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

The filing adds further detail on Adam Back's participation: he fully subscribed a €7.6 million ($8.8 million) tranche completed on September 2, on top of an earlier €21 million tranche closed August 28 in which he was listed as a strategic investor, with the private placement priced at €0.58 per share and the at-the-market tranche at €0.51. The disclosure also restates Capital B's long-term target of 210,000 BTC — roughly 1% of total bitcoin supply — by 2033, backed by shareholder approval in June for up to €5 billion in new equity and €10 billion in credit instruments. Board member Alexandre Laizet told the BTC Prague conference the company is developing a bitcoin-backed credit instrument for European investors, modeled on Strategy's STRC and Strive's STAATA, targeting returns above 10% with volatility under 10%, though no launch date has been set.

(as of 01:35 UTC) COINOTAG's proprietary 42-indicator composite S/R scoring engine frames the tape around Capital B's entry: spot trades at $79,319, down 0.81% in 24 hours, sitting just above a $79,004 floor scored 81/100 on the confluence of a resistance-turned-support flip, a low-volume node, the Bollinger middle band and the 20-day SMA. The primary ceiling is $80,207 — rated 77/100 on the R1 pivot, Keltner Upper band, Fib 0.114 and a MACD cross — while secondary support rests at $77,648 (79/100 from ATR Lower, Fib 0.214, EMA 20 and the S3 pivot) and $76,264 (64/100). Derivatives positioning is long-skewed: funding at 0.0015%, open interest near $15.54 billion and a 1.28 long/short account ratio, with the Fear & Greed Index at 69 (Greed). With RSI at 63 and a bearish MACD signal inside a broader uptrend, a close above $80,207 extends the advance; losing $79,004 exposes $77,648.