Capital B Expands Bitcoin Holdings, Reinforcing Digital Asset Treasury Strategy

Capital B Bolsters Bitcoin Treasury with Latest Acquisition

Capital B (ALCPB), the Euronext Growth Paris-listed entity, has announced the acquisition of an additional 12 Bitcoin (BTC) for €1.2 million. This strategic move increases the company's total Bitcoin holdings to 2,812 BTC, which are currently valued at over $314 million. The acquisition reinforces Capital B's position as Europe's largest publicly traded Bitcoin treasury company, signaling a continued aggressive accumulation strategy within the digital asset space.

The Acquisition in Detail

The latest purchase was facilitated through an "ATM-type" (At-The-Market) capital increase program with TOBAM, a strategic investor and Paris-based asset manager. This mechanism allows for the gradual issuance of new ordinary shares, in this instance, 706,000 shares at an average subscription price of €1.70 per share, to fund Bitcoin acquisitions without significant market disruption. As of September 29, 2025, Capital B and its subsidiary, The Blockchain Group Luxembourg SA, hold 2,812 BTC with an acquisition value of €262.1 million, based on an average price of €93,216 per Bitcoin. The company has reported a remarkable 1,656.1% year-to-date BTC yield and a BTC gain of 662.4 BTC, equating to a €63.6 million BTC € Gain.

Analysis of Market Reaction and Strategic Intent

This latest acquisition by Capital B reflects a robust and long-term commitment to a Bitcoin treasury strategy, echoing the approach pioneered by firms such as MicroStrategy (MSTR). The efficient capital raising through the "ATM-type" program underscores a sophisticated financial strategy aimed at minimizing dilution while steadily expanding Bitcoin reserves. The consistent accumulation, from just 15 BTC in November 2024 to 2,812 BTC within ten months, demonstrates the company's conviction in Bitcoin as a core treasury asset. This ongoing activity is likely to bolster investor confidence in Capital B and similar European entities adopting Bitcoin as a primary reserve asset, potentially influencing their stock valuations positively.

Broader Context and Implications for Digital Asset Adoption

Capital B's strategy is part of a broader trend among European companies building strategic reserves in Bitcoin. The firm now ranks 28th globally among public companies by Bitcoin holdings. While trailing peers like Metaplanet (25,555 BTC) and Sequans Communications (3,205 BTC), Capital B has an ambitious long-term goal to achieve 1% ownership of the total Bitcoin supply (21 million units) by 2033. This aggressive accumulation strategy has been significantly supported by the regulatory clarity provided by the EU's Markets in Crypto-Assets Regulation (MiCA), fully operational since December 2024, which legitimizes institutional adoption and provides a clearer framework for financing Bitcoin acquisitions. Furthermore, accounting guidance from the Financial Accounting Standards Board (FASB), mandating fair value measurement for crypto assets, enhances transparency and facilitates the integration of digital assets onto corporate balance sheets.

The success of this model is evidenced by MicroStrategy's strong financial performance, which reported $14.03 billion in operating income for Q2 2025, a 7,106% year-over-year increase, primarily driven by Bitcoin holdings. Such performance metrics from leading Bitcoin treasury companies highlight the potential for substantial gains and asset diversification through this strategy. The surge in corporate Bitcoin holdings globally, reaching 1,033,866 BTC across 176 companies by September 30, 2025, valued at approximately $117 billion, demonstrates the increasing institutionalization of Bitcoin.

Looking Ahead

The continued execution of Capital B's Bitcoin treasury strategy positions it as a key player in the evolving European digital asset landscape. The innovative use of flexible financing instruments, such as "ATM-type" capital increases and convertible bonds, could serve as a model for other companies seeking to integrate Bitcoin into their balance sheets. The firm's stated long-term goal of 1% Bitcoin supply ownership suggests sustained acquisition efforts, which could further drive its valuation and strengthen its influence in the cryptocurrency sector. As regulatory frameworks continue to mature and institutional interest grows, Bitcoin is increasingly viewed not just as a speculative asset but as a strategic reserve asset for portfolio diversification and financial sovereignty, with analysts projecting Bitcoin could reach $150,000 to $180,000 by year-end 2025.