Capital B Performs Financial Alchemy: Turns Debt Into Bitcoin, Adds 37 BTC to War Chest Like a Degen Wizard

Capital B just pulled off the corporate equivalent of turning lead into gold—except it’s turning debt into Bitcoin, and honestly, that’s way cooler. The listed Bitcoin treasury company has upgraded its on-chain resume by retiring key debt instruments, raising fresh capital, and funneling part of the spoils into 37 more BTC. The vault now holds 2,925 BTC with an acquisition value of €269.4 million, bought at an average cost of €92,096 per coin. That’s not just a treasury—it’s a flex, and it’s hodling for dear life.

The latest batch of Bitcoin was acquired for €2.3 million at a reference price of €60,892 per coin, a move so smooth it should come with a jazz soundtrack. This tactical accumulation pushed the year-to-date BTC Yield to 1.25%, with a BTC Gain of 35.3 BTC and a €2.2 million paper profit since January 1, 2026. Not bad for a strategy that basically says, “Instead of paying interest, let’s just buy more sats.”

Quarter-to-date, the numbers still sing: BTC Yield sits at 0.53%, with 15.2 BTC added to the pile and €0.9 million in euro-denominated gains. It’s like watching a slow-motion moon mission—no explosions, just steady, compounding ascent. The rocket fuel? Debt conversions and shareholder confidence.

Speaking of debt, Capital B didn’t just pay it off—they weaponized it. The company executed major conversions of its OCA B-01 convertible bonds, turning IOUs into equity like a financial Houdini. Blockstream Capital Partners swapped 17,897,600 OCA B-01 bonds for 32,900,000 ordinary shares, while UTXO Management traded 2,020,372 bonds for 3,713,919 shares. The conversion price? A cool €0.544 per unit. In total, 36,613,919 new shares were issued via debt set-off—because nothing says “trust me” like converting liabilities into long-term alignment.

But wait, there’s more. Both Blockstream and UTXO didn’t just convert—they doubled down. Exercising rights under legal adjustment measures tied to free BSA 2025-01 warrants (granted back in 2025, because corporate finance loves a good time-delay trap), Blockstream subscribed to 4,700,000 new shares at €0.544 for a cool €2.56 million. UTXO followed with 530,559 shares for €0.29 million. Total cash injected: €2.85 million. It’s like a warrant expiry party where everyone brought money instead of cake.

And speaking of expiries—April 10, 2026, at midnight was the final curtain for the BSA 2025-01 warrants. Before they turned into digital pumpkins, holders exercised 4,464,712 warrants into 637,816 shares, generating €0.35 million. The rest? Expired worthless. A solemn moment, perhaps, for those who slept on the opportunity—may their FOMO be eternal.

Back in March, Capital B announced a €3 million capital raise—backed by TOBAM and UTXO Management—alongside amendments to existing convertible bonds. The goal? Accelerate