The Event in Detail

On September 22, 2025, Capital B, a French-listed company (ISIN: FR0011053636, ticker: ALCPB) and Europe's first Bitcoin Treasury Company, confirmed the acquisition of an additional 551 Bitcoin for €54.7 million. This transaction increased the company's total Bitcoin holdings to 2,800 BTC. The cumulative acquisition value for these holdings stands at €261.0 million, based on an average price of €93,205 per bitcoin.

The acquisition of these 551 BTC was financed through two distinct capital increases. The first capital increase, announced on August 18, 2025, amounted to €2.2 million at €2.24 per share, fully subscribed by Adam. Back, enabling the acquisition of 21 BTC. The second capital increase, announced on September 16, 2025, raised €58.1 million through an Accelerated Bookbuilding process at €1.55 per share, facilitating the acquisition of 530 BTC for €52.6 million. These Bitcoin purchases were executed with the assistance of Banque Delubac & Cie and Swissquote Bank Europe SA.

Business Strategy & Market Positioning

Capital B's strategy centers on its identity as a Bitcoin Treasury Company, distinguishing it from traditional firms. Instead of merely treating Bitcoin as a peripheral investment, the company integrates it as a core component of its balance sheet and overall financial strategy, similar to how some corporations manage cash reserves. This approach aligns with the precedent set by companies like MicroStrategy, which pioneered the corporate Bitcoin treasury model in 2020. Since the beginning of 2023, Capital B has reported a "BTC Yield" of 1,651.2%, demonstrating the performance of its Bitcoin investment strategy.

Broader Market Implications

Capital B's continued accumulation of Bitcoin contributes to the broader trend of corporate adoption within the Web3 ecosystem. This institutional engagement reinforces Bitcoin's legitimacy as an alternative asset class for corporate treasuries, potentially encouraging other public companies to explore similar strategies. The finite supply of Bitcoin, capped at 21 million coins, presents unique market dynamics. As institutional entities like Capital B absorb a significant portion of the liquid supply, this scarcity can amplify price volatility. Research indicates that such accumulation by large investors can lead to liquidity shocks, where even modest shifts in buying or selling pressure result in pronounced price movements. The interplay between Bitcoin's fixed supply, increasing institutional demand, and market liquidity dynamics suggests a heightened potential for rapid price swings, creating what some analysts refer to as "liquidity cliffs." This evolving landscape necessitates careful monitoring of Bitcoin-specific metrics for investors seeking to navigate potential market dislocations.