French Bitcoin treasury company Capital B disclosed on September 14, 2026 that it acquired another 4 BTC for approximately €270,000, increasing its strategic Bitcoin holdings to 3,525 BTC.

The purchase was funded through a €250,000 capital increase under Capital B’s at-the-market agreement with asset manager TOBAM. The company reported a total acquisition cost of €309.7 million for its Bitcoin treasury, equivalent to an average of €87,854 per BTC.

Capital B also reported a year-to-date BTC Yield of 2.19%, up from 2.17% a week earlier.

The Purchase That Followed a Much Bigger Buy

In its September 14 company disclosure, Capital B said the latest purchase was executed following the completion of a capital increase at €5.64 per share under its ATM agreement with TOBAM.

The transaction follows a much larger acquisition announced one week earlier. On September 7, Capital B bought 376 BTC for €25.3 million, increasing its holdings from 3,145 BTC to 3,521 BTC. That purchase was funded following capital raises involving institutional investors including Adam Back and TOBAM.

Table 1. Capital B’s reported Bitcoin treasury metrics following its latest acquisition.

The latest purchase brings Capital B’s year-to-date BTC Gain to 61.9 BTC, while its reported BTC € Gain stands at approximately €4.2 million.

What the 2.19% BTC Yield Measures

Capital B’s BTC Yield is not the percentage return generated by changes in Bitcoin’s market price. The company uses the metric to track the percentage change in the amount of Bitcoin attributable to each fully diluted share over a given period, a treasury approach that echoes the strategy covered in a breakdown of MicroStrategy’s Bitcoin policy and corporate treasury management. 

Its treasury strategy is therefore focused on increasing Bitcoin exposure per share rather than simply increasing the absolute number of BTC held.

Capital B reported 7,368 satoshis per fully diluted share on September 14, compared with 7,366.5 satoshis one week earlier. The company said the 2.19% year-to-date BTC Yield corresponds to a BTC Gain of 61.9 BTC, which Capital B describes as an estimate of the additional Bitcoin represented by the increase in BTC per fully diluted share over the measurement period.

Bitcoin for Corporations highlighted Capital B’s updated treasury position following the latest purchase:

How Capital Raises Keep Funding the Purchases

Capital B has relied heavily on equity financing to expand its Bitcoin holdings, part of a wider pattern of institutional and corporate accumulation covered in an explainer on how BlackRock’s Bitcoin ETF is changing institutional demand. 

The September 7 acquisition followed the completion of €28.7 million in private placements alongside a €1.44 million capital increase under the TOBAM ATM arrangement, with the private placements including strategic investors Adam Back and TOBAM.

Capital B said the 376 BTC transaction was executed through Swissquote Bank Europe, with custody provided using technology from Taurus. The purchase was the company’s largest Bitcoin acquisition since September 2025.

The company has also completed a 10-for-1 reverse stock split. The consolidation became effective September 8, reducing the number of ordinary shares from approximately 382.5 million to 38.25 million without directly changing the aggregate value of an investor’s holdings solely because of the split.

What This Signals About Capital B’s Accumulation Pace

Capital B’s latest purchase shows the company continuing to add Bitcoin even after completing the substantially larger 376 BTC acquisition earlier this month. Future accumulation will depend partly on additional financing and the company’s ability to increase Bitcoin per fully diluted share without dilution offsetting the effect of new purchases.

The company currently reports 3,525 BTC within its Bitcoin Treasury Company strategy, with a total acquisition cost of approximately €309.7 million.

What this means for you: The latest 4 BTC purchase only marginally increases Capital B’s total holdings, but it shows that the company is continuing its accumulation strategy following September’s much larger capital raises. For shareholders, the more relevant metric is not simply how much Bitcoin Capital B buys, but whether those purchases increase Bitcoin exposure on a fully diluted per-share basis.

This is not financial advice. Bitcoin treasury companies expose shareholders to Bitcoin price movements as well as equity dilution, financing, execution and company-specific risks. Capital B’s BTC Yield and BTC Gain are company-defined performance indicators and should not be interpreted as conventional investment returns.