Capital B bought its latest 376 bitcoin at 23 per cent below its own cost basis

The pivot to a Bitcoin-centric treasury came around late 2024 ^[15], which makes the climb fast, and a turnover ranking is a fraction whose denominator does the quiet work. Ninth place is measured across the 1,900-plus issuers on Euronext's regulated markets in Amsterdam, Brussels, Dublin, Lisbon, Milan, Oslo and Paris ^[9], relative to market capitalisation rather than in euros changing hands, and the reverse split supplies the only handle on that capitalisation the record offers: 30 to 38 million shares at a price pushed above EUR 5 ^[8] puts a floor of roughly EUR 150m to EUR 190m under the company ^[8]. That is a floor and probably a loose one, because the report does not say what the shares fetch, and it does not give absolute euro volume either.

The cash arithmetic is more legible than the liquidity claim. The 376 coins bought on 7 September cost about EUR 67,300 each ^[1], while the full 3,521-coin position carries an average cost near EUR 87,900 ^[2], so the newest purchase printed some 23 per cent under the book ^[3] and the stack marked at its own most recent transaction price comes to about EUR 237m against EUR 309.4m paid ^[4]. The stated cost basis also sits roughly EUR 9.4m above the top of the EUR 280m-to-EUR 300m range of raises ^[7], which is either rounding or coins bought with something other than those raises.

Then the ambition. One per cent of supply is 210,000 coins ^[6], and 3,521 of them is 1.7 per cent of the way ^[10]; the remaining 206,479 would cost about EUR 13.9bn at the price just paid ^[5], some 46 times the top of everything raised to date ^[6]. Which is less a target than a standing instruction to issue shares, and it is why the BTC Yield metric borrowed from MicroStrategy ^[12] carries more information than the coin count, since it measures whether issuance adds Bitcoin per share.

Cryptobriefing reads the ranking as a sign that institutional appetite for Bitcoin exposure through regulated equity is shifting ^[10], names TOBAM and Adam Back as strategic backers ^[11], and names no other holders. It also reports the fact that complicates its own read: Cboe Europe outtraded Euronext within hours of the 5 August secondary listing, with overall activity roughly doubling ^[7], so Cboe took more than half the two-venue flow on day one ^[9]. Two readings survive. One is that a real European bid for a regulated wrapper found a second venue and split its orders. The other, or rather the more interesting version, is that the doubling is largely the same paper traded twice across two order books, in which case turnover rises while ownership sits still.

What the EUR 280m to EUR 300m raised has not gone into is the data intelligence, artificial intelligence and decentralised technology lines the company still runs, which supply revenue and a corporate shell while the treasury supplies the trading ^[5][13]. The test of that allocation is the price of the next raise against the EUR 87,900 a coin already on the books ^[2].