As more companies adopt Bitcoin [BTC] As a treasury asset, Capital B could not keep calm. The company recently added 2 BTC, but the significance of this move lies in how the purchase was financed.
Capital B raised capital through an At-the-Market (ATM) offering with TOBAM, issuing 200,000 new shares at €0.60 each and using the proceeds to purchase Bitcoin.
In simple terms, the company converts shares from the market into Bitcoin to gradually expand its treasury.
Capital B’s Bitcoin holdings
With this last one additionCapital B now owns 2,836 BTC at an average purchase price of €93,061, positioning the company as one of Europe’s emerging institutional proxies.
Another key metric in the update is ‘BTC Yield’, a concept popularized by Michael Saylor’s strategy. This metric measures how much Bitcoin value that a company adds for shareholders in relation to the number of shares in circulation.
Capital B reported a BTC return of 0.21% year-to-date, meaning shareholders effectively gained approximately 5.9 BTC (approximately €0.35 million) in value in the first quarter.
Although the company issued new shares at a 21.6% discount due to recent market volatility, it still maintained a positive BTC return.
This suggests that the additional Bitcoin acquired by the company has offset the dilution caused by issuing new shares.
For investors, this creates a unique proposition where Capital B, rather than simply holding Bitcoin, structures its finances to increase the Bitcoin value represented by each stock.
Strategies’ 101st Bitcoin Purchase
That said, Capital B’s latest Bitcoin purchase comes at a time when Strategy completed his 101st Bitcoin purchase, bringing his total holdings to approximately 720,737 BTC.
However, the market reaction to these two companies shows a difference in investor sentiment.
MSTR recently fell about 4.49% to $133.53. While shares of Capital B (ALCPB) rose 7.48% to € 0.83.
At the same time, the broader Bitcoin treasury trend is under increasing pressure.
Public companies now together delay approximately 1.138 million BTC, but with Bitcoin trade around $67,713, many of these investments are currently in the red.
Bitcoin Treasuries Companies Are Underwater
Investor Charles Edwards recently pointed out that approximately 77% of Bitcoin treasury firms hold their Bitcoin at a loss.S. This level of stress has not been seen since the collapse of Terra-Luna in May 2022.
Investors are therefore becoming more cautious. As Bitcoin struggles to regain strong momentum, the market is no longer just focusing on how many Bitcoin companies are buying.
Instead, investors are closely examining whether these companies can manage their balance sheets and weather long periods of price volatility.
Simply put, the Bitcoin treasury race is no longer just about buying more BTC – it’s about which companies can hold their reserves the longest without being forced to sell.
Final summary
- Capital B’s move shows that even small Bitcoin purchases can signal larger strategic shifts in corporate finance management.
- Market conditions remain challenging, with 77% of Bitcoin Treasury companies currently holding their BTC at a loss.