[DigitalToday reporter Hyunwoo Choo (추현우)] French bitcoin treasury company Capital B increased its bitcoin holdings by 12 percent to 3,521 from 3,145 in three weeks from late August to now. But the bitcoin value per share was barely changed. Crypto-focused media outlet CryptoSlate reported this on Sept. 12 local time.

Capital B's own disclosure showed diluted satoshis per share rose only to 736.6 from 736.4 over the period. Its common shares outstanding increased about 12 percent to 382,506,040 from 330,306,740, while the share count included in the diluted calculation also rose about 12 percent to 477,977,121 from 427,074,421. With bitcoin holdings and potential shares expanding at the same rate, the impact of additional coins was offset by new share issuance.

■ Fundraising via new shares, warrants and convertible bonds, plus reverse split, raises risk of statistical distortion

Capital B raised funds on Aug. 28 by attaching 4 warrants to each common share. The warrants have a five-year maturity and give holders the right to buy new shares later at a set exercise price. Whether they are exercised depends on investors, so it is uncertain whether cash will actually flow to the company and be used to buy bitcoin. The company also uses bitcoin-linked convertible bonds, where the repayment burden is tied to bitcoin's value, meaning the burden could rise as the coin's value increases.

A 10-for-1 reverse stock split that took effect on Sept. 8 makes the statistics more confusing. With 10 existing shares consolidated into 1 new share, per-share indicators mechanically rise even without an increase in assets. On a post-split basis, satoshis per share jump to 7,366. CryptoSlate said mixing pre- and post-split bases in charts could produce an "optical illusion graph" unrelated to actual performance.

■ A European-style bitcoin bet, buying coins with euros

Capital B is listed on Euronext Growth Paris and adopted a bitcoin strategy in November 2024. It also runs existing businesses including web developer iORGA and business intelligence and AI consultancy Trimane. Under French accounting standards, bitcoin valuation losses are reflected in results as provisions, and a significant portion of its 2025 net loss of 62.2 million euros (about 96.8 billion won) stemmed from bitcoin valuation losses of 53.9 million euros (about 83.9 billion won).

By contrast, adjusted EBITDA at its subsidiaries was a profit of about 1.2 million euros (about 1.9 billion won), while costs related to its treasury business were tallied at about 4.1 million euros (about 6.4 billion won). That differs from Strategy, which is listed on Nasdaq and raises funds by combining dollar-denominated common stock, convertible bonds and preferred shares, meaning the currency, accounting standards and listing market are all different.

CryptoSlate stressed that to judge the value of bitcoin treasury companies, investors should look first at the price of new share issuance, warrant and convertible bond terms, and debt repayment burdens, rather than headlines about rising holdings. Bitcoin was priced at $77,160 (about 103.6 million won), down 0.24 percent from 24 hours earlier.