Capital B Adds 13 Bitcoin (BTC) Through €983K Share Issuance

13 Coins via the Tobam ATM

French-listed asset manager Capital B completed another Bitcoin (BTC) purchase on September 28, printing 172,978 new ordinary shares at an average €5.68 each to raise €982,872.69 — roughly $1.1 million — and converting the proceeds into 13 additional coins the same day. The raise ran through an at-the-market (ATM) equity program — a mechanism that sells freshly issued stock directly into the market over time rather than in one underwritten block — which the company renewed with asset manager Tobam on January 26 and used to consolidate subscription requests Tobam filed between September 14 and September 22. Under those ATM terms, each subscription is priced at the highest of three benchmarks: the prior trading day's close, a euro-denominated adjusted net asset value set by Capital B, or the floor price fixed by shareholders at the June 17 extraordinary general meeting, with any single issuance capped at 21% of the prior session's trading volume. The €5.68 average issue price carried a 3.8% premium over the previous close. The new shares are slated for admission to trading on Euronext Growth Paris, and the company noted the operation required no prospectus approved by France's market regulator, the AMF. Swissquote Bank Europe executed the coin purchase and acts as sole custodian of the treasury, holding the assets through custody infrastructure from Swiss technology firm Taurus. The buy lifts combined holdings at Capital B and its subsidiary Capital B Luxembourg SA to 3,538 BTC under the firm's core Bitcoin reserve company strategy — a stockpile worth roughly $294 million at current prices that slots the French issuer into the same corporate whale cohort as the US-listed treasury vehicles dominating this cycle.

Underwater at a $99,655 Average

The official filing puts the position under a harsher light. Cumulative acquisition cost across the treasury now stands at $352.52 million — about €310.65 million — for an average of $99,655 per coin. With Bitcoin trading above $83,000, that book sits in unrealized loss, the reserve's mark-to-market value having slipped to roughly $294 million. Capital B's self-defined metrics soften the picture: its “BTC Yield,” a KPI measuring the change in Bitcoin held per fully diluted share, has added 2.20% year to date, equivalent to a cumulative “BTC Gain” of 62.1 coins, or about $5.2 million — with the third quarter contributing just 0.34%. The firm stresses these are internal gauges of its holding strategy, not standard financial or liquidity measures, and that 61 BTC sit in a separate operational reserve outside the reported treasury. Dilution is the other half of the arithmetic: 38,467,809 ordinary shares are issued against 48,014,921 fully diluted, so every tranche sold to fund purchases must outpace the expanding share count for per-share exposure to rise — the discipline against which any long-term HODL strategy is ultimately judged. September 28 marked the third treasury expansion this month: 376 coins on September 7 took the stack to 3,521, four more on September 14 brought it to 3,525, and the latest 13 lifted it to 3,538. That cadence fits the broader corporate Bitcoin treasury trend, albeit at a fraction of the scale of Strive's recent 1,107 BTC purchase, and it lands the same week Strategy — the sector's largest holder — added 1,665 BTC on Monday to reach 847,666 coins at a $75,437 average cost. Both treasuries have visibly slowed their buying pace in recent months as prices slid, and Capital B's underwater cost basis explains the restraint. Readers tracking the market in real time can follow live spot and futures prices on MEXC.

$82,375 Support in Focus

COINOTAG's proprietary 42-indicator composite S/R scoring engine pegs spot Bitcoin at $83,168, down 0.98% over 24 hours, squeezed between two well-scored walls: the $82,375.67 support rates 88/100 on the confluence of the 20-day EMA, Ichimoku Kijun and Fibonacci 0.214, while the $84,021.79 resistance carries 76/100 from the Ichimoku Tenkan, pivot point and a fresh MACD cross. Momentum is mixed — RSI at 58.99 inside an uptrend, but with the MACD signal still bearish. Derivatives positioning leans long: funding at 0.0025%, open interest of $15.44 billion and a 1.50 long/short account ratio (59.9% long), against a Fear & Greed reading of 73, deep in Greed. Holding $82,375 and reclaiming $84,021 — a ceiling that overlaps the make-or-break zone Glassnode recently flagged — keeps the upside case alive toward $85,946 (75/100), where institutional demand narratives, from treasury adoption to macro studies like Bain's $4.2 trillion AI revenue-gap outlook, still underpin positioning. Losing $82,375 would invalidate the bullish structure and open $80,826 (57/100).