Capital B Raises $24.5 Million to Expand Bitcoin Treasury

Capital B, Europe’s second-largest corporate bitcoin treasury company, has built its strategy around accumulating the cryptocurrency on its balance sheet. A reverse stock split does not alter the company’s overall market value or investors’ proportional ownership, but it raises the price of each share and can make the stock more accessible to funds and other institutional investors with minimum-price requirements.

Capital B approved a 10-for-1 reverse stock split that is scheduled to take effect automatically on Sept. 8, converting every 10 existing shares into one new share. The company said the move is intended to increase the per-share value, support its institutional development and broaden its investor base. Capital B currently holds 3,139 bitcoin and plans to continue pursuing its bitcoin acquisition strategy.

Capital B is a Paris-listed French Bitcoin treasury company that raises funds through equity offerings and credit facilities to buy Bitcoin, increasing the amount held per share. The model closely ties its valuation to Bitcoin’s price and its ability to secure financing. It held 3,135 BTC when the proposal was made, putting a spotlight on how much of the enormous authorization it would actually use.

Capital B proposed a financing authorization of up to $122 billion on June 2, 2026, with shareholders able to vote through the June 17 meeting. The company said on June 18 that more than 95% of shareholders had backed the proposal, ultimately approving a €5 billion capital increase and €100 billion in credit facilities. The combined €105 billion, or about $120.4 billion, is a fundraising ceiling, not capital already secured.

Capital B is a French company listed on Euronext Growth Paris. Formerly known as The Blockchain Group, it has made increasing diluted Bitcoin holdings per share the centerpiece of its treasury strategy. Its continued use of equity financing to buy BTC shows how European listed companies are turning Bitcoin from a trading asset into a corporate reserve. The approach also increases shareholders’ exposure to cryptocurrency price swings and financing conditions.

Capital B said on May 18, 2026, that it had purchased 192 Bitcoin for 13 million euros, or about $15.2 million, at an average price of roughly $79,000 each. The acquisition lifted its total holdings to 3,135 BTC. The purchase came just one week after it completed about $17.8 million in strategic financing on May 11, with investors including Adam Back and Paris-based asset manager TOBAM.

Capital B, formerly The Blockchain Group, is a French public company listed on Euronext Growth Paris that holds Bitcoin as a long-term treasury reserve. It aims to increase its fully diluted Bitcoin holdings per share. Continued investment from Blockstream CEO Adam Back signals institutional support for the strategy, though the issuance of new shares and warrants also carries dilution risk.

On May 4, 2026, Capital B issued 10 million BSA 2026-02 warrants, all subscribed by Back at €0.11 each, raising €1.1 million, or about $1.28 million. The warrants expire on May 2, 2029. On May 11, the company raised a further €15.2 million from Back and institutions including TOBAM, with the proceeds earmarked mainly for additional Bitcoin purchases.

Founded in 2013, Blockchain Capital is a venture capital firm focused on blockchain and crypto assets, with more than $2 billion under management. Its portfolio includes Coinbase, Kraken and Circle, making it an important barometer of capital flows in the crypto industry.

As of July 19, 2026, Blockchain Capital was seeking to raise a combined $700 million for two new funds: its seventh early-stage fund and second growth fund. Reports have not disclosed the individual fundraising targets, initial closing dates or final completion timelines for the two funds.