As more companies adopt Bitcoin [BTC] as a treasury asset, Capital B was unable to keep calm. The firm recently added 2 BTC, but the significance of this move lies in how the purchase was funded.
Capital B raised capital through an At-the-Market (ATM) offering with TOBAM, issuing 200,000 new shares at €0.60 each and using the proceeds to buy Bitcoin.
In simple terms, the company is converting equity raised from the market into Bitcoin to gradually expand its treasury.
Capital B’s Bitcoin holdings
With this latest addition, Capital B now holds 2,836 BTC at an average acquisition price of €93,061, positioning the firm as one of Europe’s emerging institutional proxies.
Another key metric in the update is “BTC Yield,” a concept that Michael Saylor’s Strategy popularized. This metric measures how much Bitcoin value a company adds for shareholders relative to the number of shares in circulation.
Capital B reported a 0.21% year-to-date BTC yield, meaning shareholders effectively gained about 5.9 BTC (around €0.35 million) in value during the first quarter.
Although the company issued new shares at a 21.6% discount due to recent market volatility, it still maintained a positive BTC yield.
This suggests that the additional Bitcoin the company acquired helped offset the dilution caused by issuing new shares.
For investors, this creates a unique proposition wherein, rather than simply holding Bitcoin, Capital B is structuring its finances to increase the Bitcoin value represented by each share.
Strategy’s 101st Bitcoin purchase
That said, Capital B’s latest Bitcoin purchase comes at a time when Strategy completed its 101st Bitcoin purchase, bringing its total holdings to around 720,737 BTC.
However, the market reaction to these two companies shows a difference in investor sentiment.
MSTR recently fell about 4.49% to $133.53. Whereas, Capital B’s stock (ALCPB) rose 7.48% to €0.83.
At the same time, the broader Bitcoin treasury trend is facing growing pressure.
Public companies together now hold roughly 1.138 million BTC, but with Bitcoin trading around $67,713, many of these holdings are currently in the red.
Bitcoin treasuries companies are underwater
Investor Charles Edwards recently pointed out that about 77% of Bitcoin treasury companies are holding their Bitcoin at a loss. This level of stress has not been seen since the Terra-Luna collapse in May 2022.
Investors are therefore becoming more cautious. As Bitcoin struggles to regain strong momentum, the market is no longer focusing only on how much Bitcoin companies are buying.
Instead, investors are closely examining whether these firms can manage their balance sheets and withstand long periods of price volatility.
Simply put, the Bitcoin treasury race is no longer just about buying more BTC—it is about which companies can hold their reserves the longest without being forced to sell.
Final Summary
- Capital B’s move shows that even small Bitcoin purchases can signal larger strategic shifts in corporate treasury management.
- Market conditions remain challenging, with 77% of Bitcoin treasury companies currently holding their BTC at a loss.