Capital B Buys 376 Bitcoin, Taking Its Reserve to 3,521

Key Facts

Capital B said on September 7, 2026 that it bought 376 bitcoin for €25.3 million, taking its strategy reserve to 3,521 bitcoin. The purchase followed completion of a €28.7 million private placement and €1.44 million of capital increases under the TOBAM program. Swissquote Bank Europe executed the purchase. The bank took custody using Taurus technology, according to the company disclosure.

On August 28, 2026, the company announced a €21.0 million private placement involving institutional investors including Adam Back and TOBAM. Each package comprised 1 share and 4 subscription warrants at €0.58, without existing shareholders' pre-emptive rights. The warrants run for 5 years, with pre-consolidation exercise prices of €0.75, €0.98 and €1.27. The potential additional €135.8 million was conditional on exercise of all warrants from that placement and was not guaranteed proceeds.

The company had announced the reverse split on July 20, 2026, at a ratio of 10 old shares for 1 new share. The timetable set September 7, 2026 as the old shares' last trading day and September 8, 2026 as the new shares' first on Euronext Growth Paris. Bond conversions and warrant exercises were suspended from August 17 through September 10, 2026 for ratio adjustments. The company described the consolidation as a technical exchange with no direct effect on the aggregate value of a shareholder's holding.

The 2025 accounts provide historical context: consolidated revenue was €11.206 million, down 19.2% from 2024. The group recorded a €62.175 million net loss attributable to shareholders, compared with a €1.356 million profit in 2024. Its 2025 income statement also included €54.186 million of net financial expense. These historical results do not measure the profitability of the September 2026 bitcoin purchase.

In a May 18, 2026 disclosure, the company defined BTC Yield as the percentage change in the ratio of total bitcoin holdings to fully diluted shares outstanding. It said the indicator does not measure shareholder investment return or income generated by operations or bitcoin holdings. The treasury indicators also do not deduct debt and claims ranking ahead of common equity against company assets. Owning Capital B shares therefore is not equivalent to direct bitcoin ownership, and reserve growth alone does not establish shareholder return.