French-listed Capital B has completed a 376 BTC purchase for €25.3 million ($29.4 million), taking group holdings to exactly 3,521 bitcoin — the target it flagged last week after Blockstream CEO Adam Back put fresh capital into the company.
The September 7 buy is Capital B’s largest single bitcoin acquisition of 2026 and its biggest add since September 2025, when it bought 551 BTC.
Swissquote Bank Europe SA executed the purchase. Custody sits with Taurus. The coins were bought at €67,182 ($78,100) each, well below the group’s blended average cost of €87,878 ($102,100).
Total acquisition cost across the stack is now €309.4 million ($359.3 million). Marked-to-market net asset value on the same day was €240.8 million ($279.7 million) — an unrealized paper loss of about €68.6 million ($79.7 million).
Last week’s target, this week’s coins
Five days earlier, Capital B said a €7.6 million ($8.8 million) private placement fully subscribed by Adam Back, together with operating cash, could fund 376 more bitcoin and lift holdings from 3,145 to 3,521 BTC. That is precisely what closed.
Back’s comment on the raise was short: “Let’s go.” He said he had bought more than 25 million ALCPB shares across that week and the prior one.
The September 7 filing folds Back’s ticket into a larger €28.7 million ($33.3 million) private placement of shares with four attached warrants (ABSA), priced at €0.58 ($0.67) per unit. Strategic subscribers include Back and French quant manager TOBAM. Maxim Group LLC was sole placement agent. A separate ATM-style raise with TOBAM added €1.44 million ($1.67 million) at €0.51 ($0.59) a share. Combined fresh equity was about €30.1 million ($35.0 million).
Not all of that cash went into bitcoin. The 376 BTC cost €25.3 million ($29.4 million); the rest remains available for operations, fees, and the next accumulation cycle.
How the cap table looks now
On an ordinary basis after the issues:
Public and institutional: 53.77%
Blockstream Capital Partners: 18.77%
Adam Back: 17.64%
Executives: 5.55%
TOBAM: 3.16%
UTXO Management: 1.11%
Fully diluted, Blockstream Capital Partners jumps to 31.70%, Back falls to 14.68%, and the public float compresses to 43.74%. Ordinary shares outstanding stand at 382.5 million; fully diluted at 473.1 million. Those diluted figures already bake in convertible bonds and unvested free shares. They do not include a remaining €300 million ($348.6 million) TOBAM authorization or the full warrant stack.
The ABSA package issued 197.6 million five-year warrants. After the 10-for-1 reverse split scheduled for September 8, strikes adjust to €7.50 ($8.72), €9.80 ($11.39) and €12.70 ($14.76). Full exercise of this warrant class alone would raise about €185.3 million ($215.3 million) more. The company can force accelerated exercise if 20-day VWAP holds 30% above a given strike.
Yield is still the KPI that matters to them
Capital B does not treat raw coin count as the scoreboard. The stated objective is bitcoin per fully diluted share. On that metric:
BTC Yield: 2.17% year to date, 0.31% quarter to date
BTC Gain: 61.3 BTC YTD, 9.9 BTC QTD
BTC euro gain: €4.2 million ($4.9 million) YTD, €0.7 million ($0.8 million) QTD
Bitcoin per fully diluted share: 736.6 sats
“BTC Yield” here is the percentage change in total BTC divided by fully diluted shares — not a coupon or staking return.
Europe’s second-largest listed stack, still underwater
At 3,521 BTC, Capital B is within striking distance of Germany’s Bitcoin Group SE, which holds 3,605 BTC. The gap is 84 coins. Among public companies globally it sits in the mid-20s on most treasury trackers.
That flywheel works when the stock trades at a premium to bitcoin NAV and when new paper can be placed without destroying the ratio. It is harder when the stack is about 22% below cost and the share price sits near the ATM print. The latest coins were bought cheaper than the book average, which helps the cost basis; they do not close the mark-to-market hole.
Management’s longer-range language has been aggressive: accumulate toward 7,000–15,000 BTC by 2027 and, on the website, 1% of supply by 2033. Hitting those numbers will require many more raises of the type just completed — and a market willing to keep buying the paper.
For now the narrower story is simpler. On September 2 the company said Back’s check could take it to 3,521 bitcoin. On September 7 it published the receipt.
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