CBNK
The Bitcoin hoard gets a little bigger
Capital B is doing what Capital B does best: acting like a corporate Bitcoin piggy bank with a side hustle. The company said it bought 12 BTC for about €0.8 million, lifting total holdings to 2,937 BTC with an acquisition value of roughly €270.1 million.
Not just coins — more shares too
This wasn’t a one-note Bitcoin update. The company also finished exercising 16,566,214 BSA 2025-01 warrants into 2,366,602 ordinary shares for €1.29 million, and completed an ATM-style capital increase with TOBAM for another €223,528.52.
That’s a lot of moving parts, but the punchline is familiar: more capital in, more shares out. If you own the stock, you’re basically watching the company trade dilution for more Bitcoin exposure.
The KPI parade continues
Capital B says its Bitcoin math now looks like this:
- BTC Yield: 1.57% year to date
- BTC Gain: 44.4 BTC year to date
- BTC € Gain: €2.9 million year to date
Those aren’t traditional operating metrics, which the company is very careful to remind you about in the fine print. Translation: this is less “here’s a booming software business” and more “here’s our treasury strategy, please admire the spreadsheet.”
Big picture
For investors, the stock still lives and dies by two things: bitcoin’s price and how much new equity Capital B issues to fund the game. If you like leveraged Bitcoin exposure with a little corporate-finance theater sprinkled on top, this is your kind of show.