TL;DR:
Capital B completed the purchase of 192 BTC for €13 million (approximately $15.1 million), according to the company’s announcement. The acquisition was carried out using funds raised in its latest capitalization round, which totaled approximately €17.15 million.
The French firm, originally known as The Blockchain Group, rebranded as Capital B in July 2025 to reflect its strategy focused on accumulating bitcoin as a corporate reserve asset.
The financing was structured through three differentiated capital increases. The first, for approximately €850,000, was carried out through an ATM-type equity agreement with TOBAM, a French asset manager. The second, for €1.1 million, involved the issuance of share subscription warrants subscribed by Adam Back, CEO of Blockstream and a central figure in the bitcoin ecosystem. The third and largest was a private placement of €15.2 million, executed through more than 23 million ABSA shares, each accompanied by four subscription warrants.
With this transaction, Capital B raised its treasury to a total of 3,135 BTC, acquired at an aggregate value of $330 million. The figures show that the firm acquired the coins at an average purchase price of $105,270 per bitcoin, well above the current market price of around $76,000 per BTC. Nonetheless, it remains one of the most significant corporate treasuries in continental Europe.
Capital B’s strategy follows the model popularized by companies such as Strategy in the United States, but with a distinct regulatory and geographic foundation. Adam Back’s participation in the round signals that the company is aligned with the vision of bitcoin as a long-term store of value.
