A €25.3 million purchase of 376 Bitcoin pushed Capital B's reserve to 3,521 BTC, putting the French firm ahead of Sweden's H100 Group in the corporate treasury rankings. Yet Capital B's stock fell 5.82% the same day, exposing a gap between the accumulation signal and the equity market's reaction.
Capital B added 376 Bitcoin for €25.3 million, lifting its treasury to 3,521 BTC and past Sweden's H100 Group in the corporate accumulation race.
The purchase was funded by roughly €30.1 million in capital raises, including a private placement backed by Blockstream co-founder Adam Back and asset manager TOBAM, according to a Capital B announcement. Swissquote Bank Europe executed the trade, with Taurus providing custody.
Capital B paid an average of €67,182 per Bitcoin, its largest single acquisition since September 2025, when it bought 551 BTC for €54.7 million. The company has spent €309.4 million building the reserve at an average cost of €87,878 per BTC and holds a further 61 BTC for operations that it excludes from performance metrics. The purchase leaves Capital B 15 BTC ahead of H100 Group's 3,506 BTC, though both trail Germany's Bitcoin Group SE at 3,605 BTC, according to BitcoinTreasuries.net.
The accumulation came as Capital B's shares fell 5.82% in a single session, a divergence that shows equity investors are not rewarding the treasury build even as the company climbs the corporate Bitcoin rankings.
The latest buy, at roughly $78,400 per coin, tracks Bitcoin trading near $78,436 after a 1.27% decline over 24 hours. It extends a widening split among corporate holders. Japan's Metaplanet added 2,823 BTC in the second quarter for about $222 million, lifting holdings to 43,000 BTC and ranking third among publicly traded companies behind Strategy and Twenty One Capital, per BitcoinTreasuries.net. Strategy, the largest corporate holder, resumed buying in August after a two-month pause, acquiring 4,603 BTC for $370 million to reach 845,050 BTC at a combined cost of $63.3 billion.
By contrast, K Wave Media and Sequans Communications have moved to unwind Bitcoin positions, filings show. H100 Group more than tripled its treasury in August through an all-share deal that brought in 2,455 BTC held by Norwegian companies.
For Capital B, the question is whether it sustains the pace. The latest buy was tied to fresh fundraising, and its next reported purchase will determine whether it can close the gap to Bitcoin Group SE, Europe's largest listed holder. The 5.82% stock drop the same day suggests the equity market is weighing dilution from repeated capital raises against the size of the Bitcoin reserve, a trade-off that will shape how investors value the treasury strategy.
This article is for informational purposes only and does not constitute investment advice.
