Capital B has continued to build its profile as a listed Bitcoin treasury company by combining balance-sheet restructuring, equity fundraising, and direct bitcoin accumulation. According to the company’s latest disclosure, it now holds 2,925 BTC with a total acquisition value of €269.4 million, implying an average purchase cost of €92,096 per bitcoin. The update illustrates how the firm is using capital markets tools to expand its BTC reserves rather than treating bitcoin as a passive side asset.
The latest treasury update included the purchase of 37 BTC for €2.3 million, executed at a reference price of €60,892 per coin. Capital B framed this transaction as part of its ongoing Bitcoin Treasury strategy. In practical terms, that means the company is systematically channeling funding into additional bitcoin, with the objective of increasing long-term BTC exposure on the corporate balance sheet.
Capital B also published several internal treasury performance indicators that it uses to communicate progress to investors. Since the start of 2026, the company’s BTC Yield has reached 1.25%. Over the same period, it reported a BTC Gain of 35.3 BTC and a BTC € Gain of €2.2 million. On a quarter-to-date basis, BTC Yield stands at 0.53%, BTC Gain at 15.2 BTC, and BTC € Gain at €0.9 million. These figures came from a company press release and are intended as supplemental metrics for evaluating its equity-financed bitcoin accumulation model.
Alongside the treasury expansion, Capital B completed major conversions of its OCA B-01 convertible bonds. Blockstream Capital Partners converted 17,897,600 OCA B-01 into 32,900,000 ordinary shares, while UTXO Management converted 2,020,372 OCA B-01 into 3,713,919 shares. The unit conversion price for both transactions was €0.544. In total, these debt set-off operations resulted in the issuance of 36,613,919 new shares, significantly reshaping the company’s capital structure.
Both Blockstream Capital Partners and UTXO Management also exercised rights under legal adjustment measures tied to the free BSA 2025-01 warrants granted in 2025. Under those adjustments, Blockstream subscribed for 4,700,000 new shares at €0.544 per share, contributing €2.56 million. UTXO Management subscribed for 530,559 shares for €0.29 million. Combined, these measures generated €2.85 million in fresh cash for the company.
Capital B further reported that 4,464,712 BSA 2025-01 warrants were exercised into 637,816 shares, bringing in another €0.35 million. The company stated that the warrants expired worthless at midnight on April 10, 2026, meaning any remaining unexercised portion no longer carried value. Together, the debt conversions, warrant-related adjustments, and warrant exercises formed an important financing layer behind the expansion of Capital B’s bitcoin treasury.
Earlier, in March 2026, the company had already announced a €3 million capital raise along with amendments to existing convertible bonds in order to accelerate its Bitcoin treasury strategy. That funding round was backed by TOBAM and UTXO Management. At the time, Capital B said the financing could allow it to acquire roughly 36 additional bitcoin, taking total holdings to about 2,880 BTC. The latest figures show that the treasury has since expanded further to 2,925 BTC.
How Capital B separates treasury bitcoin from operational holdings
After these transactions, Capital B said its issued share capital had risen to 272,210,021 shares. When the company includes the impact of remaining convertibles, outstanding warrants, and free-share plans, its fully diluted base reaches 397,622,899 shares. This distinction matters because a Bitcoin treasury strategy is not just about how many BTC a company owns in absolute terms, but also about how that ownership translates into bitcoin exposure on a per-share basis after potential dilution.
Using that fully diluted share count, Capital B reported that it currently holds the equivalent of 730 satoshis per fully diluted share. This is one of the company’s central strategic metrics. Rather than focusing exclusively on gross BTC holdings, Capital B is emphasizing its ability to increase BTC per share over time. For investors, that metric can be more meaningful than the headline treasury size because it measures whether share issuance and financing activity are genuinely accretive in bitcoin terms.
The company also clarified that an additional 60 BTC is being held for operational needs. These coins are segregated from the reserve pool that underpins its Bitcoin Treasury KPIs. In other words, not all bitcoin on the balance sheet is counted in the same way. By separating operating liquidity from strategic reserves, Capital B is trying to preserve clearer reporting around the performance of its treasury program.
Looking ahead, Capital B said it will continue publishing BTC Yield, BTC Gain, and BTC € Gain as supplemental indicators for investors following its equity-financed accumulation model. Those measures are designed to help the market assess not only whether bitcoin holdings are increasing, but whether the company is improving shareholder bitcoin exposure after taking dilution, capital raises, and conversion activity into account.
The article also included a disclosure statement: Bitcoin Magazine is owned by Nakamoto Inc. (NASDAQ: NAKA), and Nakamoto Inc. also owns UTXO Management. Because UTXO Management participated in the relevant bond conversions and financing arrangements involving Capital B, that disclosure is relevant for readers evaluating the relationships behind the reporting.