Capital B bought 376 BTC for €25.3 million on Sept. 7, taking its Bitcoin treasury to 3,521 BTC. The latest purchase cost €67,182 per coin, while the full reserve was acquired for €309.4 million at an average cost of €87,878 per BTC. Capital B reported Bitcoin net asset value of €240.8 million, implying an unrealized mark-to-market shortfall of about €68.6 million versus its aggregate acquisition cost. The company completed a €1.44 million at-the-market share issuance with TOBAM and a €28.7 million private placement involving Adam Back and TOBAM. It reported 382.5 million ordinary shares outstanding and 477.98 million shares on a fully diluted basis. Swissquote Bank Europe handled execution, with Taurus infrastructure supporting custody. Capital B reported year-to-date BTC Yield of 2.17%, while cautioning that its Bitcoin-related performance measures are not conventional profit, liquidity or shareholder-return metrics. Its shares traded near €0.51 before a scheduled 1-for-10 reverse split effective Sept. 8.