Capital B has added 376 Bitcoin for €25.3 million, taking its total holdings to 3,521 BTC, even as the company’s Bitcoin treasury remains significantly below its overall acquisition cost. The latest purchase was made at about €67,182 per BTC, while the average acquisition cost across the entire holding stands at €87,878. Based on the figures disclosed by the company, the treasury is therefore carrying an unrealised loss of roughly €68.6 million, or about $80 million.
🟠 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 ⚡️
Full Release (EN): https://t.co/PQDwqfWX9a
Full Release (FR): https://t.co/SrVf8lvp8Q
BTC Strategy (EN): https://t.co/P5j3GA76kt
— Capital B (@_ALCPB) September 7, 2026
The latest purchase is part of Capital B’s broader Bitcoin Treasury Company strategy. The company said the acquisition was executed through Swissquote Bank Europe, with custody infrastructure provided through Taurus.
With 3,521 BTC now on its balance sheet, Capital B has strengthened its position among publicly listed companies holding Bitcoin. The latest purchase is also its largest Bitcoin acquisition in about a year, according to reports.
However, the size of the holding does not tell the whole story. Capital B said the total Bitcoin position has an aggregate acquisition value of €309.4 million, giving the coins an average cost of €87,878 each. Its reported Bitcoin net asset value was around €240.8 million.
The difference between those figures leaves the company substantially underwater on a mark-to-market basis. The estimated €68.6 million gap represents an unrealised loss rather than money that Capital B has actually lost through selling Bitcoin.
The latest purchase does slightly reduce the company’s average acquisition cost because the new coins were bought below the previous average. But the improvement is relatively small compared with the size of the overall holding.
Capital B also completed two financing operations that helped provide capital for its Bitcoin strategy. The company raised €1.44 million through an equity issuance under an ATM-style arrangement and a further €28.7 million through a private placement.
The private placement involved more than 36 million shares, each issued with four share subscription warrants. Investors included Blockstream Capital Partners, Adam Back and TOBAM.
Capital B reported a year-to-date BTC Yield of 2.17%. It also reported a BTC Gain of 61.3 BTC and a BTC euro gain of €4.2 million. The company was careful to point out that these measures are not conventional accounting profits or cash returns and should not be treated as equivalent to a normal investment yield.
The company’s share price has also faced pressure. Capital B is listed on Euronext Growth Paris under the ticker ALCPB, and its shares have been trading around the €0.50 level.
The company is also carrying out a one-for-ten reverse stock split, scheduled to take effect on September 8. The move will reduce the number of shares while increasing the displayed price per share by roughly ten times, without changing the company’s underlying economic value simply because of the split.
For now, Capital B is making a clear bet on Bitcoin. The latest purchase shows that the company remains willing to add to its treasury even while the existing holdings are worth considerably less than their total purchase cost.
That makes the strategy a long-term test of Bitcoin’s price performance. If BTC eventually rises above Capital B’s average acquisition cost, the current paper loss could narrow or disappear. Until then, the company’s growing Bitcoin treasury remains an expensive bet that has yet to turn profitable on paper.
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