What happened?
Capital B bought 12 more Bitcoin for €1.2 million, bringing its total to 2,812 BTC worth about $314 million as of September 29. The purchase was made through an ATM-style capital increase with strategic partner TOBAM, keeping the company’s average acquisition cost around €93,216 per coin. This is the latest step in a rapid accumulation strategy that grew Capital B from 15 BTC in November 2024 to 2,812 BTC in ten months.
Who does this affect?
Shareholders of Capital B are affected because the company is issuing new shares and convertible bonds to fund Bitcoin purchases, which can influence dilution and valuation. Institutional investors and asset managers like TOBAM and Capital Group are involved and may see returns or strategic benefits from their stakes and fund subscriptions. The broader Bitcoin market and retail crypto investors are also impacted since large corporate treasuries change supply dynamics and signal increased institutional demand.
Why does this matter?
This matters because Capital B’s steady buying and efficient ATM financing reduce available Bitcoin supply and can add upward pressure on prices as more firms copy the playbook. The move shows European companies can raise capital with limited dilution to amass BTC, which could accelerate institutional adoption and draw more capital into the crypto market. As public Bitcoin treasuries grow, they become a bigger factor in liquidity, price dynamics, and investor confidence in Bitcoin as a corporate reserve asset.