Capital B, the French bitcoin treasury company listed on Euronext Growth Paris, bought 376 bitcoin for €25.3 million ($29.4 million), its largest single purchase since September 2025. The acquisition lifts the group’s total treasury to 3,521 BTC and moves it into 25th place among publicly traded bitcoin holders worldwide, according to BitcoinTreasuries.net.
The purchase, announced Monday, was funded from roughly €30.1 million in recent capital raises. Those included a €28.7 million private placement subscribed in two tranches and a €1.44 million increase through its at-the-market facility. Blockstream co-founder Adam Back and French asset manager TOBAM backed the placement, following Back’s own €7.6 million investment announced the previous week. The company said proceeds from both raises could support up to 376 additional BTC, and the full amount was deployed within a week.
Swissquote Bank Europe executed the buy, with custody provided by Swiss firm Taurus. The company said the coins were acquired at an average price of €67,182 each. Across its whole treasury, Capital B has now spent €309.4 million for an average cost of €87,878 per bitcoin, leaving the position underwater at current spot prices near $79,000.
Ranking among European treasuries
The buy nudges Capital B past Sweden’s H100 Group, which holds 3,506 BTC, to make it the second-largest publicly traded bitcoin holder in Europe. Both sit behind Germany’s Bitcoin Group SE at 3,605 BTC. The three-way race at the top of the European table has tightened over recent months as each company funds new purchases through equity issuance rather than operating cash flow, and the gaps between them now come down to a single financing round.
| Company | BTC held | Note |
|---|---|---|
| Bitcoin Group SE (Germany) | 3,605 | Largest in Europe |
| Capital B (France) | 3,521 | Plus 61 BTC held for operations |
| H100 Group (Sweden) | 3,506 | Passed by Capital B this week |
The company separately holds 61 bitcoin for operational purposes, kept outside the treasury and excluded from its performance metrics. It reported a BTC yield of 2.17% year to date, its measure of how much bitcoin is held per share after dilution from the financing rounds, along with a bitcoin gain of 61.3 BTC from the same dynamic.
Financing model under the microscope
Capital B’s approach mirrors the playbook made familiar by Strategy in the United States: issue shares, raise capital, buy bitcoin, repeat. The economics work when bitcoin rises faster than the dilution. With the company’s average cost near $102,000 per coin against a spot price below $80,000, the model currently leans on the expectation that prices recover rather than on any existing gain. Each new placement adds coins per share, but it also adds shareholders who bought in above the market.
The stock traded about 2% lower on Tuesday following the announcement. Shareholders on Euronext Growth Paris have absorbed repeated dilution this year, and the company’s own filings note that completion of planned purchases can shift by several days depending on how capital raises settle.
A busy stretch for corporate buyers
The purchase lands during a busy stretch for corporate accumulation. Strategy resumed buying this month with 4,603 BTC for $370 million after its longest pause since 2020, lifting its holdings to roughly 845,000 BTC. Strive, the US asset manager, added 1,375 BTC the same week at an average of $79,281 per coin. US spot bitcoin ETFs drew $986.9 million last week, their strongest three-week run of 2026. Demand from treasuries and funds together has absorbed much of the recent supply, even as the market digests macro headwinds from oil-driven inflation fears and rising rate-hike odds.
Capital B describes itself as Europe’s first bitcoin treasury company. Its management has pointed to Adam Back’s involvement as validation of the strategy, and the company’s September 7 statement confirmed the latest figures alongside its full bitcoin strategy documentation. The next test is whether the pace of financing continues if bitcoin stays below the company’s average cost for an extended period.
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