Bitcoin: Capital B Keeps Buying Despite $57.7M Loss

Capital B announced on September 28, 2026, the purchase of 13 BTC for 1.1 million dollars. This brings its reserve to 3,538 BTC, acquired at $99,905 per bitcoin on average. According to calculations based on the company’s statement, this crypto reserve is worth 295.7 million dollars for a cost of 353.5 million dollars. This amounts to an unrealized loss of 57.7 million dollars (16.3%). The purchase is financed by the issuance of 172,978 shares at $6.46, subscribed by three TOBAM funds.

How many bitcoins does Capital B hold, and at what price?

Capital B holds 3,538 BTC as of September 28, 2026, acquired for a total of $353.5 million. This represents an average cost of $99,905 per bitcoin, according to the Capital B statement of September 28, 2026. Valued at the previous day’s closing price, the crypto reserve is worth $295.7 million. According to our calculations, this is $57.7 million less than its acquisition cost.

Capital B presents itself as the first Bitcoin Treasury Company in Europe. It also holds 61 BTC for operational needs, excluded from the reserve and its indicators.

The discrepancy with the cost stems from the price chosen. The statement values the reserve at $295.7 million, or $83,583 per bitcoin compared to $76,383 in the statement of September 14 (+9.4%). On that date, the unrealized loss had reached $83.1 million, or 23.6% of the cost.

How were these 13 BTC financed?

The bitcoin purchase was financed by the issuance of 172,978 new shares at an average price of $6.46 (or $1.12 million) subscribed by three funds of the management company TOBAM. The 13 BTC cost $1.1 million, or $84,611 each. This is about 15.3% below the average cost of the company’s crypto reserve.

These shares fall under an ATM-type contract (at the market), which allows shares to be issued in tranches at the request of an investor. Capital B’s contract with TOBAM was renewed on January 26, 2026, and the requests grouped in this statement date from September 14 to 22, 2026.

The price chosen is the highest of three references:

• the previous day’s closing price;
• the euro equivalent of the “mNAV” defined by the company;
• a floor approved at the general meeting on June 17, 2026.

This price carries a premium of 3.8% on the price preceding the statement.

What does this purchase change for Capital B’s BTC Yield?

The BTC Yield reaches 2.20% since January 1, 2026, and 0.34% since the start of the third quarter, according to Capital B. This indicator tracks the number of bitcoins per fully diluted share: 7,368.5 sats per share on September 28, compared to 7,368.0 on September 14. One satoshi equals 0.00000001 BTC.

According to our calculations, the September 28 purchase increased the reserve by 0.37% (13 BTC out of 3,525) and the diluted base by 0.36% (172,978 shares). This constitutes a gain of about 0.5 sat per share.

The company itself warns against reading this indicator as a yield:

The BTC Yield is not, and should not be understood as, an operational performance measure or a financial or liquidity measure.

Capital B, press release of September 28, 2026

The bitcoin acquisition table from the statement shows the pace of recent months.

Date	BTC acquired	Total BTC held	Average cost per BTC held (in dollars)
May 18, 2026	192	3,135	$102,915
June 1, 2026	4	3,139	$102,878
August 3, 2026	1	3,140	$102,865
August 17, 2026	5	3,145	$102,803
September 7, 2026	376	3,521	$99,988
September 14, 2026	4	3,525	$99,960
September 28, 2026	13	3,538	$99,905

What is known and unknown about this bitcoin reserve?

The number of bitcoins, their cost and financing are established by the report published on September 28, 2026. The value of $295.7 million depends on the chosen price ($83,583 per BTC) and varies with it. However, the statement does not specify the date or financing of the next purchase.

According to our calculations, the issuance price of $6.46 exceeds by about 5% the value of bitcoins per fully diluted share ($6.16 on 48,014,921 shares).

The table of convertible bonds denominated in bitcoin quantifies outstanding debt at 821 BTC from six outstanding issuances, representing 23.2% of the reserve. Their lowest conversion price is $8.05. This is still 24.5% above the issuance price of the day.

The key threshold of Capital B’s reserve is its average cost of $99,905 per bitcoin, which is 19.5% above the price of $83,583 retained in the statement. The next checkpoint is the statement on Monday, October 5, 2026. If the company publishes one, it will indicate if the pace of the last two publications (4 and 13 BTC) continues.

Capital B thus continues its Bitcoin strategy with 3,538 BTC in reserve, despite a still significant unrealized loss. Its next purchase will help measure the evolution of this crypto strategy. In any case, its trajectory illustrates the challenges faced by European companies that make bitcoin a treasury asset.