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 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.
Capital ₿ has acquired 12 BTC for €1.2 million at €95,935 per bitcoin and has achieved BTC Yield of 1,656.1% YTD, 28.1% QTD. As of 9/29/2025, $ALCPB holds 2,812 $BTC for €262.1 million at €93,216 per bitcoin
@_ALCPB Europe's First Bitcoin Treasury Company
— Alexandre Laizet
Europe’s Largest Bitcoin Treasury Posts 1,656% Annual Yield
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.
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.
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.
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.
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.
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.
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.
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.
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%.
This approach has allowed Capital B to raise capital more accretively than traditional equity offerings while maintaining alignment with long-term investors.
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.
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 structure allows bondholders to convert into equity when the company outperforms conversion thresholds, while maintaining Bitcoin-denominated debt that eliminates credit risk.
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.
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.
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.
Capital B’s total holdings now represent approximately 0.013% of Bitcoin’s total supply of 21 million, with management targeting 1% ownership by 2033.
Beyond Capital B, the European Bitcoin treasury sector is expanding as companies seek to replicate the success of U.S. and Asian pioneers.
UK-listed B HODL recently purchased 100 Bitcoin worth $11.3 million immediately after its September debut on London’s Aquis Stock Exchange, raising £15.3 million at listing.
Meanwhile, Sora Ventures launched a $200 million Bitcoin treasury fund at Taipei Blockchain Week, targeting $1 billion in acquisitions within six months to support Asian companies, including Metaplanet, Moon Inc., DV8, and BitPlanet.
For Capital B, the company’s financing structures allow it to acquire Bitcoin while minimizing shareholder dilution and maintaining a debt-free balance sheet, with a focus on long-term accumulation over traditional financial returns.
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