Capital B Buys More Bitcoin Below Average Cost, Treasury Still €50.8M in Red

Capital B, a Bitcoin treasury firm listed in Paris, spent €0.97 million on 13 Bitcoin (BTC). This acquisition brings its overall holdings to 3,538 BTC.

The company also posted a BTC Yield of 2.20% so far this year. This measure tracks the amount of Bitcoin the firm owns for each fully diluted share.

Capital B Bitcoin Buy Below Average Cost

This time, the company paid an average of €74,364 per coin. That amount is well below the overall average cost of €87,805 per bitcoin across the entire treasury, which was built at a cost of €310.6 million.

🟠 Capital B $ALCPB has acquired 13 BTC for €0.97 million at €74,364 per bitcoin and has achieved BTC Yield of 2.20% YTD. As of 9/28/2026, Capital B holds 3,538 $BTC for €310.6 million at €87,805 per bitcoin⚡️ $ALCPB Europe's First Bitcoin Treasury Company 🇫🇷⚡️ https://t.co/jDe6M1aHH3 pic.twitter.com/KGKcUZbqRB

— Alexandre Laizet ⚡️ (@AlexandreLaizet) September 28, 2026

That stash is the second-largest among European public companies, according to Bitcoin Treasuries. Only Germany's Bitcoin Group SE has more, with 3,605 BTC.

But the market value presents a different picture. Based on the previous session's closing price, the company's own data puts the holdings' net asset value at roughly €259.9 million. Consequently, the treasury has an unrealized loss of about €50.8 million.

Meanwhile, Bitcoin is trading near $82,800, losing 2.29% on the day, per BeInCrypto data. It has climbed about 7% over the last month.

Earlier in September, Capital B added 376 BTC for roughly €25.3 million, marking its biggest acquisition this year. That same month, Blockstream CEO Adam Back also invested €7.6 million into Capital B.

TOBAM Share Sales Fund the Purchase

Paris-based asset manager TOBAM provided the money through an at-the-market (ATM) arrangement. Under this agreement, Capital B issues new shares whenever the fund requests them.

Between September 14 and 22, three TOBAM funds acquired 172,978 shares at about €5.68 each. According to the company, that price represented a 3.8% premium to the previous closing price.

Blockstream Capital Partners remains the top shareholder, holding 18.67% of ordinary shares. Back personally owns another 17.54%.

Swissquote Bank Europe executed the trade and serves as the custodian. The bank is regulated under the EU's Markets in Crypto-Assets (MiCA) framework and is Capital B's sole custodian.

Other companies have employed similar share-funded buying approaches this year. Moreover, treasury firms kept accumulating coins throughout a volatile September.

For now, Capital B continues to add coins below its cost basis. Each purchase thus gradually drags that average lower. How quickly it drops may depend on how much appetite TOBAM shows for new shares.