Capital B Buys 12 Bitcoins with €0.87 Million Raised from TOBAM and Holds 3,550 BTC
The Puteaux-based group bought 12 bitcoins for €0.84 million, at a unit price below its average cost, using €0.87 million raised from TOBAM funds at €5.90 per share. This subscription price reflects a premium of 3.55% over the closing price on the trading day preceding the press release.
A €0.87 Million Raise from TOBAM Converted into 12 Bitcoins
Capital B announced on November 10, 2026 the final completion of capital increases totaling €868,845.83 (including share premium). They combine the subscription requests submitted by TOBAM between September 28 and November 4, 2026, under the “ATM” capital increase agreement renewed on January 26, 2026.
In total, 147,176 new ordinary shares were issued at an average rounded price of €5.90. The Chief Executive Officer waived the shareholders’ preferential subscription rights in favor of TOBAM’s funds, under a delegation granted by the General Meeting of June 17, 2026.
The premium results from the mechanics of the agreement: each subscription is priced at the highest of the closing price on the trading day preceding the request, the euro equivalent of an “mNAV” defined by the company, and a floor price set by the General Meeting. The number of shares requested is capped at 21% of trading volume.
Three funds shared the issue: TOBAM Bitcoin Alpha Fund for 81,304 shares (€480,005.22), TOBAM Bitcoin Enhanced Fund for 47,723 shares (€281,691.88), and TOBAM Bitcoin Treasury Opportunities Fund for 18,149 shares (€107,148.73).
The proceeds financed the purchase of 12 bitcoins at a unit price of €70,295. Execution was handled by Swissquote Bank Europe SA, a MiCA-licensed crypto-asset service provider, which also provides custody through the technology solution of the Swiss company Taurus, acting as sole custodian.
As this unit price was lower than the portfolio’s average cost, the purchase reduced the latter from €87,805 per bitcoin as of September 28, 2026 to €87,746. The reserve, held together with the subsidiary Capital B Luxembourg SA, now comprises 3,550 bitcoins at a total acquisition cost of €311,496,841.
A Reserve Valued Below Cost, with Slightly Higher Indicators
Valued at the bitcoin price at the close of the trading day preceding the press release, the reserve stands at €237,567,811, an amount below its acquisition cost. As of September 28, 2026, the 3,538 bitcoins then held were valued at €259,901,480.
The valuation of bitcoin is already weighing on the accounts: at the half-year results published on October 15, 2026, Capital B recorded a net loss of €69.5 million for the first six months of the year, mainly due to an additional impairment charge of €67.5 million recognized on its bitcoins.
The indicators tracked by the company are rising slightly. The “BTC Yield”, which measures the change in the number of bitcoins per share on a fully diluted basis, reaches 2.23% year to date, compared with 2.20% as of September 28, and 0.03% since the beginning of the quarter. The ratio moves from 7,368.5 to 7,370.9 satoshis per share.
The “BTC Gain” amounts to 63.0 bitcoins year to date and 1.2 bitcoins for the quarter.
Its euro equivalent, the “BTC € Gain”, however, declines to €4,216,993, compared with €4,560,086 as of September 28, the indicator being calculated at the bitcoin price at the close of the trading day preceding each press release.
The company reminds that these indicators measure neither operational performance nor yield, and that the “BTC € Gain” can remain positive while the fair value of its bitcoins declines. It also holds 61 bitcoins allocated to its operational needs, which are excluded from these calculations.
Blockstream at 31.46% of Share Capital on a Fully Diluted Basis
Following these issues, the share capital comprises 38,614,985 ordinary shares and 47,672,097 shares on a fully diluted basis, which notably includes the conversion of all convertible bonds. Blockstream Capital Partners holds 18.60% of the share capital on an ordinary basis and 31.46% on a diluted basis, ahead of Adam Back (17.48% and 14.56%).
TOBAM holds 3.15% of the share capital, and 4.10% on a diluted basis, while the public and institutional investors represent 54.22%. The bitcoin-denominated convertible bonds outstanding could give rise to the issuance of 8,873,036 shares, including 7,816,662 under the OCA B-02 subscribed by Blockstream Capital Partners.
This diluted basis excludes the BSA warrants 2026-01 to 2026-08, which relate to 32,714,689 shares for a potential exercise amount of €320,382,456, as well as the unsubscribed portion of the €300 million capital increases authorized for the benefit of TOBAM.
