Capital B Buys 376 Bitcoin for €25.3 Million, Holdings Reach 3,521 BTC
By CoinAINews Staff
September 7, 2026
French-listed Bitcoin treasury company Capital B has acquired another 376 BTC for €25.3 million, lifting its Bitcoin treasury holdings to 3,521 BTC.
The purchase followed the completion of new capital raises, including a €28.7 million private placement. Capital B said the placement was subscribed by global institutional investors, including strategic investors Adam Back and TOBAM.
The company also reported a 2.17% year-to-date BTC Yield and said its total acquisition cost for the 3,521 BTC held under its Bitcoin Treasury Company strategy stands at about €309.4 million.
Capital B Adds 376 BTC to Its Treasury
Capital B confirmed the Bitcoin purchase in an announcement dated September 7, 2026. The company said it paid €25.3 million for 376 BTC, putting the latest acquisition cost at approximately €67,182 per bitcoin.
Following the transaction, Capital B and its subsidiary Capital B Luxembourg SA hold a combined 3,521 BTC under the company's Bitcoin Treasury Company strategy.
| Metric | Latest figure |
|---|---|
| Bitcoin acquired | 376 BTC |
| Purchase cost | €25.3 million |
| Latest acquisition cost | €67,182 per BTC |
| Total strategic BTC holdings | 3,521 BTC |
| Total acquisition value | €309.4 million |
| Average acquisition cost | €87,878 per BTC |
| BTC Yield, YTD | 2.17% |
€28.7 Million Private Placement Included Adam Back
The latest Bitcoin purchase came alongside fresh financing.
Capital B said it completed a €28.7 million private placement involving shares issued without pre-emptive subscription rights. Each share came with four share subscription warrants, under the company's ABSA structure.
The placement was subscribed by global institutional investors, with Adam Back and TOBAM identified by Capital B as strategic investors.
Capital B also completed a separate €1.44 million capital increase at €0.51 per share under an ATM-style capital increase agreement with TOBAM.
Together, these transactions provided the capital base associated with the latest Bitcoin acquisition.
Adam Back Continues to Increase His Involvement
Adam Back, the Blockstream CEO and long-time Bitcoin advocate, has been an investor in Capital B. The company's September announcement lists him among the strategic investors participating in the latest private placement.
Capital B's financing structure also includes an outstanding Bitcoin-denominated convertible bond held by Adam Back, according to the company's latest disclosure.
The latest transaction therefore adds another institutional and strategic connection to Capital B's growing Bitcoin treasury strategy.
Capital B Now Holds 3,521 BTC
The new purchase increases Capital B's strategic Bitcoin holdings from 3,145 BTC reported on August 17 to 3,521 BTC.
The company said the 3,521 BTC have a total acquisition value of approximately €309.4 million, based on an average acquisition cost of €87,878 per BTC.
Capital B separately disclosed that it currently holds another 61 BTC for operational needs. Those coins are segregated from the Bitcoin reserve used for the company's Bitcoin Treasury Company strategy and are therefore excluded from its published treasury performance indicators.
Capital B Reports a 2.17% BTC Yield
Alongside the acquisition, Capital B reported a BTC Yield of 2.17% year to date and 0.31% for the quarter to date.
The company also reported a year-to-date BTC Gain of 61.3 BTC and a BTC-denominated euro gain of approximately €4.2 million.
These metrics are part of Capital B's own Bitcoin Treasury Company framework. The company says its strategy focuses on increasing the amount of Bitcoin represented by each fully diluted share over time.
Investors should therefore distinguish these company-specific treasury metrics from a conventional investment return on the company's shares.
Why the Purchase Matters for Europe's Bitcoin Treasury Market
Capital B's latest acquisition highlights the continuing expansion of the corporate Bitcoin treasury model in Europe.
Rather than simply holding Bitcoin as a passive corporate asset, treasury companies can use equity financing, private placements and other capital-market instruments to raise funds and increase their BTC holdings.
That approach can increase Bitcoin exposure, but it also creates additional risks for shareholders. New share issuance can dilute existing holders, while Bitcoin's market price remains volatile.
For Capital B, the key question is therefore not simply how many BTC the company owns. Investors also need to consider how those holdings are financed, how quickly the share count changes and whether the amount of Bitcoin per fully diluted share increases over time.
Capital B's Bitcoin Purchase Price Is Below Its Average Cost
The latest 376 BTC were acquired at approximately €67,182 per BTC, while the average acquisition cost across the company's strategic treasury is approximately €87,878 per BTC.
The difference reflects the company's history of accumulating Bitcoin at different market prices over time. A single purchase price should therefore not be interpreted as the average cost of the entire treasury.
Capital B's disclosed acquisition table shows multiple Bitcoin purchases during 2026, including smaller acquisitions in August and larger purchases earlier in the year.
What the New Capital Means for the Bitcoin Strategy
The latest financing gives Capital B additional capital-market capacity while expanding its Bitcoin holdings.
However, the strategy remains directly exposed to Bitcoin's price movements. If Bitcoin falls substantially below the company's average acquisition cost, the value of its treasury can decline even if the company continues to hold the coins.
There is also an equity-market consideration. Because Capital B raises capital through shares and securities carrying warrants or convertible features, investors should monitor changes in both the Bitcoin reserve and the fully diluted share count.
The company's own BTC-per-fully-diluted-share metric is designed to track that relationship.
What Happens Next?
Capital B's latest transaction takes its strategic Bitcoin holdings above 3,500 BTC for the first time, according to the company's September 7 disclosure.
The next focus for investors will be whether Capital B continues raising capital and accumulating Bitcoin, and how future purchases affect BTC per fully diluted share.
The company's future performance will also depend on Bitcoin's market price, financing conditions and the cost of accessing additional capital.
Frequently Asked Questions
How much Bitcoin did Capital B buy?
Capital B bought 376 BTC for approximately €25.3 million, according to its September 7, 2026 announcement.
How much Bitcoin does Capital B hold?
Capital B and its subsidiary Capital B Luxembourg SA hold a combined 3,521 BTC under the company's Bitcoin Treasury Company strategy.
How much did Capital B pay per Bitcoin?
The latest 376 BTC purchase cost approximately €67,182 per BTC. The average acquisition cost across the company's 3,521 BTC treasury is approximately €87,878 per BTC.
Did Adam Back fund the entire €28.7 million placement?
No. Capital B said the €28.7 million private placement was subscribed by global institutional investors, including strategic investors Adam Back and TOBAM. It would therefore be inaccurate to describe the entire placement as being funded solely by Adam Back.
What is Capital B's BTC Yield?
Capital B reported a 2.17% BTC Yield year to date as of September 7, 2026. This is a company-specific treasury metric and should not be treated as the same thing as a shareholder's investment return.
Does Capital B hold any Bitcoin outside its treasury reserve?
Yes. The company said it holds an additional 61 BTC for operational needs. These coins are segregated from the Bitcoin reserve used for its Bitcoin Treasury Company strategy and are excluded from the reported treasury KPIs.
Bottom Line
Capital B has added 376 BTC for €25.3 million, taking its strategic Bitcoin holdings to 3,521 BTC. The purchase followed a €28.7 million private placement subscribed by global institutional investors, including Adam Back and TOBAM, along with a separate €1.44 million capital increase with TOBAM.
The transaction strengthens Capital B's position among Europe's listed Bitcoin treasury companies, but the strategy comes with the usual risks of Bitcoin price volatility, equity dilution and financing conditions.
For investors, the most important metric to watch going forward may be not just the company's total BTC holdings, but whether its Bitcoin per fully diluted share continues to increase as new capital is raised.