Capital B, a French-listed company, acquired 4 BTC on September 14 for €270,000. This purchase brings the firm's total strategic Bitcoin holdings to 3,525 BTC, with an aggregate cost basis of €309.7 million. The company is now 80 BTC away from matching the holdings of Germany's Bitcoin Group SE, which possesses 3,605 BTC.
The company recently executed a larger acquisition on September 7, purchasing 376 BTC for €25.3 million. This transaction marked the firm's largest single purchase in 2026. Capital B reports an average cost of €87,854 per BTC across its entire treasury. Additionally, the firm maintains 61 BTC in operational holdings, which are excluded from its strategic reserve calculations.
To finance these acquisitions, Capital B raised approximately €30.1 million through equity issuances rather than debt. Adam Back, CEO of Blockstream, holds a 17.64% stake in the company. The firm, formerly known as The Blockchain Group, rebranded in July 2025 and trades under the tickers ALCPB on Euronext Growth Paris and CPTLF in the US.
The company tracks its performance using a BTC Yield metric, which stands at 2.19% year-to-date. This represents a gain of 61.9 BTC, or €4.2 million. By relying on equity financing, the firm avoids debt obligations, margin calls, and interest payments, though this strategy results in shareholder dilution.
