Capital B said its bitcoin treasury has risen to 2,925 BTC after a series of debt conversions, warrant exercises, and new equity funding. The company said its total investment in bitcoin now stands at €269.4 million, with an average acquisition cost of €92,096 per BTC. Its latest purchase added 37 BTC for €2.3 million, at a price of €60,892 per coin.
Convertible bond conversions reshaped the share count
Capital B completed major conversions tied to 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 2,020,372 bonds into 3,713,919 shares. Both transactions were carried out at €0.544 per share, leading to the issuance of 36,613,919 new shares through debt set-off.
The two investors also exercised free BSA 2025-01 warrants. Blockstream bought an additional 4,700,000 shares for €2.56 million, while UTXO Management purchased 530,559 shares for €0.29 million. Separately, Capital B converted 4,464,712 BSA 2025-01 warrants into 637,816 shares, bringing in €0.35 million in cash as the warrants approached expiry.
Company reported 1.25% BTC Yield year to date
Capital B describes itself as a European-listed company offering shareholders bitcoin exposure through direct balance-sheet holdings. In its latest treasury update, the firm reported a year-to-date BTC Yield of 1.25%, equal to a BTC Gain of 35.3 BTC and a €2.2 million BTC euro gain. For the current quarter, it reported 0.53% yield, 15.2 BTC added, and €0.9 million in gains.
In March, the company secured €3 million in new capital from investors including TOBAM and UTXO Management. According to the company, that amount could support the purchase of about 36 more BTC.
Fully diluted structure points to 730 satoshis per share
After the transactions, Capital B said its issued share capital reached 272,210,021 shares. On a fully diluted basis, including outstanding convertibles, warrants, and share plans, the total rises to 397,622,899 shares. The company also highlighted a shareholder metric of 730 satoshis per fully diluted share, which it uses in tracking its equity-financed bitcoin accumulation model.
Capital B added that 60 BTC has been set aside for operational use and kept separate from the main reserve supporting its bitcoin treasury strategy. The company said it will continue publishing BTC Yield, BTC Gain, and BTC € Gain metrics on a regular basis.