Capital B announced on September 28, 2026 the purchase of 13 BTC for $1.1 million. Which brings his reserve to 3,538 BTC, acquired at $99,905 per bitcoin on average. According to calculations from the company’s press release, this crypto reserve is worth $295.7 million at a cost of $353.5 million. This amounts to an unrealized loss of $57.7 million (16.3%). The purchase is financed by the issuance of 172,978 shares at $6.46, subscribed by three TOBAM funds.
In brief
- 3,538 BTC held as of September 28, 2026, for an acquisition cost of $353.5 million, or €310,653,299 (Capital B, press release of September 28).
- 172,978 new shares at $6.46 on average, or $1.12 million all subscribed by three TOBAM funds between September 14 and 22 (Capital B).
- BTC Yield of 2.20% since January 1: 7,368.5 sats per fully diluted share, compared to 7,368.0 on September 14 (Capital B).
- 13 BTC purchased for $84,611 per unit, or 15.3% below the average cost of the reserve (calculation from the press release).
- Unrealized capital loss of $83.1 million as of September 14 and $57.7 million as of September 28: the increase in the price used (+9.4%) explains most of the difference.
How many bitcoins does Capital B hold, and at what price?
Capital B holds 3,538 BTC as of September 28, 2026acquired for $353.5 million in total. This represents an average cost of $99,905 per bitcoin, according to the press release from Capital B on September 28, 2026. Valued at the closing price of the day before publication, the crypto reserve is worth $295.7 million. According to our calculations, that’s $57.7 million less than its acquisition cost.
Capital B presents itself as the Europe’s first Bitcoin Treasury Company. It also holds 61 BTC for its operational needs, excluded from the reserve and its indicators.
The difference with the cost is due to the price chosen. The press release values the reserve at $295.7 million, or $83,583 per bitcoin compared to $76,383 in the September 14 press release (+9.4%). At that date, the unrealized loss reached $83.1 million, or 23.6% of the cost.
How were these 13 BTC financed?
L’buy bitcoin was financed by the issue 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 BTCs cost $1.1 million, or $84,611 per unit. Which works out to be approximately 15.3% below the company’s average crypto reserve cost.
These actions are part of a ATM type contract (at the market), which allows shares to be issued in tranches at the request of an investor. That of Capital B with TOBAM was renewed on January 26, 2026, and the requests grouped together in this press release date from September 14 to 22, 2026.
The price chosen is the highest of three references:
- the closing price of the previous day;
- the equivalent in euros of the “mNAV” defined by the company;
- a floor voted on at the general meeting on June 17, 2026.
This price displays a premium of 3.8% on the price preceding the press release.
What does this purchase change for Capital B’s BTC Yield?
BTC Yield has reached 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 sat is worth 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 basis by 0.36% (172,978 shares). This constitutes a gain of around 0.5 sat per share.
The company itself warns against reading this indicator as a return:
BTC Yield is not, and should not be understood as, a measure of operational performance or a financial or liquidity measure.
Capital B, press release of September 28, 2026
THE bitcoin acquisition chart of the press release shows the rhythm of the last few 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 do we know and what don’t we know about this bitcoin reserve?
THE number of bitcoinstheir cost and financing are established by the report published on September 28, 2026. The value of $295.7 million depends on the price chosen ($83,583 per BTC) and varies with it. However, the press release does not specify the date or the financing of the next purchase.
According to our calculations, the issue price of $6.46 exceeds the value of bitcoins by around 5% per fully diluted share ($6.16, on 48,014,921 shares).
The table of convertible bonds denominated in bitcoin puts the remaining debt of the six issues in circulation at 821 BTC, or 23.2% of the reserve. Their lowest conversion price is $8.05. It remains 24.5% above the day’s issue price.
THE key threshold of the Capital B reserve is its average cost of $99,905 per bitcoin, or 19.5% above the price of $83,583 used in the press release. The next checkpoint is the press release of Monday October 5, 2026. If the company publishes one, it will say whether the rhythm of the last two publications (4 and 13 BTC) is confirmed.
Capital B is therefore continuing its Bitcoin strategy with 3,538 BTC in reserve, despite a still significant latent capital loss. Its next purchase will make it possible to measure the evolution of this crypto strategy. In any case, his journey illustrates the challenges faced by European companies that make bitcoin a cash asset.
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