Capital B has consolidated its position as a company Listed Bitcoin Treasury Company After converting the main debt instruments, raising new shares, and converting part of the proceeds into additional Bitcoin.
The group now holds 2,925 Bitcoins with an acquisition value of €269.4 million, at an average cost of €92,096 per Bitcoin.
The company confirmed the purchase of 37 bitcoins for €2.3 million, at a reference price of €60,892 per coin, as part of its ongoing Bitcoin treasury strategy. This brings the YTD “BTC Return” to 1.25%, with a “BTC Gain” of 35.3 BTC and a “BTC Gain of €2.2 million” since the start of 2026. On a quarter-to-date basis, the BTC Return is 0.53%, with a BTC Gain of 15.2 BTC and a EUR Gain of €0.9 Million, According to To the company’s press release.
In parallel with the expansion of the treasury, capital b Completed significant conversions of its OCA B‑01 convertible bonds. Blockstream Capital Partners converted 17,897,600 OCA B‑01 into 32,900,000 common shares, while UTXO management converted 2,020,372 OCA B‑01 into 3,713,919 shares, at a unit conversion price of €0.544. In total, 36,613,919 new shares were issued through debt clearing on these instruments.
Blockstream Capital Partners and UTXO Management also exercised their rights under statutory adjustment measures related to the BSA 2025‑01 free guarantees granted in 2025.
Blockstream subscribed for 4,700,000 new shares at €0.544 per share for €2.56 million, while UTXO management acquired 530,559 shares for €0.29 million, bringing the total cash raised under these amendments to €2.85 million. The Company also reported the exercise of 4,464,712 BSA 2025‑01 to 637,816 shares for €0.35 million, with the warrants expiring at midnight on 10 April 2026.
In March, capital B Announce A €3 million capital increase coupled with amendments to existing convertible bonds to accelerate the Bitcoin treasury strategy.
The financing, backed by TOBAM and UTXO Management, could enable the company to acquire approximately 36 additional BTC, bringing its total holdings to approximately 2,880 BTC.
Capital B’s bitcoin is held for operational needs
Following these transactions, Capital B’s issued share capital amounts to 272,210,021 shares, while its fully diluted base amounts to 397,622,899 shares when including the remaining convertible shares, warrants and bonus share plans. On this basis, the group reported 730 satoshis of Bitcoin per fully diluted share, a key metric in its strategy to grow Bitcoin per share over time.
The company stated that an additional 60 bitcoins were held for operational needs, separate from the reserve that supports the key performance indicators of the bitcoin treasury. Capital B said it will continue to publish BTC Yield, BTC Gain and BTC € Gain as complementary indices for investors following the equity-funded Bitcoin accumulation model.
Disclaimer:Bitcoin Magazine is owned by Nakamoto Inc. (NASDAQ:NAKA). Nakamoto also owns and manages UTXO.
