Capital B Bitcoin Holdings Up 12% as Shares Dilute

France’s Capital B raised its Bitcoin treasury from 3,145 BTC on Aug. 17 to 3,521 BTC on Sept. 7, an increase of roughly 12%. Over the same period the company’s diluted share count also rose by about 12%, and the company-reported satoshis per diluted share moved only slightly, from about 736.47 to 736.6.

Capital B’s Sept. 7 filing shows issued common shares increased from 330,306,740 to 382,506,040 and the diluted share measure expanded from 427,074,421 to 477,977,121. The company used several financing tools during the period, including share sales packaged with warrants and Bitcoin-denominated convertible financing. On Aug. 28 Capital B offered a financing that attached four warrants to each share, with a mix of exercise prices and five-year terms.

Warrants bring cash to the company only if holders later exercise them. Convertible debt creates a repayment obligation that can convert into shares under specified terms. The number of new shares and the price at which they are issued determine how much additional Bitcoin each new share can buy. Capital B’s filings include assumed convertible-bond shares, employee awards and an extra reserve for potential shares in its diluted count.

An administrative event after the Sept. 7 filing changed the share basis. Capital B executed a ten-for-one reverse stock split on Sept. 8, consolidating ten old shares into one new share. The consolidation reduces the share count and increases the Bitcoin attributable to each post‑split share without changing the company’s total holdings; 736.6 satoshis per pre‑split diluted share converts to 7,366 satoshis per post‑split share on a like‑for‑like basis.

Capital B reports and raises capital in euros. The euro value of a dollar‑quoted Bitcoin price depends on the euro‑dollar exchange rate, and the company’s French accounting rules affect how unrealized gains and losses on Bitcoin appear in the accounts. In its 2025 consolidated accounts the company recorded a €62.2 million net loss, largely driven by a €53.9 million Bitcoin impairment. The company’s established operating subsidiaries produced roughly €1.2 million of adjusted EBITDA, group adjusted EBITDA was negative, and the filing identified about €4.1 million of treasury‑business costs.

Capital B adopted its Bitcoin treasury strategy in November 2024 after rebranding from The Blockchain Group and retained operating subsidiaries including iORGA and Trimane. The company is listed on Euronext Growth Paris. Its disclosure also defines a “BTC Yield” performance measure that tracks percentage movement in Bitcoin per diluted share and does not distribute cash.

Capital B’s filings show the components that affect a shareholder’s claim on the reserve: the coin balance, the share count and the terms of warrants and convertibles, along with currency exposure and the applicable accounting framework.