Capital B Buys More Bitcoin, Expands Treasury to 2,925 BTC After Debt Conversions and Equity Raise

Capital B has strengthened its profile as a listed Bitcoin Treasury Company after converting key debt instruments, raising fresh equity, and deploying part of the proceeds into additional bitcoin.

Bitcoin holdings and treasury performance

The group now holds 2,925 BTC with an acquisition value of €269.4 million, at an average cost of €92,096 per bitcoin.

Capital B confirmed the purchase of 37 BTC for €2.3 million, at a reference price of €60,892 per coin, as part of its ongoing Bitcoin Treasury strategy. This lifted the year-to-date BTC Yield to 1.25%, with a BTC Gain of 35.3 BTC and a BTC € Gain of €2.2 million since the start of 2026. Quarter-to-date, BTC Yield stands at 0.53%, with a BTC Gain of 15.2 BTC and a euro gain of €0.9 million, according to a company press release.

Debt conversions and new share issuance

Alongside the treasury expansion, Capital B completed major conversions of its OCA B-01 convertible bonds. Blockstream Capital Partners converted 17,897,600 OCA B-01 into 32,900,000 ordinary shares, while UTXO Management converted 2,020,372 OCA B-01 into 3,713,919 shares, at a unit conversion price of €0.544. In total, 36,613,919 new shares were issued through debt set-off on these instruments.

Both Blockstream Capital Partners and UTXO Management also exercised their rights under legal adjustment measures linked to the free BSA 2025-01 warrants granted in 2025.

Equity adjustments, cash raised, and warrant exercise

Blockstream subscribed to 4,700,000 new shares at €0.544 per share for €2.56 million, while UTXO Management took 530,559 shares for €0.29 million, bringing total cash raised under these adjustments to €2.85 million.

The company further reported the exercise of 4,464,712 BSA 2025-01 into 637,816 shares for €0.35 million. The warrants were reported to have expired worthless at midnight on April 10, 2026.

Earlier capital raise and potential bitcoin purchases

In March, Capital B announced a €3 million capital raise alongside amendments to existing convertible bonds to accelerate its Bitcoin treasury strategy.

The funding, backed by TOBAM and UTXO Management, could enable the company to acquire roughly 36 additional bitcoin, bringing its total holdings to about 2,880 BTC.

Share capital, fully diluted base, and operational bitcoin

Following these transactions, Capital B’s issued share capital stands at 272,210,021 shares, while its fully diluted base reaches 397,622,899 shares when including remaining convertibles, warrants, and free-share plans. On this basis, the group reports 730 satoshis of bitcoin per fully diluted share, a core metric in its strategy to grow BTC per share over time.

The company stated that an additional 60 BTC is held for operational needs, segregated from the reserve that underpins its Bitcoin Treasury KPIs. Capital B said it will continue to publish BTC Yield, BTC Gain, and BTC € Gain as supplemental indicators for investors who follow its equity-financed bitcoin accumulation model.