CAPITAL B SOLD 172,978 NEW SHARES AT €5.68 TO RAISE €982,872.69 AND BOUGHT 13 BITCOIN — THE COINS COST €74,364 EACH AGAINST A GROUP AVERAGE OF €87,805 — THE ATM MACHINERY MOVED THE 3,538-COIN STACK BY A THIRD OF ONE PERCENT

Strip the announcement down and this is what it says. Capital B sold 172,978 new shares at about 5.68 euros each, raised 982,872 euros and 69 cents, and bought thirteen bitcoin.

Thirteen. The company already holds 3,538 coins, so the raise moved the stack by about a third of one percent. The machinery behind those thirteen coins is not small. There is an at-the-market contract with TOBAM, a subscription price set at the highest of the prior day's close, the mNAV equivalent or a floor price, a cap of twenty percent on any discount, and a daily ceiling of twenty-one percent of the preceding day's volume. All of that apparatus ran and produced thirteen coins.

The interesting number is the one the release does not point at. Capital B paid 74,364 euros a coin. Its average cost across the whole stack is 87,805 euros. It bought fifteen percent under its own book. That is either a good day of buying or a reminder that most of the book was built higher up, and the 4.6 million euro gain the company reports for the year against a 310.6 million euro cost basis, about one and a half percent, points at the second reading.

A treasury company that issues shares to buy bitcoin makes one claim over and over: that the shares are worth more than the coins they will buy. Every raise places that bet again, and the size of this one says something about how much room there was to place it. At the time of this writing, bitcoin was $83,635.