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Capital B bought 376 more bitcoin for €25.3 million and its stock story is now a case study in the uncomfortable middle of the European treasury trade: the French-listed company's holdings grew almost 12% to 3,521 BTC, its average cost basis sits at €87,878 per coin, and the market value of the whole stack is roughly €68.6 million below what it paid.
The execution was cheap, which is the point. The purchase averaged €67,182 per BTC, about 24% below the company's aggregate cost basis of €309.4 million, executed through Swissquote Bank Europe with Taurus custody, and funded from roughly €30.1 million in fresh capital: two private placements worth €28.7 million in units at €0.58, each unit a share plus four warrants, and a €1.44 million ATM issuance to TOBAM funds. Adam Back, the Blockstream CEO whose presence defines this company's credibility, subscribed €7.64 million in the September 2 placement and now holds 67.49 million shares, 17.64% of ordinary capital, with Blockstream Capital Partners at 18.77% and TOBAM at 3.16%. Shareholders have authorized €100 billion in debt capacity and a €5 billion capital increase. A 10-for-1 reverse split takes effect September 8.
The Bitcoin treasury math nobody wants to do out loud
Here is the arithmetic European treasury companies now live with. Capital B's year-to-date "BTC Yield" is 2.17%, meaning its bitcoin per diluted share grew 2.17% through dilutive issuance, and the company itself cautions that BTC Yield and BTC € Gain are non-GAAP supplemental metrics, not income. The Q3 numbers: 0.31% yield, 9.9 BTC gained, €675,086 in euro terms. So the trade is: issue equity at a discount with warrant sweeteners, buy bitcoin below your average cost, and grow satoshis per share, 736.6 at last count, slightly up from 736.4 in August. Whether that creates shareholder value depends entirely on bitcoin's direction, because at a 22.2% unrealized loss, the MicroStrategy playbook that inspired all of this is running in Europe without MicroStrategy's timing luck.
The concentration deserves its own paragraph. Back plus Blockstream Capital Partners plus TOBAM control nearly 40% of ordinary capital between them, and the shareholder mandates for €100 billion of debt capacity came with greater than 95% approval in June. A public company this tightly held by bitcoin maximalists is functionally a leveraged bitcoin fund with a stock listing, and investors buying the equity for diversification are getting a concentrated bet on the same people's conviction. Even sovereign treasuries have started publishing their cost bases; the corporate wave, from Capital B's €309 million to a bear market Fidelity still refuses to call over, has no such transparency obligation.
Why the €67K average matters more than the announcement
The encouraging detail is buying discipline: averaging down at €67,182 when your cost basis is €87,878 is how a treasury should operate, and the 61 BTC segregated for operations shows the company separates its speculation from its working capital. The discouraging detail is everything else: paper losses widening while new capital arrives at discounts, a warrant overhang from four-warrant units that will dilute future rallies, and a growth rate of bitcoin per share measured in hundredths of a percentage point per quarter.
The question that decides this stock is the same one facing every European treasury clone: does bitcoin outperform the dilution? The September 8 reverse split resets the optics, but the economics stay fixed. Watch the next placement's discount size, and watch whether Back's personal buying continues below €0.58 or pauses above it. In this structure, the founder's order flow is the only earnings report that matters.
