French-listed Bitcoin treasury company Capital B has completed its largest Bitcoin acquisition in a year, purchasing 376 BTC for €25.3 million, or approximately $29.4 million.
The company says the latest coins were acquired at an average cost of €67,182 per BTC. Total group holdings now stand at 3,521 BTC.
Capital B has spent approximately €309.4 million accumulating that treasury, producing an overall average acquisition cost of €87,878 per Bitcoin.
The latest purchase was financed after the company completed approximately €28.7 million of private-placement financing plus an additional €1.44 million capital increase. Strategic investors in the financing included Bitcoin infrastructure veteran Adam Back and asset manager TOBAM.
Swissquote Bank Europe executed the Bitcoin acquisition, while custody is being handled using technology from Swiss digital-asset infrastructure company Taurus.
Capital B — formerly The Blockchain Group — has reorganized its strategy around increasing Bitcoin exposure per fully diluted share. The company reported a year-to-date “BTC Yield” of 2.17%.
TOKEN RECON ASSESSMENT
The corporate Bitcoin-treasury trade is still alive, but investors should distinguish Bitcoin accumulation from corporate financial performance.
Capital B’s own disclosure showed the 3,521 BTC carrying an acquisition value of roughly €309.4 million versus a reported Bitcoin net asset value around €240.8 million on September 7.
The company is therefore increasing exposure while its existing treasury remains below aggregate cost basis.
That makes Capital B useful to watch as a test of whether European capital markets will continue funding Bitcoin-treasury companies through periods when their underlying BTC positions are underwater.
Primary source: Capital B — September 7 corporate release
Verification: The Block — Capital B acquisition report
