Europe’s Capital B Buys 12 More Btc, Total Holdings Hit 2,812 Bitcoin Worth $314M

What Happened

Capital B has acquired 12 additional Bitcoin (BTC) for €1.2 million, bringing the European company’s total holdings to 2,812 BTC worth over $314 million as of September 29.

The company’s strategy followed the approach pioneered by U.S.-based Strategy, which holds 640,031 Bitcoin after acquiring 196 BTC for approximately $22.1 million at an average price of $113,048 per coin today.

TOBAM, a French asset management firm, has emerged as Capital B’s primary strategic partner, participating in multiple capital raises throughout 2025 and now holding 5.70% of the company’s outstanding shares.

TOBAM’s five funds collectively subscribed to the entire offering, with the Bitcoin Enhanced Fund acquiring 305,000 shares for €521,197 ($608,423) and four additional funds taking smaller positions.

The ATM mechanism has proven highly efficient, generating €19.7 million ($22.99M) in capital without intermediary fees since launch.

This approach has allowed Capital B to raise capital more accretively than traditional equity offerings while maintaining alignment with long-term investors.

Notably, Capital B’s convertible bond program offers investors zero-coupon, five-year instruments with conversion prices at 30% premiums to current share prices.

The company has been acquiring an average of 8.7 Bitcoin daily since adopting its treasury strategy, with the rate increasing twelve-fold year-to-date.

Market Context

The Euronext Growth Paris-listed firm achieved the purchase through a capital increase with strategic partner TOBAM, maintaining an average acquisition cost of €93,216 ($108,800) per Bitcoin.

The transaction marks the latest expansion in the company’s aggressive accumulation strategy, which has generated a 1,656.1% year-to-date BTC yield and made Capital B Europe the largest publicly traded Bitcoin treasury company.

Capital B now ranks 28th globally among public companies holding Bitcoin, trailing Asian competitor Metaplanet’s 25,555 BTC, and Sequans Communications’ 3,205 BTC.

Bitcoin treasuries’ rapid growth has attracted significant institutional backing, with the Los Angeles-based Capital Group, a $2.6 trillion asset manager, recently taking an 11.45% stake in Metaplanet, valued at nearly $500 million.

ATM Program Drives Zero-Fee Capital Formation

Capital B completed its latest acquisition through an “ATM-type” capital increase program with TOBAM, issuing 706,000 new ordinary shares at €1.70 ($1.99) per share.

The program represents France’s first at-the-market offering structure, allowing daily subscription requests with dynamic pricing that protects shareholder value.

The structure sets subscription prices at the highest of three benchmarks. The previous day’s closing price, the previous day’s volume-weighted average price, or the 20-day average VWAP, discounted by 15%.

Capital B has now raised over €270 million ($315M) through various financing instruments in 2025, including €150 million ($175M) in convertible bonds and €125 million ($145.9M) in equity placements.

The company maintains €10 billion ($11.67B) in authorized capital raising capacity, with €300 million ($350M) specifically allocated for TOBAM-led ATM transactions.

European Bitcoin Treasury Market Gains Momentum

The latest purchase follows Capital B’s acquisition of 551 Bitcoin on September 22 and 48 Bitcoin on September 15.

Why It Matters

The structure allows bondholders to convert into equity when the company outperforms conversion thresholds, while maintaining Bitcoin-denominated debt that eliminates credit risk.

Details

Europe’s Largest Bitcoin Treasury Posts 1,656% Annual Yield

The French firm has grown from holding just 15 Bitcoin in November 2024 to accumulating 2,812 BTC over the course of ten months, an 18,647% increase in holdings.

The company has issued convertible bonds worth €13 million ($15.2M) to TOBAM and €6.5 million ($7.6M) through its Luxembourg subsidiary, with proceeds designated 95% for Bitcoin purchases.