Capital B, the Paris-listed bitcoin treasury company, has acquired 376 BTC for €25.3 million ($29.4 million), its largest individual purchase in twelve months. The buy comes on the heels of fresh investment from Blockstream's Adam Back through the company's latest equity raise.

The move signals that at least one European firm is still following Strategy's playbook — raising capital and deploying it into Bitcoin — even with the token trading below $80,000. Capital B is one of a small number of European listed companies to adopt the treasury-company model pioneered by Strategy (formerly MicroStrategy), which began converting corporate balance sheets into bitcoin holdings in 2020 and has since become the largest corporate holder of the asset.

Blockstream chief raises stake to 17.64%

The purchase was funded by two financings closed the same day, Capital B said in a statement on September 7. The first was a modest €1.44 million top-up at €0.51 per share through an at-the-market program with asset manager TOBAM. The larger tranche was a private placement of shares with warrants, raising €28.7 million (about $33.3 million) at €0.58 per share and taken by institutional buyers.

According to the press release, Back fully subscribed to a €7.6 million ($8.8 million) tranche completed on September 2, as well as an earlier €21 million block that closed August 28, in which he was also listed as a strategic investor. Together, the two injections raised his stake in ordinary shares to 17.64%. Back is a cryptographer and early Bitcoin contributor — he is cited in the Bitcoin white paper — and co-founded Blockstream, the infrastructure firm behind the Liquid Network sidechain.

The 376 BTC purchased Monday brought Capital B's treasury to 3,521 bitcoin acquired for a total of €309.4 million ($359.3 million). The average purchase price stands at €87,878, roughly $102,058 per coin — well above the ~$79,000 level Bitcoin traded at Monday, meaning the company's holdings are underwater on a cost basis at current prices. The token had reached a local high near $81,700 the previous Thursday before pulling back, according to CoinGecko data.

The prior month, Capital B added just 6 BTC, and Monday's purchase was its largest since September 2025, when it acquired 551 BTC. The company, previously known as The Blockchain Group, rebranded to Capital B in July 2025 with a bitcoin-first balance sheet.

A sector that lost $80 billion still has buyers

As Cryptopolitan reported at the time, authorizations for up to €5 billion in new equity and €100 billion in credit instruments were approved by more than 95% of votes at the annual meeting on June 17. The company set a long-term target of 210,000 BTC — about 1% of all bitcoin — by 2033, a goal that would require roughly a sixtyfold increase from its current 3,521 BTC. At that point it held 3,139 BTC.

Part of that ambition hinges on a product Capital B has not yet launched. The company is developing a bitcoin-backed credit instrument for European investors modeled on Strategy's STRC and Strive's SATA, targeting double-digit yields with less than 10% volatility, board director Alexandre Laizet told an audience at BTC Prague. Such products are part of a broader shift among treasury companies toward structured, yield-bearing instruments as a way to raise capital beyond straightforward equity issuance. No launch date has been set.

Capital B is investing into a shrinking sector. As Cryptopolitan reported on the treasury shakeout, these companies have lost more than $80 billion in combined market value since peaking in mid-2025, with 35 of the top 50 trading more than 50% below previous levels. Some, such as France's Sequans, have abandoned the strategy and turned to selling their coins.

Still, buyers remain. In late August, Strive purchased 1,800 BTC for about $143 million, becoming the fifth-largest public holder, and Strategy resumed buying after a roughly 10-week pause, spending $369.7 million.