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Capital B has solidified its position as a publicly traded Bitcoin Treasury Company following the conversion of significant debt instruments, the successful raising of new equity capital, and the allocation of a portion of these funds towards acquiring more bitcoin.
The entity now possesses 2,925 BTC, with a recorded acquisition cost of €269.4 million, averaging €92,096 per bitcoin.
The firm confirmed the acquisition of 37 BTC for €2.3 million, at a benchmark price of €60,892 per coin, as part of its continuous Bitcoin Treasury initiative. This has boosted the year-to-date “BTC Yield” to 1.25%, registering a “BTC Gain” of 35.3 BTC and a “BTC € Gain” of €2.2 million since the commencement of 2026. On a quarter-to-date basis, BTC Yield is reported at 0.53%, with a BTC Gain of 15.2 BTC and a euro gain amounting to €0.9 million, according to a statement released by the company.
In parallel with the treasury expansion, Capital B finalized substantial conversions of its OCA B‑01 convertible bonds. Blockstream Capital Partners transformed 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 conversion price per unit of €0.544. In aggregate, 36,613,919 new shares were issued through debt-for-equity swaps on these financial products.
Both Blockstream Capital Partners and UTXO Management also exercised their entitlements under legal adjustment provisions associated with the complimentary BSA 2025‑01 warrants that were issued in 2025.
Blockstream acquired 4,700,000 new shares at €0.544 each, amounting to €2.56 million, whereas UTXO Management purchased 530,559 shares for €0.29 million, resulting in total cash proceeds of €2.85 million from these adjustments. The company further disclosed the exercise of 4,464,712 BSA 2025‑01 into 637,816 shares for €0.35 million, with these warrants expiring without value at midnight on April 10, 2026.
In March, Capital B disclosed a €3 million capital infusion alongside modifications to its existing convertible bonds to expedite its Bitcoin treasury strategy.
The financing, supported by TOBAM and UTXO Management, was projected to allow the company to acquire approximately 36 additional bitcoin, elevating its total holdings to around 2,880 BTC.
Capital B’s bitcoin reserves are earmarked for operational functions
Post these transactions, Capital B’s issued share capital totals 272,210,021 shares, with its fully diluted share count reaching 397,622,899 shares when accounting for outstanding convertibles, warrants, and share incentive plans. Based on this, the group reports 730 satoshis of bitcoin per fully diluted share, a key metric in its objective to increase BTC per share over time.
The company indicated that an additional 60 BTC is retained for operational requirements, kept separate from the reserve that serves as the basis for its Bitcoin Treasury Key Performance Indicators. Capital B has affirmed its commitment to continue reporting BTC Yield, BTC Gain, and BTC € Gain as supplementary metrics for investors tracking its equity-funded bitcoin acquisition model.
Disclosure: Bitcoin Magazine is a subsidiary of Nakamoto Inc. (NASDAQ: NAKA). Nakamoto Inc. also holds an ownership stake in UTXO Management.
Details can be found on the website : bitcoinmagazine.com