Capital B buys additional 4 Bitcoin, increasing total to 3,525 BTC

Capital B, the French-listed firm that has positioned itself as Europe’s answer to MicroStrategy, added another 4 BTC to its balance sheet on September 14 for €270,000. The purchase brings the company’s total strategic Bitcoin holdings to 3,525 BTC, worth a combined €309.7 million at its aggregate cost basis.

The numbers behind the stack

The tiny weekend top-up came just a week after a much more dramatic move. On September 7, Capital B scooped up 376 BTC for €25.3 million, which stands as the company’s largest single acquisition of 2026. That purchase alone represented more than a 10% increase in the firm’s holdings at the time.

Across its entire Bitcoin treasury, Capital B has spent an average of €87,854 per BTC. The company reports a year-to-date BTC Yield of 2.19%, a metric it borrowed from the MicroStrategy playbook to measure how effectively it’s growing Bitcoin per share over time. In more concrete terms, that translates to a BTC Gain of 61.9 BTC and a BTC € Gain of €4.2 million so far this year.

To fund the buying spree, Capital B has raised approximately €30.1 million in recent capital raises, primarily through equity issuances rather than debt. Among the notable participants: Adam Back, the CEO of Blockstream, who holds a 17.64% stake in the company.

From The Blockchain Group to Capital B

The company wasn’t always called Capital B. It rebranded from The Blockchain Group in July 2025, a name change that traded vague buzzword energy for something more direct. It trades under the ticker ALCPB on Euronext Growth Paris and CPTLF in the US.

Since late 2024, Capital B has been on a steady accumulation path, consistently adding to its Bitcoin position while publishing its cost basis and yield metrics with unusual transparency for a European small-cap. The firm deliberately separates its roughly 61 BTC in operational holdings from its strategic treasury reserve, excluding those coins from yield calculations.

Capital B now sits just 80 BTC behind Germany’s Bitcoin Group SE, which holds 3,605 BTC.

What the equity-over-debt strategy means

One detail worth lingering on is how Capital B is financing its purchases. Unlike some corporate Bitcoin buyers who have leaned on convertible notes or debt instruments, Capital B has funded its acquisitions almost entirely through equity issuances. That’s a deliberate choice with real trade-offs.

On the upside, it means the company carries no debt obligation tied to its Bitcoin position. If BTC drops 30% tomorrow, there are no margin calls, no interest payments, no forced liquidations. The downside is dilution. Every equity raise means existing shareholders own a slightly smaller slice of the pie, unless the Bitcoin they’re buying with that capital appreciates fast enough to offset it. That’s what the BTC Yield metric is designed to track.

At 2.19% year-to-date, Capital B is arguing that its shareholders are better off with the dilution than without it.

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