Bitcoin Treasury Firm Capital B Secures $1.3 Million in Financing From Adam Back

Capital B, a French company listed on Euronext Growth Paris, has adopted a Bitcoin treasury strategy built on repeated equity raises and cryptocurrency purchases. The model aims to increase Bitcoin exposure per share, but leaves investors sensitive to swings in the token, the company’s continued access to capital and dilution from newly issued shares and warrants. Blockstream CEO Adam Back and asset manager TOBAM have emerged as key strategic backers.

Capital B said on Aug. 28 that it completed a €21 million ($24.5 million) private placement involving Back and TOBAM. It planned to buy 270 Bitcoin and lift holdings to 3,415 BTC, while full exercise of the attached warrants could provide about $158 million more. On Sept. 2, the company announced a separate €7.64 million ($8.8 million) placement fully subscribed by Back. Together with operating cash, that funding could support purchases of as many as 376 BTC and raise its treasury target to 3,521 BTC.

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.

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.