Capital B confirmed on September 7, 2026 that it bought 376 BTC for €25.3 million, lifting group holdings to 3,521 BTC. The purchase followed roughly €30.1 million in freshly raised capital.
Key Takeaways
- Capital B bought 376 BTC for €25.3 million, taking total group holdings to 3,521 BTC.
- The company raised about €30.1 million through a €1.44 million ATM offering and a €28.7 million private placement.
- Adam Back and asset manager TOBAM joined the raise, with Maxim Group LLC acting as sole placement agent.
- Aggregate acquisition cost across all holdings reached €309.4 million, an average of €87,878 per bitcoin.
- BTC Yield came to 2.17% year to date, a gain of 61.3 BTC and €4.2 million.
What Happened?
Capital B SA (Euronext Growth: ALCPB), the French treasury company that traded as The Blockchain Group until July 2025, confirmed the acquisition in a regulatory release. The company paid roughly €67,300 a coin, well under the €87,878 blended average it has paid across the full position.
The buy extends an accumulation run that started in November 2024. Capital B still sits behind Bitcoin Group SE, the German operator holding 3,605 BTC, and it now ranks among the larger listed corporate bitcoin holders in Europe.
🟠 Capital B confirms the acquisition of 376 BTC for €25.3 million, the holding of a total of 3,521 BTC, and a BTC Yield of 2.17% YTD ⚡️
— Capital B (@_ALCPB) September 7, 2026
Full Release (EN): https://t.co/PQDwqfWX9a
Full Release (FR): https://t.co/SrVf8lvp8Q
BTC Strategy (EN): https://t.co/P5j3GA76kt
Two raises funded the buy
Capital B closed an at-the-market offering of €1.44 million with TOBAM, selling 2,799,200 shares at €0.51 each. The larger piece was a private placement of €28.7 million covering 49,400,100 shares with warrants attached, priced at €0.58 per unit.
Adam Back, chief executive of Blockstream, took part alongside TOBAM. Maxim Group LLC acted as sole placement agent. The placement accounts for almost all of the new stock, and its warrants leave room for further issuance if holders exercise them.
What the cost basis shows?
Aggregate acquisition cost across the group now stands at €309.4 million, or €87,878 a bitcoin. Capital B reported a BTC Yield of 2.17% year to date, equal to a gain of 61.3 BTC and €4.2 million, with the latest quarter contributing 0.31% and €675,086.
That yield number needs context. The company reported a BTC Yield of 1,656.1% year to date in its September 2025 release, so per-share accumulation has slowed sharply as the share count climbed. BTC Yield measures bitcoin per share, not investment return, so it says nothing about what the position is worth against market prices.
Two questions the release leaves open: what happens to the portion of the raise that did not go into the 376 BTC, and how many extra shares the placement warrants could eventually create.
The Bottom Line
Buying under the blended average pulls a treasury company’s cost basis down, and that is the mechanical benefit of this round. The cost sits on the other side of the balance sheet, because the coins were funded with equity, and the share count rose by more than 52 million in a single financing. Whether the math favors existing holders depends on how bitcoin per share moves from here, and the 2.17% year-to-date figure is what measures it.
Shareholders already holding the stock can follow that math in the company’s periodic releases, which disclose share count, aggregate cost, and BTC Yield each time a purchase closes. The same pattern runs through other listed accumulators that fund bitcoin purchases through equity issuance: frequent capital rounds, frequent buys, and a widening gap between a headline coin count and per-share exposure.
