Capital B Raises €21M From Adam Back and TOBAM to Buy More Bitcoin
Key Takeaways
- •Capital B raised €21 million through a private placement supported by Adam Back and TOBAM.
- •The company sold 36,219,070 shares at €0.58 apiece, below Wednesday’s closing price.
- •Net proceeds are expected to be about €19.9 million after fees and transaction costs.
- •Capital B holds 3,145 bitcoin and says the new funds could help increase that total to about 3,415 BTC.
- •The fundraising comes amid broader strain in the bitcoin treasury sector since 2025.
Capital B, the Euronext Growth-listed company that bills itself as Europe's first bitcoin treasury company — a listed firm holding bitcoin as its primary treasury asset — has raised €21 million ($24 million) in a private placement backed by Blockstream's Adam Back and Paris-based asset manager TOBAM.
Back, a cryptographer whose Hashcash invention is cited in the Bitcoin whitepaper, co-founded Blockstream, a bitcoin infrastructure company, in 2014.
The company disclosed the terms of the deal on Friday. A total of 36,219,070 shares were sold at €0.58 each — a 6.45% discount to Wednesday's closing price — and Capital B said net proceeds are expected to reach about €19.9 million after fees and transaction costs.
Bitcoin Magazine announced the raise on X:
— Bitcoin Magazine (@BitcoinMagazine) August 28, 2026
According to Bitcoin Treasuries, Capital B is the 27th biggest publicly traded bitcoin treasury in the world, with a stash of 3,145 bitcoins worth $245 million at today's bitcoin price of $77,960. The company says the newly raised money could buy another 270 bitcoin, which would push its holdings to roughly 3,415 BTC.
The French company, which describes itself as Europe's first bitcoin treasury, built much of that position through fundraising rounds conducted during the first half of 2026. In May, it added 192 coins for €13 million, following the completion of three capital raises.
The latest raise comes as other bitcoin treasury companies look to bring in fresh funds and accelerate their own purchases. Just this week, NYSE-listed AI-powered education company Genius Group said it was aiming to build parallel AI and bitcoin treasuries worth a combined $1.6 billion — a plan announced after the company sold its entire bitcoin reserves to repay $8.5 million in debt.
Bitcoin treasuries have faced headwinds since 2025, when the price of the leading cryptocurrency took a hit. A number of companies in the space have since had to liquidate their holdings, including the biggest corporate holder of bitcoin, Nasdaq-listed Strategy, which began accumulating bitcoin in 2020 under its former name MicroStrategy and set the template that Capital B and dozens of other listed companies have since followed.
This article was written by Mathew Di Salvo and first appeared on Bitcoin Magazine on August 28, 2026.
