Capital B buys 13 bitcoin below cost with roughly €50.8 million paper loss

Capital B bought 13 BTC for €0.97 million. The purchase brought its holdings to 3,538 BTC. The company reported a BTC Yield of 2.20% for the year so far. The metric tracks how much Bitcoin the company holds per fully diluted share. Capital B paid an average of €74,364 per coin for the purchase. Its average cost across the treasury was €87,805 per coin. Capital B's treasury cost €310.6 million to build. The company valued the holdings at about €259.9 million using the previous day's closing price. That valuation left a paper loss of roughly €50.8 million. Bitcoin Treasuries ranked Capital B's holdings second among European public companies. Germany's Bitcoin Group SE held 3,605 BTC. BeInCrypto data put Bitcoin near $82,800, down 2.29% on the day. Bitcoin had gained about 7% over the past month. Earlier in September, Capital B bought 376 BTC for about €25.3 million, its largest purchase this year. Blockstream CEO Adam Back invested €7.6 million in Capital B that month. Paris-based asset manager TOBAM supplied cash for the latest purchase through an at-the-market agreement. Under the agreement, Capital B issues new shares whenever the fund requests them. Three TOBAM funds took 172,978 shares between September 14 and 22. The funds paid about €5.68 per share. The company said that price was a 3.8% premium to the prior closing price. Blockstream Capital Partners held 18.67% of Capital B's ordinary shares and remained its largest shareholder. Back personally held another 17.54%. Swissquote Bank Europe executed the trade and holds the coins. The bank is licensed under the EU's Markets in Crypto-Assets rules. Swissquote is Capital B's sole custodian. Other firms used similar share-funded buying strategies this year. Treasury firms continued accumulating coins through a volatile September. The rate at which Capital B's average cost falls may depend on TOBAM's appetite for new shares.