Capital B boosts Bitcoin reserves to 2,925 BTC via equity

Published: 2026-04-13 17:24:36 |

Capital B, a Europe-listed bitcoin treasury company, expanded its Bitcoin reserves to 2,925 BTC after completing debt conversions and equity raises tied to convertible bonds and BSA warrants. The company issued 36,613,919 new shares through a debt set-off, driven mainly by OCA B-01 convertible bond conversions. Key trades and counterparties included Blockstream Capital Partners and UTXO Management. Blockstream Capital Partners converted 17,897,600 OCA B-01 bonds into 32,900,000 ordinary shares. UTXO Management converted 2,020,372 OCA B-01 bonds into 3,713,919 shares, both at a €0.544 per-share conversion rate. Additional warrant activity increased ownership: Blockstream bought 4,700,000 shares for €2.56M, while UTXO Management bought 530,559 shares for €0.29M. Capital B also converted 4,464,712 BSA 2025-01 warrants into 637,816 shares, raising €0.35M in cash. Capital B’s total investment reached €269.4M, with an average acquisition price of €92,096 per BTC. The latest purchase was 37 BTC for €2.3M at €60,892 per coin, reinforcing its Bitcoin reserves strategy. Reported performance metrics included BTC Yield of 1.25% YTD (BTC Gain 35.3 BTC; € gain €2.2M) and a quarterly yield of 0.53% (15.2 BTC added; €0.9M gains). The fully diluted share count was 397,622,899, with a metric of 730 satoshis per fully diluted share. For traders, this is another example of institutional-style bitcoin reserve accumulation, where equity issuance and conversions fund more BTC exposure. Bitcoin reserves are rising without a direct spot-market purchase narrative, but the end result is increased BTC balance and potential buy-pressure expectations.

Bullish

Capital B’s headline change is a higher BTC balance: Bitcoin reserves rose to 2,925 BTC after debt conversions and equity issuance. For markets, that typically supports a bullish narrative because it signals sustained, treasury-style accumulation—similar to how MicroStrategy-like public bitcoin holders have historically affected sentiment by consistently converting capital structure into BTC exposure. Short term, the conversion mechanics can create “equity supply” overhang for the stock, but traders in crypto often focus on the end-state: more BTC on the balance sheet. The article also confirms an incremental BTC purchase (37 BTC), reinforcing the idea of continued accumulation. Longer term, the transparent tracking of BTC Yield/Gain and the fully diluted per-share BTC metric (730 satoshis) suggest an ongoing equity-financed accumulation model. If this pattern repeats, it can sustain positive sentiment around BTC demand—even when the funding route is via convertibles/warrants rather than direct spot buying. Overall, the net effect on BTC is constructive, hence bullish.