Paris-listed Bitcoin treasury firm Capital B has expanded its reserves by purchasing 13 Bitcoin (BTC) for €0.97 million, bringing its total inventory to 3,538 BTC.
The company also announced a year-to-date BTC Yield of 2.20%. This specific metric measures the amount of Bitcoin the firm maintains relative to its fully diluted share count.
Capital B Bitcoin Buy Lands Below Average Cost
For this latest acquisition, the enterprise paid an average price of €74,364 per coin. This rate falls considerably below its overall average cost of €87,805 per coin across a total treasury investment of €310.6 million.
Data from Bitcoin Treasuries indicates that this accumulation secures the second-largest position among European public companies. Germany’s Bitcoin Group SE remains the sole European leader with 3,605 BTC.
Despite these figures, current market valuations reflect a different picture. Based on the previous day’s closing price, the net asset value of the portfolio sits at approximately €259.9 million, leaving the treasury with an unrealized paper loss of roughly €50.8 million.
Meanwhile, BeInCrypto data shows Bitcoin trading near $82,800, marking a 2.29% decline for the day while maintaining a gain of about 7% over the past month.
Earlier in the month of September, Capital B completed its largest purchase of the year by acquiring 376 BTC for roughly €25.3 million. Blockstream CEO Adam Back also injected €7.6 million into Capital B during that same period.
TOBAM Share Sales Fund the Purchase
The necessary funds were provided by TOBAM, a Paris-based asset manager, via an at-the-market (ATM) arrangement. Through this agreement, Capital B issues new shares whenever requested by the fund.
The company notes that between September 14 and 22, three TOBAM funds acquired 172,978 shares at approximately €5.68 apiece, representing a 3.8% premium over the prior closing price.
Blockstream Capital Partners continues to hold the position of largest shareholder, owning 18.67% of ordinary shares, while Back personally retains an additional 17.54% stake.
The transaction was executed and the coins are safely held by Swissquote Bank Europe. The institution operates as Capital B’s exclusive custodian and holds a license under the European Union’s Markets in Crypto-Assets (MiCA) regulations.
Several other corporations have utilized comparable share-funded acquisition tactics throughout the year, and treasury entities continued to amass coins during a turbulent September.
Capital B’s ongoing strategy of acquiring coins below its cost basis gradually drives down its overall average purchase price. The speed at which this average decreases will ultimately rely on TOBAM’s continued appetite for purchasing newly issued shares.