Capital B Just Bought More Bitcoin Below Cost. Its Treasury Is Still €50.8 Million Underwater

Capital B, a Paris-listed Bitcoin treasury company, bought 13 Bitcoin (BTC) for €0.97 million. The purchase lifts its total holdings to 3,538 BTC.

The firm also reported a BTC Yield of 2.20% for the year so far. That metric tracks how much Bitcoin the company holds per fully diluted share.

Capital B Bitcoin Buy Lands Below Average Cost

The company paid an average of €74,364 per coin this time. That sits well under its €87,805 average cost across the whole treasury, which cost €310.6 million to build.

🟠 Capital B $ALCPB has acquired 13 BTC for €0.97 million at €74,364 per bitcoin and has achieved BTC Yield of 2.20% YTD. As of 9/28/2026, Capital B holds 3,538 $BTC for €310.6 million at €87,805 per bitcoin⚡️ $ALCPB Europe's First Bitcoin Treasury Company 🇫🇷⚡️ https://t.co/jDe6M1aHH3 pic.twitter.com/KGKcUZbqRB

— Alexandre Laizet ⚡️ (@AlexandreLaizet) September 28, 2026

That stash ranks second among European public companies, according to Bitcoin Treasuries. Only Germany’s Bitcoin Group SE holds more, with 3,605 BTC.

However, the market value tells a different story. The company’s own figures put the holdings’ net asset value at about €259.9 million, based on the previous day’s closing price. As a result, the treasury carries a paper loss of roughly €50.8 million.

Meanwhile, Bitcoin trades near $82,800, down 2.29% on the day, according to BeInCrypto data. Over the past month, it has gained about 7%.

Earlier in September, Capital B added 376 BTC for about €25.3 million, its largest purchase this year. Blockstream CEO Adam Back also put €7.6 million into Capital B that month.

TOBAM Share Sales Fund the Purchase

Paris-based asset manager TOBAM supplied the cash through an at-the-market (ATM) agreement. Under this deal, Capital B issues new shares whenever the fund requests them.

Between September 14 and 22, three TOBAM funds took 172,978 shares at about €5.68 each. That price was a 3.8% premium to the prior closing price, the company says.

Blockstream Capital Partners remains the largest shareholder with 18.67% of ordinary shares. Back personally holds another 17.54%.

Swissquote Bank Europe executed the trade and holds the coins. The bank is licensed under the EU’s Markets in Crypto-Assets (MiCA) rules and acts as Capital B’s sole custodian.

Other firms have used similar share-funded buying strategies this year. In addition, treasury firms kept accumulating coins through a volatile September.

For now, Capital B keeps adding coins below its cost basis. Consequently, each purchase slowly pulls that average lower. How fast it falls may depend on how much appetite TOBAM keeps showing for new shares.