TL;DR:
- Capital B bought 13 BTC for €0.97 million at €74,364 per coin, below its €87,805 average acquisition cost across the treasury.
- The company now holds 3,538 BTC acquired for €310.6 million, while its holdings carry an unrealized loss of roughly €50.8 million, or $57.7 million.
- Capital B reported 2.20% BTC Yield year to date and continues using equity-linked financing to expand its Bitcoin position despite being underwater.
Capital B has added 13 BTC to its treasury for €0.97 million, buying below the company’s overall cost basis as Bitcoin trades under its average acquisition price. In a public update, Bitcoin Strategy Director Alexandre Laizet said the firm paid €74,364 per coin. The purchase lowers the marginal cost of accumulation but does not erase the treasury’s large unrealized loss. Capital B now holds 3,538 BTC acquired for €310.6 million at an average price of €87,805.
🟠 Capital B $ALCPB has acquired 13 BTC for €0.97 million at €74,364 per bitcoin and has achieved BTC Yield of 2.20% YTD. As of 9/28/2026, Capital B holds 3,538 $BTC for €310.6 million at €87,805 per bitcoin⚡️ $ALCPB Europe's First Bitcoin Treasury Company 🇫🇷⚡️ https://t.co/jDe6M1aHH3 pic.twitter.com/KGKcUZbqRB
— Alexandre Laizet ⚡️ (@AlexandreLaizet) September 28, 2026
Capital B Keeps Buying Below Its Average Cost
The latest acquisition follows Capital B’s 376 BTC purchase earlier in September, its largest buy of 2026. That transaction lifted holdings to 3,521 BTC before subsequent purchases pushed the total higher. Buying at €74,364 gives Capital B a chance to gradually reduce its €87,805 average cost without selling existing holdings. The effect is incremental, however, because the new 13 BTC represent only a small addition compared with the company’s 3,538 BTC treasury.
The balance sheet remains under pressure from Bitcoin trading below Capital B’s aggregate purchase price. The company’s figures place the treasury’s net asset value near €259.9 million, leaving an unrealized loss of roughly €50.8 million, or about $57.7 million. The paper deficit shows how aggressively the company accumulated at higher prices before the recent downturn. Capital B has nevertheless continued raising capital for purchases, including €7.6 million from Adam Back earlier this month.
Capital B also reported a BTC Yield of 2.20% year to date and 0.34% quarter to date. The metric tracks changes in Bitcoin held per fully diluted share, focusing on whether financing activity increases BTC exposure for shareholders. The positive yield indicates that recent capital raises have expanded Bitcoin per share despite dilution from new equity issuance. That approach has also been supported through private placements involving TOBAM and other equity-linked funding structures.
The latest purchase was funded through an at-the-market agreement with TOBAM, which supplied about €0.98 million through newly issued shares. Capital B remains committed to expanding its treasury even while the market value of its holdings trails their acquisition cost. The strategy therefore depends on continued access to capital and a long-term Bitcoin recovery rather than near-term accounting gains. Its earlier funding rounds for additional BTC purchases show that management is prioritizing accumulation despite the current underwater treasury position.
