Capital B's Bitcoin (BTC) Holdings Reach 3,521 After $29.4M Purchase

Capital B Adds 376 Bitcoin (BTC)

Paris-listed Bitcoin treasury company Capital B has purchased 376 Bitcoin (BTC) for roughly $29.4 million (€25.3 million), pushing its total treasury to 3,521 BTC, per the company's September 7 investor disclosure. The filing we reviewed puts the average entry at about $78,025 per coin (€67,182), and the acquisition ranks as the firm's largest single buy since it picked up 551 BTC in September 2025 — August buying had totaled just 6 BTC. The purchase was funded almost entirely by freshly raised equity rather than operating cash. Capital B completed a private placement of roughly $33.3 million (€28.7 million) in shares carrying four warrants each, subscribed by asset manager TOBAM and Blockstream co-founder Adam Back, alongside about $1.67 million (€1.44 million) raised through an at-the-market style program run with TOBAM. The disclosure also updates the firm's performance metrics: year-to-date “BTC yield” stands at 2.17%, equal to 736.6 satoshis per fully diluted share, while the company reports a “BTC gain” of 61.3 BTC valued near $4.87 million. Management is careful to flag that the gain metric is not accounting profit or conventional investment return — it tracks whether Bitcoin holdings per share grow faster than the fully diluted share count, a yardstick that matters directly to shareholders absorbing the dilution from these raises.

$80M Below Cost, No. 2 in Europe

The balance-sheet math remains the uncomfortable part of the story. Cumulative spending on the treasury now stands at approximately $359.3 million (€309.4 million) at an average price near $102,061 per BTC — yet the same disclosure values the 3,521-coin stack at only about $279.7 million (€240.8 million), leaving the position roughly $80 million underwater at the reported Bitcoin price. The gap illustrates the core risk of the strategic bitcoin reserve model: management keeps issuing securities and accumulating regardless, effectively a conviction HODL play leveraged through equity markets. On the European league table, the buy moves Capital B into second place among publicly listed holders on the continent, overtaking Sweden's H100 Group, which accumulated to 3,506 BTC in August, and trailing only Germany's Bitcoin Group SE at 3,605 BTC. Back's subscription lifts his ordinary-share stake to 17.64%, a notable vote of confidence from one of the industry's earliest whale-scale advocates. The contrast with Japan is instructive: Metaplanet, holding 43,000 BTC, has paused purchases after its market cap fell below the value of its Bitcoin (an mNAV below 1) and rotated toward buybacks — a reminder that equity-funded accumulation only works while the stock trades at a premium. For more on the broader cohort, our recent coverage of short-term whale positioning tracks how these treasury flows sit against wider market demand. Readers tracking the market in real time can follow live spot and futures prices on Binance.

$74K Support Is the Line to Defend

COINOTAG's proprietary 42-indicator composite S/R scoring engine frames the tape around Capital B's entry: spot trades at $79,014, down 1.48% in 24 hours, sitting just under a $79,282 shelf scored 64/100. The hard ceiling is $81,600 — rated 85/100 on the confluence of the R3 pivot, Donchian Upper band and Swing High — while the primary floor at $74,132 carries a 75/100 score from Ichimoku Kijun, high-volume-node and Fib 0.382 confluence. Derivatives positioning is mildly long-skewed: funding at 0.0012%, open interest near $15.46 billion and a 1.26 long/short account ratio, with the Fear & Greed Index at 71 (Greed). With RSI at 62 and a bearish MACD signal in a sideways trend, a close above $81,600 opens the upside; losing $74,132 invalidates the range thesis.