European firm Capital B has acquired two additional Bitcoin, bringing its total treasury holdings to 2,836 BTC. The purchase was funded through a unique equity offering, converting newly issued shares into cryptocurrency. Meanwhile, the broader corporate Bitcoin trend faces pressure, as data shows 77% of public companies holding BTC are currently underwater on their investments.
Corporate Bitcoin adoption continues with strategic nuances. Capital B recently added 2 BTC to its treasury through a specific funding mechanism. The firm raised capital via an At-the-Market offering with TOBAM, issuing 200,000 new shares at €0.60 each to finance the Bitcoin purchase.
This move illustrates a strategy of converting equity into cryptocurrency. With this latest addition, Capital B now holds 2,836 BTC at an average acquisition price of approximately $100,600.
The company also reported a “BTC Yield” metric popularized by Michael Saylor’s Strategy. Capital B stated a 0.21% year-to-date BTC yield, meaning shareholders effectively gained about 5.9 BTC in value during the first quarter.
The firm issued new shares at a discount but maintained a positive yield. This suggests the acquired Bitcoin helped offset the dilution from the new share issuance.
The purchase coincides with Strategy completing its 101st Bitcoin purchase. Strategy’s total holdings now stand at around 720,737 BTC.
Market reaction to the two firms differed recently. MSTR stock fell about 4.49%, while Capital B’s stock (ALCPB) rose 7.48%.
The broader corporate Bitcoin treasury trend is facing growing pressure. Public companies together now hold roughly 1.138 million BTC, with Bitcoin trading around $67,713.
Many of these holdings are currently in the red. Investor Charles Edwards recently pointed out that about 77% of Bitcoin treasury companies are holding their Bitcoin at a loss.
This level of stress has not been seen since May 2022. Investors are therefore becoming more cautious and examining balance sheet management.
The focus is shifting from mere accumulation to endurance. The race is now about which companies can hold reserves longest without being forced to sell.
