Capital B Buys Bitcoin Again Below Cost Basis
The Paris-based treasury company expanded its position through TOBAM and MiCA custodian Swissquote Bank Europe. With 3,538 BTC, Capital B is still deeply underwater on its total purchases.
Key Takeaways
- Capital B bought 13 BTC for €0.97 million, bringing its total treasury to 3,538 BTC.
- The average purchase price was €74,364 per Bitcoin, below the total average cost basis of €87,805 per BTC.
- Even after the new purchase, the treasury still shows an unrealized loss of about €50.8 million.
Capital B has once again bought Bitcoin below its average cost basis. The Paris-listed Bitcoin treasury company bought 13 BTC for €0.97 million, bringing its total to 3,538 BTC. Even with that purchase, the treasury is still sitting on an unrealized loss of about €50.8 million.
More BTC, Lower Cost Basis
This time, the company paid an average of €74,364 per Bitcoin. That is clearly below the average cost basis of €87,805 per BTC for the full treasury, which cost a total of €310.6 million to build. Capital B also reported a BTC Yield of 2.20% for this year. That metric shows how much Bitcoin the company holds per diluted share.
The new purchase fits into a series of larger and smaller additions to the treasury. In early September, Capital B already bought 376 BTC for about €25.3 million, the biggest purchase of the year. Later that month, Blockstream CEO Adam Back also invested €7.6 million in Capital B.
Financing Through TOBAM
The €0.97 million for the latest purchase came through an at-the-market setup with asset manager TOBAM. Under this arrangement, Capital B issues new shares when the fund manager asks for them. Between September 14 and 22, three TOBAM funds took 172,978 shares at about €5.68 each, which the company said was 3.8% above the previous closing price.
Swissquote Bank Europe carried out the transaction and holds the coins. The bank is MiCA-licensed and acts as Capital B's sole custodian. Blockstream Capital Partners remains the largest shareholder with 18.67% of the common shares, while Back personally owns another 17.54%.
Why This Matters
For European crypto followers, this shows how publicly traded companies keep expanding their Bitcoin treasuries through equity financing. With 3,538 BTC, Capital B is now the second-largest public Bitcoin holder in Europe, behind only Germany's Bitcoin Group SE. That makes the company one of the clearest examples of how institutional demand and stock-market financing are coming together in crypto.
Bitcoin itself was trading around $82,800 (€72,600), about 2.29% lower on the day, while the coin had actually gained about 7% over the past month. That shows Capital B is still buying in a market that keeps moving, but where the treasury's average cost basis is still above the current price for now.
