price swings because the recorded cost base remains high. The reported acquisition figures describe what Capital B paid; they do not state a total valuation for the holdings.

Management also updated two treasury metrics. It 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 the company valued at €4.2 million. Both are company-reported measures tied to the treasury strategy.

The reported gain does not remove the funding constraint created by the completed TOBAM program. New capital must still arrive through another issuance or funding route before Capital B can turn it into more Bitcoin.

Capital B launched its Bitcoin Treasury Company strategy in November 2024. It has since built the 3,550-coin position with capital raised in public markets. The operating model is straightforward: issue shares, collect euros, convert the proceeds into Bitcoin, and report the treasury’s performance.

The company trades on Euronext Growth Paris under the ticker ALCPB. Its latest purchase added little to the €311.5 million already deployed. Future accumulation will therefore be easier to judge by what funding replaces TOBAM and how much dilution accompanies it, rather than by the size of the last tranche alone.

For shareholders, the change is narrower. The completed program removes a known source of euros, while the lower purchase price improves the cost of the most recent addition. Until Capital B discloses a replacement issuance program or another funding route, its next purchase cycle has no identified funding mechanism.