Capital B buys Bitcoin again this week. The company purchased five BTC for €280,000.
This lifts its strategic Bitcoin treasury to 3,145 BTC. The company uses equity issuance to fund its strategy.
Capital B buys Bitcoin with equity issuance
The latest acquisition cost averaged €55,882 each. Total acquisition cost now stands at €284.2 million. This averages €90,352 per BTC.
The purchase followed €301,460.25 of capital increases. Capital B used its ATM-type agreement with TOBAM. The company issued 647,110 ordinary shares. The average issuance price was €0.47.
That price represented a 3.52% premium to the Aug. 14 closing price. Euronext shows the stock closed Friday at €0.454. This was down 2.72% for the session.
Capital B’s latest acquisition follows a larger accumulation earlier this year. The company purchased 192 BTC in May. This took holdings to 3,135 BTC at that time.
Bitcoin reserve below acquisition cost
The firm reported a €170.9 million net asset value. This is for its 3,145-BTC strategic reserve. The acquisition cost was €284.2 million.
The company-calculated BTC value is about €113.3 million below cost. This uses the reference price in Monday’s disclosure.
The company calculates this figure using Bitcoin’s closing price. This is from the trading day before each press release. It is a snapshot of the Bitcoin reserve.
Capital B also holds another 61 BTC for operational purposes. Those coins are segregated from the treasury reserve. They are excluded from its published Bitcoin strategy performance indicators.
Capital B reports 2.14% BTC Yield
The company reported a year-to-date “BTC Yield” of 2.14%. It also reported a BTC Gain of 60.3 BTC. BTC € Gain was about €3.28 million. Quarter-to-date BTC Yield stood at 0.28%.
BTC per fully diluted share remained at 736.4 satoshis. This is unchanged from Aug. 3.
Those figures require a caveat. “BTC Yield” is not equivalent to traditional yield. It does not measure investment returns. It tracks changes in Bitcoin held per fully diluted share.
Blockstream completes conversion
Blockstream Capital Partners completed the conversion of OCA B-01 instruments. 14,195,352 instruments converted into 28,687,362 ordinary shares. The conversion price was €0.495. No OCA B-01 instruments now remain outstanding.
Blockstream Capital Partners now holds 71.8 million ordinary shares. This represents 21.74% of Capital B’s issued capital. Its stake is 35.63% on a fully diluted basis.
The conversion follows shareholder approval in June. They authorized more than €100 billion in financing capacity. This supports further Bitcoin treasury expansion.
Capital B’s strategy focuses on raising Bitcoin per fully diluted share. This matters more than merely increasing the absolute BTC balance.
Contrast with Strategy
Capital B’s continued accumulation contrasts with Strategy’s actions. Strategy sold 3,328 BTC across two weeks. This raised about $213.3 million.
Strategy used proceeds for preferred-stock dividends. It also funded STRC share repurchases. This shows some treasury companies using Bitcoin more actively.
Capital B retains broad financing authority for additional purchases. The June shareholder vote authorized up to €5 billion in capital increases. It also authorized €100 billion in credit instruments. Authorization does not mean those amounts will necessarily be issued.
The next treasury disclosures will show whether new financing can increase Bitcoin per diluted share. This matters while the market value remains below historical acquisition cost.