Capital B has purchased 376 bitcoin for approximately $29 million following the completion of capital raises totaling nearly $34.5 million, increasing its strategic bitcoin holdings to 3,521 BTC. The transaction, announced on September 7, marks the company's largest single bitcoin acquisition since June 2025.

The bitcoin was acquired at an average price of about $77,000 per coin using proceeds from recently finalized financing operations. Capital B's strategic reserve now carries an aggregate acquisition cost of roughly $354.5 million, equivalent to an average purchase price of approximately $100,700 per bitcoin.

Funding Through Private Placements and ATM Agreement

The company completed about $32.9 million in private placements of shares carrying subscription warrants, with participation from global institutional investors including Adam Back and asset manager TOBAM. Each share-and-warrant unit was priced at roughly $0.66. The financing consisted of two placements: one on August 28 for approximately $24.1 million involving 36.22 million shares, and a second on September 2 in which Back subscribed for 13.18 million shares for about $8.8 million.

In addition, Capital B completed a $1.65 million capital increase under its existing ATM-type agreement with TOBAM. The firm issued 2.8 million ordinary shares at an average subscription price of around $0.58, with three TOBAM funds participating. Completion of the raises left Adam Back holding 67.49 million Capital B shares, or 17.64% of outstanding ordinary capital. Blockstream Capital Partners holds 18.77% on an ordinary basis, while TOBAM holds 3.16%.

Swissquote Bank Europe executed the bitcoin purchase. Custody of the assets was provided through technology from Swiss digital asset infrastructure firm Taurus.

Holdings Growth and Performance Metrics

Prior to the latest acquisition, Capital B's strategic bitcoin holdings stood at 3,145 BTC as of mid-August. The company had earlier increased its reserve from 2,828 BTC in February to 3,139 BTC by June through a series of purchases, including a 624 BTC acquisition in June 2025. Buying activity had slowed in the intervening months, with only small additions in early August.

Beyond the 3,521 BTC held under its treasury strategy, Capital B maintains a separate 61 BTC reserved for operational needs. These coins are segregated from the strategic reserve and excluded from treasury performance indicators.

Capital B reported a year-to-date BTC Yield of 2.17%, up from 2.14% on August 17 and 1.85% on June 1. Bitcoin per fully diluted share stood at 736.6 satoshis. The company recorded a year-to-date BTC Gain of 61.3 BTC and a BTC euro Gain of roughly $4.8 million. For the current quarter, BTC Yield reached 0.31%, with a BTC Gain of 9.9 BTC.

The firm defines BTC Yield as the percentage change in the ratio of strategic bitcoin holdings to fully diluted shares over a given period. It notes that these metrics are supplemental treasury indicators and are not equivalent to traditional financial yields or measures of shareholder returns.

Upcoming Reverse Stock Split

The capital raises were completed one day before a scheduled 10-for-1 reverse stock split takes effect on September 8. Under the consolidation, every 10 existing shares will become one new share, with corresponding adjustments to outstanding convertible bonds and warrants.

For the warrant tranches attached to the recent private placements, each warrant will entitle its holder to one-tenth of a post-split share. Adjusted exercise prices for one consolidated share will be approximately $8.60 for one tranche, $11.20 for another, and $14.55 for the third, each with a five-year maturity. Capital B retains the ability to trigger an accelerated exercise period under specified share-price conditions.

If all approximately 197.6 million warrants issued through the completed private placements were exercised under pre-consolidation terms, the company would receive about $212 million in additional capital.

Earlier this year, Capital B shareholders approved substantial financing authority, including up to $114.6 billion in debt capacity and as much as $5.7 billion in capital increases, with resolutions receiving more than 95% support from votes cast.