Capital B has reinforced its position as a publicly listed Bitcoin treasury company through a series of strategic financial maneuvers, including debt conversions, equity raises, and additional BTC acquisitions. The company now holds 2,925 BTC valued at €269.4 million, with an average acquisition cost of €92,096 per bitcoin.
Treasury Growth Through Diversified Financing
The company recently purchased 37 BTC for €2.3 million at €60,892 per coin, continuing its systematic treasury expansion strategy. This acquisition pushed the year-to-date BTC Yield to 1.25%, representing a gain of 35.3 BTC valued at €2.2 million since early 2026.
Capital B executed significant conversions of its OCA B-01 convertible bonds during this period. Blockstream Capital Partners converted bonds into 32.9 million ordinary shares, while UTXO Management converted bonds into 3.7 million shares, both at a unit price of €0.544. The conversions generated approximately 36.6 million new shares through debt settlement.
The company also raised €2.85 million through warrant exercises and share subscriptions from Blockstream and UTXO Management. Additional warrant exercises brought in €0.35 million before expiring in April 2026. These transactions followed a €3 million capital raise announced in March, backed by TOBAM and UTXO Management.
Workforce and Industry Implications
Following these transactions, Capital B's issued share capital stands at 272.2 million shares, with a fully diluted base of 397.6 million shares including remaining convertibles and warrants. The company reports 730 satoshis per fully diluted share, a key performance indicator for its bitcoin accumulation model.
The company maintains an additional 60 BTC for operational requirements, separate from its treasury reserves. Capital B will continue publishing BTC Yield, BTC Gain, and related metrics as supplemental indicators for equity-backed bitcoin accumulation strategies.
For blockchain professionals, Capital B's treasury operations demonstrate the growing sophistication of corporate bitcoin strategies, potentially creating specialized roles in treasury management, financial engineering, and digital asset operations within publicly traded entities. Companies pursuing similar strategies will require professionals skilled in both traditional finance and cryptocurrency markets to execute complex debt-to-equity conversions while managing Bitcoin holdings.
