Capital B Adds BTC in Two Purchases, Holdings Reported at 3,135 and 3,550 BTC
Paris-listed Capital B, formerly The Blockchain Group, has reported bitcoin purchases totaling 204 BTC, though the two sources disagree on its current holdings, reporting 3,135 BTC and 3,550 BTC. The discrepancy is unresolved, and the funding and cost figures also differ between the reports.
Written by CoinArticle’s AI Newsroom · from 2 cited sources. How we work
Two Reports, Two Holdings Figures
Capital B, the Paris-listed bitcoin treasury company formerly known as The Blockchain Group, has reported acquiring bitcoin in recent purchases, but its total holdings differ between the two source reports. Bitcoin Magazine, citing a note shared with it, reported that the company bought 192 BTC for €13.0 million and now holds 3,135 BTC. Crypto Briefing reported a separate 12 BTC purchase for €0.84 million, bringing the company to 3,550 BTC. The reports do not explain how the figures reconcile, and neither source addresses the other's total.
Funding and Dilution Mechanics
The two purchases were funded differently, and the reports describe the funding routes in different terms. Bitcoin Magazine said the 192 BTC acquisition was executed through Swissquote Bank Europe SA with custody handled by Taurus, and linked it to a private placement carrying three five-year warrant tranches with exercise prices of €0.86, €1.12 and €1.46. Bitcoin Magazine estimated that full warrant exercise would add €99.1 million in capital. Crypto Briefing said its smaller purchase was funded entirely from equity, with 147,176 new ordinary shares sold at an average of €5.90, raising roughly €0.87 million through the final phase of an at-the-market program with TOBAM. That program is now complete, and Crypto Briefing noted that future purchases would need a different funding source or a new program.
Cost Basis and Performance Metrics
The cost figures also diverge. Bitcoin Magazine put the average cost of the 192 BTC at €67,866 per coin and the company's aggregate cost basis at €283.6 million, or €90,451 per coin. Crypto Briefing reported cumulative spend of €311.5 million on 3,550 BTC, an average of €87,746 per coin, and said its latest batch cost €70,295 per coin. Both reports cite Capital B's proprietary BTC Yield metric, which Bitcoin Magazine put at 1.82% year-to-date and Crypto Briefing at 2.23% as of its update, with the difference likely reflecting different reporting dates, though neither source states this. Crypto Briefing also reported a year-to-date BTC Gain of 63 BTC valued at €4.2 million. Bitcoin Magazine reported 51.3 BTC and €3.5 million for the same measure, again without reconciling the two.
Context and Open Questions
Bitcoin Magazine placed Capital B among the largest European public-company bitcoin holders and noted the company trades on Euronext Growth Paris as ALCPB, with U.S. OTC trading as CPTLF. Its stated objective is to grow bitcoin held per fully diluted share. Bitcoin Magazine also reported a capital table in which Blockstream Capital Partners holds 14.36% of ordinary shares but 35.90% on a diluted basis. Because the two reports give conflicting holdings totals, readers should treat the 3,135 BTC and 3,550 BTC figures as unverified against each other until the company's filings or disclosures confirm the current balance. Crypto Briefing's note that the TOBAM program has ended also leaves open how future purchases will be funded.
Why It Matters
For Traders
The conflicting holdings totals and the expiry of the TOBAM issuance program make it unclear how much bitcoin Capital B has and how it will fund new buys.
For Investors
Capital B's treasury strategy is funded by dilutive share issuance and warrants, so per-share bitcoin growth depends on the terms of future raises.
For Builders
Treasury companies that report custom metrics like BTC Yield should publish reconciled methodology, since conflicting figures across outlets make independent tracking difficult.
This article is for information only and is not financial advice. Read the full disclaimer.
