Capital B strengthens its position as the European leader in Bitcoin Treasury: new acquisitions and record growth in 2025

Capital B, the first Bitcoin Treasury Company listed on Euronext Growth Paris, continues to consolidate its Bitcoin accumulation strategy with a series of financial operations that have led to unprecedented growth in its reserves. The group, which controls companies specialized in Data Intelligence, AI, and consulting on decentralized technologies, has announced the completion of significant capital increases, specifically aimed at acquiring new BTC.

Thanks to these operations, Capital B has brought its total reserves to 2,249 BTC, valued at 206.3 million euros calculated at an average purchase price of 91,718 euros per Bitcoin. The latest acquisition, amounting to 48 BTC for a value of 4.7 million euros, confirms the company’s determination to strengthen its leadership position in the European landscape of companies adopting Bitcoin as a strategic treasury asset.

Capital B accelerates on Bitcoin accumulation: 48 new BTC and extraordinary results

The recent acquisitions of BTC were made possible by a series of capital increases completed between August and September 2025. In particular, Capital B has completed:

1. A capital increase at 1.72 euros per share for a total of 1.8 million euros, subscribed under the “ATM-type” agreement with TOBAM, which enabled the purchase of 17 BTC.
2. A second increase to 1.69 euros per share for 2.5 million euros, fully subscribed by the TOBAM Bitcoin Alpha Fund, which enabled the acquisition of 24 BTC.
3. A subscription of 1,250,000 ordinary shares by Fulgur Ventures at 0.544 euros per share, for a total of 0.7 million euros, intended for the purchase of 7 BTC as part of the legal adjustment measures for holders of OCA B-01 Tranche 1.

These operations are part of a financing strategy involving the participation of leading institutional investors, including Adam Back, whose subscription of 2.2 million euros could allow the acquisition of an additional 18 BTC, bringing the company’s potential reserves to 2,267 BTC.

Impact on the Share Structure

The conclusion of the capital increases has altered the distribution of the share capital of Capital B. As of September 15, 2025, the situation is as follows:

1. Executives: 6.85% of the shares (20,298,953 on a fully diluted basis)
2. Fulgur Ventures: 5.69% (147,161,009 on a diluted basis)
3. Adam Back: 20.02% (37,412,138 on a diluted basis)
4. TOBAM: 6.57% (15,248,681 on a diluted basis)
5. Public and institutional: 59.44% (105,329,656 on a diluted basis)

The company emphasizes that the share base could further expand following the conversion of outstanding financial instruments, such as BSA 2025-01 and legal adjustment measures for OCA Tranche 1.

Performance record: yield and earnings in Bitcoin

Record Numbers for 2025

Since the beginning of the year, Capital B has achieved exceptional results in managing its reserves in Bitcoin:

1. BTC Yield: 1,536.6% YTD (Year To Date) and 19.4% QTD (Quarter To Date)
2. BTC Gain: 614.6 BTC YTD and 346.8 BTC QTD
3. BTC € Gain: 60.6 million euros YTD and 34.2 million euros QTD

These data demonstrate the group’s ability to generate significant value through active and strategic management of its Bitcoin reserves, confirming the validity of the adopted approach.

Acquisition Timeline

During 2025, Capital B made numerous acquisitions of Bitcoin, with significant transactions such as:

1. 624 BTC on June 2, 2025 at 96,447 euros per BTC
2. 227 BTC on May 22, 2025, at 93,518 euros per BTC
3. 580 BTC on March 26, 2025 at 81,550 euros per BTC

The latest transaction, dated September 15, 2025, involved the purchase of 48 BTC at an average price of 98,575 euros per BTC. All acquisitions were executed through Banque Delubac & Cie, with custody entrusted to the Swiss company Taurus, a global leader in digital asset infrastructure.

The Strategy of Bitcoin Treasury Company: Vision and Transparency

Focus on the increase of Bitcoin per share

Capital B has made available on its website a detailed presentation of the Bitcoin Treasury Company’s strategy, which aims to increase over time the number of Bitcoin per fully diluted share. This approach seeks to offer shareholders tangible growth in equity value, leveraging the deflationary nature and the growing adoption of Bitcoin as a store of value.

Transparency and Governance

The company maintains a high level of transparency regarding its operations, regularly publishing updates on acquisitions, capital increases, and share structure. It is also noted that potential future share issuances will depend on the conversion of already announced financial instruments and any further authorized capital increases.

Future Prospects: Towards 2,267 BTC

With ongoing operations and the imminent subscription by Adam Back, Capital B is preparing to surpass the threshold of 2,267 BTC in its portfolio, further strengthening its leading position in the sector. The combination of an innovative financial strategy, partnerships with institutional investors, and careful management of digital reserves positions Capital B as a model for all companies intending to adopt Bitcoin as a treasury asset.

The company thus continues its growth path, confirming itself at the forefront in the adoption of Bitcoin and in creating value for shareholders and stakeholders, in a rapidly evolving market context increasingly oriented towards the digitization of financial assets.