Let’s get to the point first: the \$BTC treasury of a European listed company is again using equity financing to top up—not a slogan, it’s an accounting add-on to its holdings.
According to CryptoBriefing (Sept 7): Capital B (formerly The Blockchain Group, Euronext Growth Paris, ticker ALCPB) newly purchased 376 \$BTC, spending about €25.3 million (about \$29 million). Its holdings rose to 3,521 \$BTC.
This batch of costs is about €67,300 per unit, clearly below its previous average of about 3,145 units (about €90,352). On the funding side: by the end of August, Adam Back (Blockstream) injected about €7.6 million in equity, as part of a larger round of about €21 million in a placement (including institutional TOBAM). Custody is held at Swissquote Bank Europe.
Bitcoin Group SE, the top European publicly listed company (about 3,605 \$BTC), is only about 84 coins away. The company claims to be Europe’s first Bitcoin Treasury Company. Its game is modeled after the U.S. Strategy: issuing shares to buy coins.
My filter: \$BTC trading sideways around \$80k. The listed company’s treasury is still using a capital structure to exchange for coins. What’s worth watching is whether the “financing → custody/deposit” keeps going, not the short-term price level. Not investment advice.