Capital B has expanded its bitcoin treasury once again. The company, described as Europe’s first Bitcoin Treasury Company, acquired 44 BTC for €2.7 million, bringing its total treasury holdings to 2,888 BTC. While the raw purchase size may look modest compared with larger public-company buyers, the move is meaningful because it fits into a clearly defined treasury framework centered on long-term bitcoin accumulation.
According to the company’s stated strategy, the goal is not merely to own more bitcoin in absolute terms. Instead, Capital B is trying to increase the amount of bitcoin attributable to each fully diluted share over time. That distinction matters. It means treasury management, equity issuance, and capital formation are all being evaluated together, with management focused on whether shareholder exposure to BTC grows on a per-share basis rather than being diluted away.
How Capital B financed the latest 44 BTC purchase
The new acquisition was backed by several capital-raising operations completed around the same time. First, Capital B carried out an ATM-type capital increase with TOBAM, raising €0.5 million. That transaction involved the issuance of 669,906 new shares at €0.76 per share. Although relatively small in size, the raise contributed fresh liquidity that could be directed into bitcoin accumulation.
The company also raised an additional €3 million through share subscription warrants. Of that amount, €2 million was subscribed by TOBAM and €1 million by UTXO Management. In other words, the latest bitcoin purchase was not funded in isolation, but as part of a broader and continuing treasury buildout supported by external investors and structured capital-market activity.
Execution and custody details were also disclosed. The bitcoin acquisition was carried out by Swissquote Bank Europe SA, a Luxembourg-registered virtual asset service provider, or VASP. Secure custody was provided using Taurus technology. In addition to the treasury reserve, Capital B also keeps 60 BTC on hand for operational needs, and those coins are separate from the main treasury holdings.
BTC Yield, average cost, and treasury performance metrics
Capital B reported a year-to-date BTC Yield of 0.72%, which it said was equivalent to a gain of 20.4 BTC and approximately €1.2 million. The company also posted a quarterly BTC Yield of 0.72%. This metric is important because it helps investors assess whether the firm is increasing bitcoin exposure relative to fully diluted shares, rather than simply expanding the balance sheet through issuance.
The company’s average acquisition cost across its bitcoin portfolio now stands at €92,495 per coin, with a total investment of €267.1 million. These figures give the market a clearer view of Capital B’s cost basis and its sensitivity to future price swings in BTC. If bitcoin trades well above that level, the treasury position benefits from substantial unrealized gains; if it falls below, the reverse is true.
Capital B is listed on Euronext Growth Paris. Its operating profile extends beyond treasury management and includes data intelligence, artificial intelligence, decentralized technology consulting and development, and corporate treasury activities. That matters because it positions the company as a technology-focused listed business using bitcoin as a strategic treasury asset, rather than as a pure crypto shell vehicle.
Bitcoin rebounds to $71,000 as geopolitical tensions ease
The article also places Capital B’s move in a broader market context. Bitcoin climbed to $71,000 on Monday after falling to around $67,000 over the weekend. The rebound followed a sudden easing in geopolitical tensions after Donald Trump announced a five-day pause on planned U.S. strikes against Iran.
As described in the report, Trump said talks with Tehran had been “very good” and “productive,” prompting a shift away from the market’s earlier defensive posture. Before that change, investors had been bracing for the possibility of attacks on Iranian energy infrastructure, a scenario that had weighed on risk sentiment. Once the threat appeared to ease, bitcoin moved sharply higher.
This episode highlights a broader point for crypto investors and corporate treasury watchers alike. Even as institutional accumulation and public-company treasury buying become increasingly important demand drivers for BTC, short-term price action can still be heavily influenced by geopolitical developments and macro-risk sentiment. Treasury strategy may be long-term, but mark-to-market volatility remains immediate.
Strategy keeps buying, but at a slower pace than before
Another major corporate buyer mentioned in the article is Strategy. Between March 16 and March 22, the company acquired 1,031 BTC for $76.6 million, paying an average of $74,326 per bitcoin. The purchase was funded through common stock sales, continuing the company’s long-running model of using capital markets to add to its bitcoin position.
However, the pace of accumulation has moderated. The report contrasts this latest buy with the previous two weeks, during which Strategy deployed more than $1 billion into bitcoin through both equity and preferred-share offerings. Relative to that earlier burst of buying, the most recent acquisition suggests a more measured approach, even if the underlying commitment to bitcoin remains unchanged.
Strategy now holds 762,099 BTC in total, acquired for approximately $57.7 billion at an average cost of $75,694 per coin. Those numbers reinforce Strategy’s status as the most prominent public-company bitcoin treasury example in the market. Capital B is much smaller by comparison, but its latest move shows that the corporate treasury bitcoin model is continuing to spread beyond the United States and deeper into Europe.
The article closes with a disclosure noting that Bitcoin Magazine is owned by Nakamoto Inc. (NASDAQ: NAKA), and that Nakamoto Inc. also owns UTXO Management. Because UTXO Management participated in Capital B’s financing by subscribing €1 million in share subscription warrants, that disclosure provides useful transparency regarding the relationship between the publication and one of the investors mentioned in the report.