Capital B Adds 192 Bitcoin in $15.2 Million Purchase

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, 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, 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.

ProCap Financial was founded in 2025 and raised more than $750 million before listing on Nasdaq through a SPAC merger. Its core strategy is to hold Bitcoin on its balance sheet. When its shares trade below net asset value per share, the company also buys back stock, increasing shareholders’ proportional exposure to its Bitcoin holdings.

On March 2, 2026, ProCap Financial announced that it had purchased 450 Bitcoin for about $35 million, lifting its total holdings to 5,457 BTC and making it the world’s 19th-largest publicly traded corporate holder of Bitcoin. It also repurchased 782,408 shares over the preceding 10 days. CEO Anthony Pompliano said the company would continue buying Bitcoin on price declines and repurchasing shares when they trade below NAV.