Europe’s first Bitcoin Treasury Company, Capital B, has bolstered its cryptocurrency portfolio with the acquisition of 44 bitcoin, bringing its total holdings to 2,888 BTC. The €2.7 million investment is part of the company’s broader strategy to increase the number of bitcoin per fully diluted share over time, as detailed in a recent press release.
The capital for this acquisition was raised through a series of strategic operations. An ‘ATM-type’ capital increase with TOBAM generated €0.5 million through the issuance of 669,906 new shares at €0.76 per share. Additionally, the company secured €3 million via share subscription warrants, with €2 million coming from TOBAM and €1 million from UTXO Management. These funds not only facilitated the BTC acquisition but also supported the company’s treasury strategy.
Year-to-Date Performance and Treasury Strategy
Capital B reported a year-to-date (YTD) BTC Yield of 0.72%, equivalent to a gain of 20.4 BTC and €1.2 million. This performance underscores the company’s strategic focus on incremental growth. The quarterly BTC Yield of 0.72% further highlights the consistent expansion of its bitcoin holdings relative to fully diluted shares. The average acquisition cost of its BTC portfolio stands at €92,495 per coin, representing a total investment of €267.1 million.
Technical and Security Aspects
The bitcoin acquisition was executed by Swissquote Bank Europe SA, a Luxembourg-registered virtual asset service provider (VASP), using Taurus technology for secure custody. Capital B maintains an additional 60 BTC for operational needs, separate from its treasury holdings. This approach ensures that the company can manage its operations efficiently while safeguarding its core investments.
Market Context and Future Outlook
The recent surge in bitcoin prices, which reached $71,000, was partly driven by a easing of geopolitical tensions after Donald Trump announced a five-day pause on planned U.S. strikes against Iran. This market movement has created a favorable environment for companies like Capital B to continue their bitcoin accumulation strategies. Strategy, another notable player in the space, has also been actively acquiring bitcoin, albeit at a more measured pace.
Between March 16 and March 22, Strategy acquired 1,031 BTC for $76.6 million at an average price of $74,326 per coin, funded through common stock sales. This contrasts with the prior two weeks, when the company deployed over $1 billion into bitcoin via equity and preferred share offerings. Strategy now holds 762,099 BTC, purchased for approximately $57.7 billion at an average cost of $75,694 per coin.
Capital B’s strategic acquisitions and robust treasury management position the company well to navigate the volatile cryptocurrency market. As the global financial landscape continues to evolve, the company’s focus on long-term growth and security is likely to be a key differentiator in the competitive Bitcoin Treasury space.
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