Capital B adds 376 BTC after €30.1 million equity raise

Capital B said on September 7 that it bought 376 bitcoin for €25.3 million after completing two equity raises totaling about €30.1 million. The Euronext Growth Paris-listed company reported that the purchase lifted the bitcoin held under its treasury strategy to 3,521 BTC.

The announcement matters because it shows both sides of an equity-funded bitcoin treasury. Capital B obtained more bitcoin at a price below its existing average cost, but it also issued new shares and attached a large package of warrants that could expand the share count. The result cannot be judged from the bitcoin total alone.

Coinburn is publishing this as retrospective coverage of a September 7 event. Figures below describe the company’s disclosure available by the September 8 assignment date, not its current balance sheet.

How the purchase was financed

Capital B reported €1.44 million of completed share sales under an at-the-market arrangement with TOBAM and €28.7 million from private placements. The private placements issued 49,400,100 shares, with four warrants attached to each share, at €0.58 per share-and-warrant unit. Those counts were stated before a 10-for-1 reverse split scheduled for September 8; the company said the warrant exercise ratios and prices would be adjusted for that consolidation.

The warrants were divided among three tranches with five-year maturities. Capital B calculated that exercise of all 197,600,400 pre-split warrants would bring in €185.3 million. That is a conditional maximum, not cash already raised. Exercise depends on holders paying the applicable prices, and the company described circumstances in which it could accelerate exercise periods.

This distinction is central for shareholders. Equity financing can increase the company’s bitcoin holdings without adding conventional debt, but new shares dilute existing ownership. Warrants add potential future dilution while supplying capital only if they are exercised. Neither the bitcoin purchase nor the headline fundraising amount establishes an improvement in value per share.

A lower purchase price, but a cost gap remained

The company reported an average price of €67,182 for the new 376 BTC. Its strategic reserve’s average acquisition cost fell to €87,878 per bitcoin from €90,352 after its August 17 purchase. Total acquisition cost stood at €309.4 million.

Capital B also reported a €240.8 million net asset value for the 3,521-BTC reserve. Under the company’s stated method, that snapshot used bitcoin’s closing price on the trading day before the September 7 release. The €68.6 million difference from aggregate acquisition cost is a Coinburn calculation from those two company figures. It is not a realized loss, an audited valuation or a current market measurement; bitcoin trades continuously and the disclosure did not identify the venue used for that closing price.

Separately, the company said it held another 61 BTC for operational needs, segregated from the strategic reserve and excluded from its treasury performance indicators. CoinDesk and Cointelegraph independently reported the 376-BTC purchase and the resulting 3,521-BTC treasury on September 7, but neither report independently verified wallet ownership or custody balances.

What “BTC Yield” does not show

Capital B reported a 2.17% year-to-date “BTC Yield” through September 7. That company-defined indicator measures the change in bitcoin per fully diluted share, not investment income, cash yield, total shareholder return or profit. Its denominator includes outstanding shares and several potential-share categories selected by the company, so the result depends on its dilution assumptions.

Capital B said Swissquote Bank Europe executed the acquisition and was entrusted with custody through Taurus technology. The reviewed record did not include wallet addresses, trade confirmations or an independent reserve attestation. The verified conclusion is therefore narrower: Capital B announced an equity-financed 376-BTC addition on September 7, while the same financing structure created dilution and warrant exposure that the bitcoin total by itself does not capture.