Capital B completed a major round of conversions tied to its Bitcoin treasury plan in November 2025. The moves covered OCA convertible bonds and BSA warrants and included new share subscriptions used to buy Bitcoin.
The company said UTXO Management converted 3,030,557 OCA B-01 into 4,285,289 shares. Ludovic Chechin-Laurans converted 1,613,620 OCA B-01 and 2,420,430 OCA B-02 into 6,388,766 shares. Investors also converted BSA 2025-01 into 443,284 shares. Capital B said these actions were already included in its fully diluted share count.
The same round brought in €0.2 million from Chechin-Laurans, who subscribed for 423,744 shares at €0.544. Capital B said the money bought 2.5 BTC. Another 2.5 BTC was bought through the BSA conversion, taking the company to 2,823 BTC at the time.
🟠 Capital B confirms the acquisition of 5 BTC for €0.4 million, the holding of a total of 2,823 BTC, and a BTC Yield of 1,658.5% YTD⚡️
Full Press Release (EN): https://t.co/vXSg2frcXT
Full Press Release (FR): https://t.co/oD1v4sgHPb
BTC Strategy (EN): https://t.co/4CuCwz2B1u pic.twitter.com/woV61tBOEI
— Capital B (@_ALCPB) November 25, 2025
The conversions show how Capital B funds its Bitcoin plan
The main point is not just the number of shares created. Capital B uses several financing tools to raise money for Bitcoin while tracking its BTC holdings against its fully diluted share count.
Convertible bonds give investors a right to receive shares under set terms. Warrants can also let investors buy shares. These tools can help a company raise money, but they can also make its share structure harder to follow.
Capital B said the November conversions did not add new dilution beyond what was already included in its fully diluted calculations. That matters because its Bitcoin strategy is built around growing the amount of Bitcoin linked to each fully diluted share, not simply adding more BTC.
The company continued this model after the deal. Its 2025 results said it raised €278.3 million and bought 2,783 BTC. By March 2026, holdings reached 2,844 BTC after another 8 BTC purchase for €0.5 million.
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Capital B now holds far more Bitcoin
The biggest change since the original report is the size of Capital B’s Bitcoin treasury. The company held 2,823 BTC when the November conversion was announced. By September 28, 2026, Capital B and its Luxembourg subsidiary held 3,538 BTC after buying another 13 BTC for €0.97 million. The company said its BTC yield was 2.20% for the year at that point.
This shows the November conversion was one step in a larger plan. Capital B has continued to raise money and issue shares to fund more Bitcoin purchases. In March 2026, it announced another €3 million capital raise through warrants, with the funds aimed at supporting further BTC purchases.
Buying more Bitcoin does not automatically mean each share becomes more valuable. The number of shares, the price paid for BTC, company costs, and the stock price all matter.
The company’s latest reported figure of 3,538 BTC is far above the 2,013 BTC figure in the original report. The November conversion is therefore better viewed as part of an ongoing Bitcoin treasury plan rather than a one-time share restructuring.
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