Capital B Buys 192 BTC After $20M Raise as Treasury Strategy Accelerates

Adam Back Joins Capital B Funding Round as Company Accelerates BTC Strategy

Capital B, the French company formerly known as The Blockchain Group, has expanded its bitcoin reserves with the purchase of 192 BTC valued at approximately $15 million (€13 million), continuing an aggressive treasury strategy backed by institutional investors including Blockstream CEO, Adam Back.

The acquisition follows a series of capital raises finalized this week that brought in roughly $20 million (€17.15 million), according to the company’s official statement. Capital B said the proceeds were deployed as planned toward additional bitcoin purchases.

The financing package included multiple components, with the largest portion of $17.9 million (€15.2 million) secured through a private placement of more than 23 million shares bundled with warrants. The placement attracted a group of institutional investors, including Adam Back and TOBAM.

Following the latest purchase, Capital B’s total bitcoin holdings have risen to 3,135 BTC. The company said those holdings were accumulated at a total acquisition cost of approximately $330 million (€283.6 million), implying an average purchase price of $105,249.

Capital B rebranded from The Blockchain Group in July 2025 as it shifted toward a dedicated bitcoin treasury strategy, joining a growing list of public companies using equity markets to accumulate digital assets.

The company also disclosed internal performance metrics tied to its bitcoin strategy. Year to date, it reported a BTC yield of 1.82% and a quarterly yield of 1.09%. Bitcoin-related gains totaled 51.3 BTC for the year and 31.4 BTC for the quarter.

The move reflects the continued emergence of bitcoin treasury companies in Europe, mirroring a model popularized in the United States by firms such as Strategy.

Capital B’s latest purchase comes as publicly traded firms increasingly compete to build large bitcoin reserves as part of broader balance sheet strategies. For supporters, the approach offers leveraged exposure to bitcoin appreciation through public equity markets. Critics, however, continue to warn that such strategies can leave corporate balance sheets highly exposed to crypto price swings.

Still, Capital B appears committed to deepening its position. With more than 3,100 BTC now on its balance sheet, the company is positioning itself among Europe’s most prominent publicly listed bitcoin treasury firms.