Paris-listed Bitcoin treasury firm Capital B ($ALCPB) has acquired 13 BTC for €0.97 million, bringing its total corporate reserves to 3,538 BTC as of September 28, 2026. Despite continuing to accumulate digital assets below its average entry price, the company's treasury remains €50.8 million underwater.
Treasury Breakdown and Paper Losses
Capital B executed its latest purchase at an average price of €74,364 per coin. This transaction stands well below its historical aggregate cost basis of €87,805 per BTC, which required a total expenditure of €310.6 million to construct. According to data shared by Alexandre Laizet, the purchase pushed the firm's year-to-date BTC Yield to 2.20%, a metric measuring Bitcoin holdings relative to fully diluted shares.
Despite the acquisition, the overall market value of Capital B's holdings sits at approximately €259.9 million, based on recent net asset value figures. This performance leaves the corporate stash with an unrealized loss of roughly €50.8 million. According to Bitcoin Treasuries tracking, Capital B ranks as Europe's second-largest public Bitcoin holder, positioned just behind Germany's Bitcoin Group SE, which controls 3,605 BTC.
The purchase occurred while Bitcoin traded near $82,800, reflecting a 2.29% daily decline alongside a 7% gain over the preceding month. The broader market environment mirrors recent momentum where Bitcoin eased below $83.1K while institutional interest persisted globally.
Equity Financing and Custody Structure
The €0.97 million purchase follows a larger September expansion in which Capital B bought 376 BTC for €25.3 million. Funding for the latest accumulation came through an at-the-market (ATM) agreement with Paris-based asset manager TOBAM. Between September 14 and September 22, three TOBAM funds acquired 172,978 shares of $ALCPB at €5.68 per share, representing a 3.8% premium to the prior closing price.
Ownership of the company remains heavily concentrated among major crypto sector figures. Blockstream Capital Partners holds the largest position with 18.67% of ordinary shares, while Blockstream CEO Adam Back holds an additional 17.54% personally following a €7.6 million investment earlier in the month. Swissquote Bank Europe, operating under Europe's Markets in Crypto-Assets (MiCA) framework, executed the trade and acts as sole custodian.
Capital B's persistent accumulation aligns with corporate strategies seen worldwide, including instances where executives like Michael Saylor signaled potential Bitcoin purchases to scale reserves.
Key Takeaways
- Recent Acquisition: Capital B added 13 BTC for €0.97 million at €74,364 per coin.
- Total Holdings: The firm holds 3,538 BTC worth €259.9 million, against a €310.6 million cost basis.
- Paper Loss: The corporate treasury maintains an unrealized loss of €50.8 million.
- Ownership & Custody: Adam Back personally holds 17.54%, while Swissquote Bank Europe provides MiCA-compliant custody.
Why It Matters
Capital B's continuous purchasing strategy illustrates how micro-cap public companies leverage specialized equity agreements to dollar-cost average into Bitcoin during market drawdowns. By issuing shares at a premium through TOBAM, the company incrementally lowers its baseline entry price from €87,805 per token without drawing directly on operational cash reserves. However, with net paper losses exceeding €50.8 million, the firm's balance sheet resilience heavily relies on sustained investor demand for $ALCPB equity to fund future treasury expansions.
