Capital B Adds More BTC Below Cost as Treasury Remains Underwater
Capital B, a Paris-listed Bitcoin treasury company, has made another significant purchase of BTC. The firm acquired 13 coins for €0.97 million, which brings its total holdings to 3,538 BTC.
The average cost per coin in this latest purchase is €74,364, significantly lower than the company's overall average cost of €87,805. This discrepancy highlights the complexities of Bitcoin treasuries and their associated risks.
Capital B's treasury is still valued at a loss of approximately €50.8 million, despite the recent price fluctuations in the market. The company's net asset value stands at around €259.9 million, based on the previous day's closing price.
It's worth noting that Capital B has been accumulating coins through an at-the-market (ATM) agreement with TOBAM, a Paris-based asset manager. This deal allows for the issuance of new shares whenever the fund requests them, which may be contributing to the company's paper losses.