Debt Who? Capital B Converts Bonds Into 37 Fresh Sats, Treasury Now 2,925 BTC Strong

Capital B has reinforced its standing as a listed Bitcoin Treasury Company after converting key debt instruments, raising fresh equity, and deploying part of the proceeds into additional bitcoin. Because apparently when you're holding 2,900+ BTC, converting bonds into sats is just what you do on a Tuesday—right after your morning pleb coffee and before checking if the emoji has moved.

The group now holds 2,925 $BTC with an acquisition value of €269.4 million, at an average cost of €92,096 per bitcoin. The company confirmed the purchase of 37 $BTC for €2.3 million, at a reference price of €60,892 per coin, as part of its ongoing Bitcoin Treasury strategy. That's right, 37 whole bitcoin—like they were leaving the supermarket and thought "we forgot the milk and also maybe another $2.3 million worth of the world's hardest money."

This lifted the year-to-date "$BTC Yield" to 1.25%, with a "$BTC Gain" of 35.3 $BTC and a "$BTC € Gain" of €2.2 million since the start of 2026. Quarter-to-date, $BTC Yield stands at 0.53%, with a $BTC Gain of 15.2 $BTC and a euro gain of €0.9 million. The metrics keep coming like a bull run that refuses to end, or in corporate speak: "We are pleased to report continued accumulation in an environment where most treasurers are still arguing about whether Bitcoin is a legitimate asset class."

Alongside the treasury expansion, Capital B completed major conversions of its OCA B-01 convertible bonds. Blockstream Capital Partners converted 17,897,600 OCA B-01 into 32,900,000 ordinary shares, while UTXO Management converted 2,020,372 OCA B-01 into 3,713,919 shares, at a unit conversion price of €0.544. In total, 36,613,919 new shares were issued through debt set-off on these instruments. That's a lot of zeroes, and remarkably none of them are in the "number of Bitcoin held" column. Well, except for the 37 they just bought, which is basically one rogue decimal point in the grand scheme of things.

Both Blockstream Capital Partners and UTXO Management also exercised their rights under legal adjustment measures linked to free BSA 2025-01 warrants granted in 202