French bitcoin treasury firm Capital B bought 376 BTC for 25.3 million euros, about $29.4 million, its largest single purchase since September 2025, lifting total holdings to 3,521 bitcoin.
The Monday announcement follows a capital raise the company completed last week. On Aug. 29, Capital B issued 13,181,030 shares with four warrants each at 58 euro cents per share, collecting 7.6 million euros, or $8.8 million, from Blockstream CEO Adam Back. The Back deal formed part of a larger 21 million euro placement that also included strategic investor TOBAM through the issuance of 36,219,070 shares.
Where the purchase ranks
The buy pushes Capital B close behind Bitcoin Group SE of Germany, which holds 3,605 BTC and had been the largest bitcoin treasury among Europe-listed public companies. At current prices the French firm’s 3,521 BTC are worth roughly $280 million.
The company had last reported holding 3,145 BTC acquired for 284.2 million euros, an average of 90,352 euros each. Those holdings were worth about 214 million euros before the latest raise, meaning the average cost basis sits well above the current market price. Every new purchase at these levels pulls the blended average down, which matters for a firm whose entire thesis depends on bitcoin eventually trading above what it paid.
How the financing works
Each new share comes with four five-year warrants giving investors the right to buy more shares later. If every warrant is exercised, Capital B would issue another 144.9 million shares and collect 135.8 million euros, taking the financing’s potential gross proceeds to 156.8 million euros.
The structure leaves existing shareholders exposed to substantial dilution. A holder of 1% of Capital B before the placement would own 0.90% afterward, and 0.65% if all the new warrants are exercised. The company plans to consolidate every 10 existing shares into one on Sept. 8, with warrant ratios and exercise prices adjusted proportionally.
A familiar playbook
Capital B, listed on Euronext Growth Paris under ticker ALCPB, follows the same model as US-listed bitcoin treasury companies: sell equity, hold the proceeds in bitcoin, and let the balance sheet carry the exposure. The approach works in both directions. The company’s shares traded at 48.5 euro cents in late August, down as bitcoin slid below $77,000 at the time.
Bitcoin has since recovered above $81,000, helped by a third straight week of ETF inflows and renewed institutional demand. US spot bitcoin ETFs took in $986.9 million last week, with BlackRock’s IBIT absorbing $691.5 million of it. That rebound gives the latest purchase a better entry than the ones made during the summer drawdown.
Adam Back’s involvement carries symbolic weight beyond the money. He is cited in the original 2008 bitcoin white paper and has been a public advocate for corporate bitcoin adoption. His firm Blockstream also operates the Liquid Network, which suffered a separate $320 million withdrawal incident over the weekend, though the two events are unrelated.
The European context
Corporate bitcoin treasuries have been slower to catch on in Europe than in the United States, partly because MiCA rules and stricter listing requirements make the equity-for-bitcoin loop harder to run. Capital B is one of the few French issuers running the model at scale, and its filings show how much of the strategy depends on continued access to cheap capital.
Whether the company keeps buying depends on further raises. It has leaned on warrant-linked placements repeatedly this year, a structure that keeps cash flowing as long as investors believe the share price will recover with the coin. If bitcoin stalls, the same warrants that funded this purchase become dead weight on the balance sheet.
For now, Capital B remains the second-largest corporate bitcoin holder on European exchanges, and the Sept. 8 share consolidation should make the stock easier to price once the dust settles. The next filing will show whether Back and TOBAM intend to keep the pipeline open.
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