Capital B Added 12% More Bitcoin, but Holdings per Share Barely Moved

France's Capital B increased its bitcoin holdings by roughly 12% in three weeks, yet the amount of bitcoin behind each of its shares barely changed, CryptoSlate reported, in an example of how financing choices shape returns at treasury companies.

Between 17 August and 7 September, the company's treasury rose from 3,145 BTC to 3,521 BTC. Over the same period, its issued common shares grew from about 330.3m to 382.5m, while its diluted share count climbed from roughly 427.1m to 478.0m.

The net effect was that satoshis per diluted share, under the company's own calculation, moved from 736.4 to 736.6. A satoshi is one hundred-millionth of a bitcoin.

Holdings up, ownership spread thinner

The diluted figure is Capital B's own definition. It counts issued shares, shares that would be created if convertible bonds were converted, employee awards and an extra reserve for potential future shares. It does not deduct debt.

A ten-for-one reverse split took effect on 8 September, so 736.6 sats per old share is equivalent to about 7,366 per new share. CryptoSlate cautioned that any chart comparing periods needs a consistent share basis.

Capital B, formerly The Blockchain Group, trades on Euronext Growth Paris and switched to its bitcoin treasury approach in November 2024. It still owns technology-services subsidiaries, including iORGA, which builds web applications, and Trimane, a business-intelligence and AI consultancy.

Its capital-raising toolkit is broad. A financing on 28 August attached four warrants to each share, each with a different exercise price and a five-year term. The company has also used convertible financing denominated in bitcoin.

Why the financing route matters

Owning a treasury company's shares is not the same as owning bitcoin. Management decides how coins are paid for and when to buy or sell, and the business has running costs and, often, lenders.

Each funding method involves a trade-off. Issuing shares raises cash but spreads ownership; whether that helps existing holders depends on the issue price relative to the bitcoin value already backing each share. In a hypothetical cited by CryptoSlate, a company with 100 BTC and 100 shares that sells 10 new shares at €150,000 each ends up with about 1.0455 BTC per share. Selling the same shares at €80,000 leaves about 0.9818.

Borrowing preserves ownership percentages for now but adds a repayment obligation. Warrant exercise brings in cash and new shares together, so both sides need modelling. Bitcoin-linked debt can become more expensive in euro terms as bitcoin rises.

Currency and accounting

Capital B reports mainly in euros, which adds another variable. In the article's example, at $100,000 per bitcoin the euro cost is €80,000 if the exchange rate is $1.25 per euro, but €100,000 at parity.

Accounting rules differ too. Under French rules, unrealised bitcoin gains pass through balance-sheet accounts, while unrealised losses can require a provision against earnings. US standards set by FASB require qualifying crypto assets to be measured at fair value through net income.

For 2025, Capital B reported a net loss of €62.2m, largely reflecting a €53.9m bitcoin impairment. Its established operating businesses generated positive adjusted EBITDA of about €1.2m, but group adjusted EBITDA was negative after around €4.1m of costs linked to the treasury activity.

What to watch

The comparison with Strategy is instructive. The Nasdaq-listed company reports in dollars and funds itself through common equity, convertible debt and preferred stock; its July results described selling bitcoin to help pay part of its preferred dividends.

For investors who want bitcoin exposure without a treasury company's financing decisions, listed alternatives exist, such as WisdomTree's physically backed bitcoin exchange-traded debt security in Europe.

For Capital B, the variables to track are the exercise of the August warrants, the pricing of any new issuance, the cost of its bitcoin-linked debt and whether per-share figures stay on a consistent basis after the split.

A rising coin count, on its own, says little about value per share. CryptoSlate concluded that the stock's attraction depends on whether management can raise capital on terms that improve the position of existing shareholders.