Treasury Strategy Focuses on Volume and Efficiency

Capital B, a publicly traded French company with a dedicated Bitcoin treasury, continues to expand its holdings through capital-market instruments rather than cash reserves alone. The firm reported 3,525 BTC as of September 14, acquired at an average cost of €87,854 each for a total of €309.7 million. This positions it as one of the larger corporate holders on public trackers, recently overtaking Sweden’s H100 Group to reach 25th place overall.

The company’s approach emphasizes buying as much Bitcoin as possible as quickly and efficiently as possible, while prioritizing Bitcoin held per fully diluted share to deliver value to existing shareholders. A September 14 disclosure confirmed a 4 BTC purchase for €270,000, funded via a €249,651 capital increase under an at-the-market agreement with TOBAM. Earlier in September, the firm had already completed raises totaling €28.7 million and acquired 376 BTC for €25.3 million, pushing its year-to-date Bitcoin yield to 2.19 percent with a corresponding 61.9 BTC gain.

Capital B maintains a separate operational reserve of 61 BTC and excludes those holdings from its performance metrics, which focus solely on the core treasury strategy. The firm’s sole Bitcoin custodian is Swissquote Bank Europe, which employs Taurus custody technology for secure storage.

CEO Outlines Aggressive Public-Market Model

During remarks at BTC Prague, Europe’s largest Bitcoin conference, CEO Alexandre Laizet described the company’s philosophy as Bitcoin-maximalist, emphasizing long-term holding over frequent trading. He stated that Capital B intends to pursue purchases in the most accretive manner possible.

Laizet highlighted Bitcoin’s fixed supply as a key advantage in an era when governments, institutions and corporations seek exposure. He pointed to the U.S. government’s strategic reserve policy as an example of assets that should not be sold. Laizet also argued that traditional capital markets remain underutilized for Bitcoin access, noting that global assets total roughly $1 quadrillion while Bitcoin itself represents a tiny fraction of that pool.

He explained the company’s model: “You have the opportunity to issue equity, to tap into that 100 trillion market. You have the opportunity to issue debt, to tap into that 300 trillion market.” This framework allows Capital B to convert stock issuances and warrants directly into additional Bitcoin holdings without relying on operating cash flow.

Recent Financing Drives Further Growth

On August 28, Capital B completed a €21 million private placement with institutional investors, involving 36,219,070 shares each bundled with four warrants. The round was projected to support the purchase of approximately 270 BTC, though actual acquisitions depend on market conditions and exercise rates. Warrants not yet exercised could theoretically generate up to €135.8 million if fully utilized, though this remains contingent.

By September 7, these efforts had resulted in 376 BTC added for €25.3 million, bringing treasury holdings to 3,521 BTC before the final September 14 transaction. The firm continues to evaluate additional equity offerings, warrants and other capital-market tools to sustain its accumulation pace.

Positioning for Continued Expansion

Capital B’s strategy differs from purely cash-funded accumulation by leveraging its public status to tap broader institutional capital flows. The firm views this as an efficient way to scale its Bitcoin treasury while maintaining focus on long-term value creation per share. Recent moves, including the August private placement and September equity increment, demonstrate an active commitment to using financial markets as a direct funding channel for Bitcoin purchases.

The company’s custodian arrangement with Swissquote Bank Europe ensures secure, professional-grade handling of its digital assets, supporting the infrastructure needed for ongoing accumulation. As public disclosure requirements evolve, Capital B will continue to update stakeholders on treasury performance and capital-raise updates.