Capital B has taken another visible step in positioning itself as a publicly listed Bitcoin treasury company. The group converted important debt instruments, raised additional equity capital, and directed part of those proceeds into more bitcoin purchases. For investors tracking balance-sheet bitcoin strategies, this matters because it shows the company is still executing on a model built around capital markets funding and BTC accumulation.
According to the company, Capital B now holds 2,925 BTC in total. The aggregate acquisition value stands at €269.4 million, implying an average cost basis of €92,096 per bitcoin. The latest confirmed purchase was 37 BTC for €2.3 million, using a reference price of €60,892 per coin. That transaction was presented as part of the company’s ongoing Bitcoin Treasury strategy and pushed the reserve higher once again.
Capital B also continues to emphasize internal performance indicators tied to its treasury model. Since the beginning of 2026, the company says its year-to-date BTC Yield has reached 1.25%. Over the same period, it reports a BTC Gain of 35.3 BTC and a BTC € Gain of €2.2 million. On a quarter-to-date basis, the company lists a BTC Yield of 0.53%, a BTC Gain of 15.2 BTC, and a euro-denominated gain of €0.9 million. These figures came from the company’s own press release and are central to how it communicates the effectiveness of its bitcoin accumulation strategy.
Alongside treasury expansion, Capital B completed major conversions of its OCA B-01 convertible bonds. Blockstream Capital Partners converted 17,897,600 OCA B-01 instruments into 32,900,000 ordinary shares. UTXO Management converted another 2,020,372 OCA B-01 into 3,713,919 shares. The conversion price in both cases was €0.544 per share. In total, the company issued 36,613,919 new shares through debt set-off tied to these instruments.
Both Blockstream Capital Partners and UTXO Management also exercised rights arising from legal adjustment measures associated with the free BSA 2025-01 warrants granted in 2025. Blockstream subscribed to 4,700,000 new shares at €0.544 per share, contributing €2.56 million. UTXO Management subscribed to 530,559 shares for €0.29 million. Together, these adjustments generated €2.85 million in fresh cash for the company.
Capital B further disclosed that 4,464,712 BSA 2025-01 warrants were exercised into 637,816 shares, generating another €0.35 million. The remaining warrants expired worthless at midnight on April 10, 2026. From a capital structure perspective, this is relevant because part of the potential dilution has now been realized, while the unexercised remainder no longer represents an open future overhang.
Earlier, in March 2026, Capital B had already announced a €3 million capital raise together with amendments to existing convertible bonds in order to accelerate its Bitcoin treasury strategy. That financing was backed by TOBAM and UTXO Management. At the time, the company said the funding could allow it to acquire roughly 36 additional bitcoin, bringing total holdings to around 2,880 BTC. Based on the latest update, the reserve has now moved beyond that level to 2,925 BTC.
Part of Capital B’s bitcoin is reserved for operational needs rather than treasury KPIs
After these transactions, Capital B’s issued share capital stands at 272,210,021 shares. When remaining convertibles, warrants, and free-share plans are included, the company’s fully diluted share base rises to 397,622,899 shares. This distinction is important for investors who evaluate bitcoin treasury companies on a per-share basis, because the diluted share count directly affects how much bitcoin exposure each share ultimately represents.
Using that fully diluted base, the company reports approximately 730 satoshis per fully diluted share. This is one of the core metrics in its strategy. In other words, Capital B is not only focused on the absolute number of BTC held on the balance sheet. It is also focused on how much bitcoin each share represents after taking possible dilution into account. Over time, the company’s stated strategic aim is to increase BTC per share.
Capital B also clarified that an additional 60 BTC is being held for operational needs. This amount is segregated from the reserve that underpins the firm’s Bitcoin Treasury KPIs. That means not every bitcoin on hand is treated the same way in the company’s disclosure framework. Some BTC is considered strategic treasury reserve, while another portion is ring-fenced for operating purposes.
The group said it will continue publishing BTC Yield, BTC Gain, and BTC € Gain as supplementary indicators for investors following its equity-financed bitcoin accumulation model. For this type of listed company, traditional financial statements are only part of the story. Per-share bitcoin exposure, efficiency of accumulation, and euro-denominated gains have become increasingly important metrics in assessing execution.
The article also includes a disclosure stating that Bitcoin Magazine is owned by Nakamoto Inc. (NASDAQ: NAKA), and that Nakamoto Inc. also owns UTXO Management. That ownership relationship is relevant context for readers evaluating reporting involving UTXO Management and related treasury transactions.