French-listed Capital B confirmed on September 28, 2026, that it acquired 13 bitcoin for €0.97 million, or about $1.10 million, bringing its strategic treasury to 3,538 BTC. The company, formerly known as The Blockchain Group and traded on Euronext Growth Paris, describes itself as Europe’s first Bitcoin treasury company.

The purchase was completed the same day the capital raise closed. Capital B issued 172,978 new ordinary shares at an average price of €5.68, or roughly $6.45, raising €982,872.69, equivalent to approximately $1.12 million. Three TOBAM funds subscribed to the shares: TOBAM Bitcoin Enhanced Fund, TOBAM Bitcoin Alpha Fund and TOBAM Bitcoin Treasury Opportunities Fund.

Equity Financing Through ATM Agreement

The transaction took place under an at-the-market capital-increase agreement with asset manager TOBAM that was renewed on January 26, 2026. The new shares will be admitted to trading on Euronext Growth Paris. Capital B stated that the issuance did not require a prospectus approved by France’s financial regulator.

The average subscription price represented a 3.8 percent premium to the closing share price of the prior session. Under the ATM terms, the price for each subscription request is set as the highest of three benchmarks, with volume limited relative to recent trading activity.

Treasury Metrics and Performance Indicators

Capital B and its subsidiary Capital B Luxembourg SA now hold 3,538 BTC under the Bitcoin treasury strategy. The aggregate acquisition cost stands at €310.6 million, or about $353 million, for an average cost of €87,805 per bitcoin, equivalent to roughly $99,800. The company separately reported a net asset value for the holdings of €259.9 million, or approximately $295 million, based on the prior trading day’s closing price.

BTC Yield measures the percentage change in bitcoin holdings relative to fully diluted shares. Capital B uses the metric internally to track progress on its goal of increasing the amount of bitcoin represented by each fully diluted share over time. The year-to-date calculation was based on 38,467,809 issued common shares and 48,014,921 fully diluted shares.

In addition to the strategic treasury, the company holds 61 bitcoin for operational purposes. Those coins are excluded from the reported treasury indicators.

Custody and Ongoing Strategy

Swissquote Bank Europe executed the latest acquisition and remains Capital B’s sole custodian. The bank uses custody technology from Swiss firm Taurus.

The September 28 purchase continues Capital B’s pattern of smaller, frequent, equity-funded bitcoin additions. Earlier in September the company acquired 376 BTC for roughly €25.3 million and a further 4 BTC for about €0.27 million. The firm has relied on equity offerings rather than debt to fund its accumulation program.

Capital B’s approach aims to expand bitcoin exposure per share for existing holders while operating as a publicly listed issuer subject to French regulatory disclosure requirements.