Capital B’s purchase of 12 $BTC for €0.84 million brought its treasury holdings to 3,550 $BTC, the company said on November 10, 2026. The purchase was funded with proceeds from capital increases completed under its “ATM” agreement with TOBAM, which raised €0.87 million at an average rounded price of €5.90 per share.
Key takeaways
- Capital B issued 147,176 ordinary shares through its TOBAM funding program.
- The aggregate acquisition cost of the Bitcoin treasury reached €311.5 million.
- Year-to-date $BTC Yield stood at 2.23%.
- Swissquote Bank Europe SA remains the company’s sole custodian of $BTC.
Capital increases completed under the TOBAM agreement
The capital increase raised exactly €868,845.83, including share premium, through the issue of 147,176 new ordinary shares. The disclosure consolidated TOBAM subscription requests made between September 28 and November 4, 2026.
The average rounded subscription price of €5.90 per share was a 3.55% premium to the closing share price on the previous trading day. TOBAM Bitcoin Enhanced Fund subscribed for 47,723 shares, TOBAM Bitcoin Alpha Fund for 81,304, and TOBAM Bitcoin Treasury Opportunities Fund for 18,149.
The chief executive exercised authority delegated under the shareholders’ resolution approved on June 17, 2026. The shares were issued without preferential subscription rights for existing shareholders, and the transaction did not require a prospectus approved by the AMF. The new shares will be admitted to trading on Euronext Growth Paris.
Under the ATM agreement renewed on January 26, 2026, each subscription price is based on the highest of three reference levels: the previous trading day’s closing price, a company-defined euro “mNAV” equivalent, and the applicable shareholder-approved floor. The number of shares requested cannot exceed 21% of trading volume on the request date or the previous trading day.
Capital B’s Bitcoin acquisition grows its treasury holdings
Following the purchase, Capital B and its subsidiary Capital B Luxembourg SA held 3,550 $BTC under the Bitcoin Treasury Company strategy. Their aggregate acquisition cost was €311,496,841, or approximately €311.5 million, at an average cost of €87,746 per bitcoin.
The acquisition cost is separate from the holdings’ reported net asset value of €237,567,811. The company calculates this value using Bitcoin’s closing price on the trading day before its release.
Swissquote Bank Europe SA, a MiCA-authorized crypto-asset service provider, carried out Capital B’s Bitcoin purchase and holds the assets using technology from Taurus. It is the company’s sole $BTC custodian.
Capital B separately reported 61 $BTC held for operational purposes. These coins are segregated from the treasury reserve and are not included in the published strategy indicators.
$BTC Yield tracks Bitcoin per fully diluted share
Capital B reported a year-to-date $BTC Yield of 2.23%, $BTC Gain of 63.0 $BTC, and $BTC € Gain of €4.2 million. Its quarter-to-date figures were 0.03%, 1.2 $BTC and €77,075, respectively.
The Bitcoin Treasury Company strategy aims to increase Bitcoin holdings per fully diluted share over time. $BTC Yield measures the percentage change in that ratio. $BTC Gain is calculated by multiplying the opening Bitcoin balance by $BTC Yield; $BTC € Gain converts that amount using Bitcoin’s closing price on the previous trading day.
For these calculations, Capital B used 48,162,097 fully diluted shares, including an indicative reserve of 490,000 potential additional shares. The company reported 7,370.9 satoshis per fully diluted share.
The company says these indicators are supplemental metrics for its strategy, not measures of operations, financial performance or liquidity. $BTC Yield does not measure returns on shareholder investments.
Convertible bonds and warrants add potential shares
Capital B’s outstanding Bitcoin-denominated convertible bonds represented 821 $BTC of debt and 8,873,036 shares issuable upon conversion. The bondholders included Blockstream Capital Partners, TOBAM, Moonlight Capital and Adam Back.
The six bond series have 0% coupons and 30% premiums, and mature in June, July and August 2030. Separately, eight outstanding warrant series represented 32,714,689 potential shares, with a total potential exercise amount of €320,382,456.
The capital-distribution table listed 38,614,985 ordinary shares and 47,672,097 shares on its stated diluted basis. The diluted count includes convertible bonds and 184,076 granted but unvested free shares, but excludes future warrant exercises and unissued amounts under the authorized €300 million TOBAM capital increases.
Article produced with the assistance of artificial intelligence and reviewed by the editorial team.
Source: en.cryptonomist.ch. Adapted by NBTC.
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