France-listed Capital B has increased its bitcoin treasury again, buying 376 BTC for about $29.4 million after raising fresh funds from institutional investors. The company said the latest purchase brings its total holdings to 3,521 BTC.

The new acquisition was financed from recent capital raising activity that included private placements backed by investors such as Blockstream co-founder Adam Back and asset manager TOBAM. Even after the latest purchase, the reported market value of Capital B’s bitcoin remains below the total amount it has spent building the position.

Latest purchase and average price

Capital B said it paid around $29.4 million, or €25.3 million, for the 376 bitcoin acquired most recently. That implies an average purchase price of about $78,025 per BTC, equivalent to roughly €67,182.

Following the transaction, the company’s bitcoin treasury stands at 3,521 BTC. The move extends a strategy in which Capital B continues to add to its holdings rather than relying on operating cash flow to expand its exposure.

How the purchase was funded

The company completed about $33.3 million, or €28.7 million, in private placements with institutional investors. Those investors included Adam Back and TOBAM, according to the disclosure.

Separately, Capital B said it raised around $1.67 million, or €1.44 million, through an ATM-style equity program with TOBAM. The company indicated that part of the proceeds from these fundraising efforts was used for the latest bitcoin purchase.

Treasury size and total cost

Capital B said it has spent approximately $359.3 million, or €309.4 million, to assemble its bitcoin reserve. Across its 3,521 BTC treasury, that works out to an average acquisition cost of about $102,061 per bitcoin, or roughly €87,878.

The figures show that the latest purchase was made at a lower average price than the company’s overall cost basis, but they also underline the scale of capital already committed to the treasury strategy.

Holdings remain below cost basis

In its Sept. 7 disclosure, Capital B valued its 3,521 BTC at about $279.7 million, or €240.8 million. Compared with the aggregate acquisition cost of $359.3 million, the market value was roughly $80 million lower at the reported bitcoin price.

That leaves the company continuing to expand its bitcoin position even though its holdings, on an aggregate basis, remain underwater relative to purchase cost. The company’s approach increases its exposure to any recovery in bitcoin’s price, while also keeping attention on the effects of market volatility and equity financing.

What comes next

The latest confirmed step is complete: Capital B has closed the disclosed fundraising, used part of the proceeds to buy 376 more BTC, and updated its treasury balance to 3,521 bitcoin.

The next key data point for investors will likely be a future company disclosure showing whether Capital B raises additional capital, buys more bitcoin, or sees the market value of its existing treasury move closer to or further from its total cost basis.

Source: news.bitcoin.com