Capital B’s Bitcoin Hoard: A Tale of Greed, Warrants, and Lunar Ambitions

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A Spectacle of Financial Sorcery

In the dimly lit corridors of Euronext Growth Paris, where shadows dance with the whispers of speculative mania, Capital B has once again performed its ritual of monetary alchemy. With a flourish of quills and the crackle of digital ledgers, the company has expanded its Bitcoin treasury to a staggering 2,925 BTC, courtesy of a €2.3 million ($2.5 million) acquisition of 37 BTC via the enigmatic Swissquote Bank Europe. Ah, the sweet scent of fiat transmuted into the holy grail of digital scarcity!

But lo! The tale does not end with mere numbers. Major investors, those titans of industry with pockets deeper than the Mariana Trench, have thrown their hats-and their capital-into the ring. Blockstream Capital Partners and UTXO Management, with the zeal of converts at a revival meeting, have bolstered Capital B’s coffers through conversions and share subscriptions. One can almost hear the chorus of “Hosanna!” echoing through the boardrooms.

Capital B, ever the master of long-term strategy, continues its Quixotic quest to increase BTC per fully diluted share. A noble endeavor, indeed, though one might wonder if they’re not simply rearranging deck chairs on the Titanic of financial speculation. Yet, who are we to question the wisdom of those who worship at the altar of Satoshi?

The Dance of Warrants and Bonds

In a spectacle that would make even the most jaded financier blush, Capital B has finalized a series of capital market operations with the precision of a Swiss watchmaker. Blockstream Capital Partners, in a move that smacks of both audacity and desperation, converted 17,897,600 OCA B-01 convertible bonds into 32.9 million shares, and subscribed to an additional 4.7 million shares at €0.544 each, contributing €2.55 million. UTXO Management, not to be outdone, converted 2,020,372 OCA B-01 into 3.71 million shares and subscribed to 530,559 shares for €0.29 million. The result? A veritable avalanche of new shares, 36.6 million in total, and an additional 5.23 million via subscriptions. One can only imagine the poor souls tasked with counting these digital tokens.

And let us not forget the exercise of 4,464,712 BSA 2025-01 share subscription warrants into 637,816 shares, generating €0.35 million before their expiration on April 10, 2026. A last-minute scramble, no doubt, as investors clutched at the fading embers of their warrants like children grasping for candy at a parade.

The Bitcoin Treasury: A Modern-Day Ark

Capital B’s Bitcoin treasury strategy, much like Noah’s Ark, is a vessel of hope in a sea of uncertainty. With a BTC Yield of 1.25% YTD and 0.53% QTD, a BTC Gain of 35.3 BTC YTD and 15.2 BTC QTD, and a BTC € Gain of €2.2 million YTD and €0.9 million QTD, the company is charting a course through the tempest of market volatility. CEO Jean-Philippe Casadepax-Soulet, a man whose name alone evokes the grandeur of a 19th-century novelist, has emphasized the company’s commitment to maximizing Bitcoin per fully diluted share as its core long-term metric. A noble goal, though one wonders if it’s not simply a gilded cage for the company’s investors.

Institutional Confidence: A Double-Edged Sword

Following these transactions, Blockstream Capital Partners now holds a significant share in the company, a testament to the continued institutional confidence in Capital B’s Bitcoin-focused strategy. Yet, one cannot help but marvel at the irony: institutions, those bastions of tradition, throwing their lot in with a digital asset that thrives on decentralization. It’s like watching a bishop endorse a game of roulette.

The company’s Bitcoin treasury approach, aimed at maximizing long-term value by increasing BTC exposure per share, is a bold gambit. But in a world where financial metrics are as fluid as quicksilver, one must ask: is this a strategy, or simply a leap of faith?

The Growing Hoard: A Treasury of Treasures

Capital B’s Bitcoin net asset value, calculated using market prices prior to each reporting date, now stands as a monument to its accumulation strategy. With 60 BTC held in a separate account for operational purposes, the company is not just hoarding Bitcoin-it’s building a fortress. Key performance indicators like BTC Yield and BTC Gain, though not traditional financial metrics, serve as the company’s compass in this uncharted territory. In March 2026, the company acquired 2 BTC for €0.1M, expanding its treasury to 2,836 BTC. February saw the purchase of 6 BTC at €55,270 and 5 BTC at €64,124. And who could forget September 2025, when a colossal buy of 551 BTC at €99,272 pushed its total holdings past 2,800 BTC? It’s a narrative fit for a Bulgakov novel, complete with greed, ambition, and a dash of the absurd.

As Bitcoin trades at approximately $70,790, according to CoinMarketCap, Capital B’s strategy remains a beacon of long-term conviction in the asset. Yet, one cannot help but wonder: in a world where the only constant is change, is this a tale of triumph, or merely a prelude to a fall?

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2026-04-13 14:13