French Capital B Adds 126 BTC to Treasury, Holdings Reach 2,201 Bitcoin Worth $233M

French Bitcoin treasury company Capital B purchased 126 Bitcoin for approximately €12.4 million, bringing its total holdings to 2,201 BTC worth roughly €201.5 million at acquisition cost.

The Euronext Growth Paris-listed firm, trading under ticker ALCPB, financed the latest acquisition through strategic capital increases totaling €13.7 million from institutional investors Peak Hodl Ltd and TOBAM.

Meanwhile, the company achieved a remarkable 1,519.5% BTC yield year-to-date and an 18.1% quarterly return, making it one of Europe’s first publicly traded Bitcoin treasury companies.

Strategic Capital Raises Fund for Aggressive Bitcoin Accumulation

Peak Hodl Ltd invested €8.7 million at €3.47 per share, receiving 2.5 million new ordinary shares while enabling Capital B to purchase 80 Bitcoin for approximately €7.9 million.

Additionally, asset manager TOBAM contributed €5 million at €2.90 per share through 1.7 million newly issued shares, funding the acquisition of 46 Bitcoins worth around €4.5 million.

The transactions coincided with significant bond conversions that further expanded Capital B’s share capital structure, including TOBAM’s conversion of 1.5 million bonds into 2.1 million ordinary shares at €0.71 per share.

Furthermore, Fulgur Ventures submitted a conversion request for 4.76 million bonds into 8.75 million ordinary shares at €0.544 each, reflecting continued institutional confidence in the Bitcoin treasury strategy.

Capital B accumulated its Bitcoin holdings from just 15 BTC in November 2024 through systematic purchases across multiple financing rounds throughout 2025.

The company’s acquisition timeline shows purchases accelerating from March 2025 onwards, with holdings growing from 620 BTC in March to 1,788 BTC by June before reaching the current 2,201 BTC.

Capital B now maintains an average Bitcoin acquisition cost of €91,568 per coin across its 2,201 BTC portfolio, with current market value reaching €217.3 million based on recent purchase prices.

The company’s share capital structure expanded to 163.1 million outstanding shares, while fully diluted shares total 331.2 million, including all convertible instruments and warrants.

European Bitcoin Treasury Model Gains Institutional Momentum

Capital B’s rapid Bitcoin accumulation from just 15 BTC to over 2,200 coins illustrates the accelerating institutional adoption of cryptocurrency treasury strategies across Europe.

The company’s stock delivered 2,275% returns compared to Bitcoin’s 58% gain during the same period, according to strategy update documents from July 2025.

This success resulted from a broader trend of European firms following MicroStrategy‘s pioneering Bitcoin treasury approach, but with a more distinct regulatory framework and financing mechanisms.

UK-based Smarter Web Company recently issued Britain’s first Bitcoin-denominated convertible bond worth $21 million, also partnering with TOBAM.

Similarly, Parataxis Holdings announced a SPAC merger targeting a $640 million Bitcoin treasury for NYSE listing under ticker “PRTX.”

However, industry analysts have raised concerns about the sustainability of corporate Bitcoin treasury strategies, particularly regarding potential market volatility and shareholder dilution risks.

Franklin Templeton recently warned that corporate crypto treasuries could amplify market downturns if Bitcoin prices decline sharply, potentially triggering forced sales and self-reinforcing crashes.

Meanwhile, VanEck’s Matthew Sigel criticized at-the-market share programs that become dilutive when stock prices approach Bitcoin net asset values, questioning the long-term viability of current strategies.

Despite these concerns, over 287 companies now collectively hold more than 3.64 million Bitcoin, suggesting institutional demand continues driving corporate treasury adoption.

Source: Bitcoin Treasuries

Capital B has authorized up to €300 million in additional capital increases through its Luxembourg subsidiary structure, according to company filings.