Capital B has announced the purchase of 192 bitcoins for 13 million euros, at an average price of 90,451 euros per bitcoin. The French company, formerly known as The Blockchain Group before rebranding in July 2025, now holds 3,135 BTC with a total acquisition cost of 283.6 million euros. The move places it 25th globally among publicly traded companies that have adopted a Bitcoin treasury strategy.
Key Takeaways
- Capital B acquires 192 BTC for 13 million euros, bringing total reserves to 3,135 BTC (283.6 million euros cumulative)
- Funding came from three sources: Adam Back via subscription warrants, TOBAM via ATM contract, ABSA via private placement
- The French company climbs to 25th place globally among publicly listed Bitcoin Treasury Companies
Three Funding Sources Behind a Single Bitcoin Purchase
Capital B disclosed the details of the operation on May 18, 2026 via X. Three separate channels were activated simultaneously to finance the 192 BTC purchase.
850,000 euros were raised through an ATM (At-The-Market) contract with TOBAM, a French asset manager specializing in alternative index funds. An ATM structure allows a company to issue shares continuously into the market as needed. TOBAM is not a one-time investor. It is a structural partner whose relationship with Capital B is built for the long run.
1.1 million euros came from subscription warrants subscribed by Adam Back, CEO of Blockstream. A British cryptographer behind the Hashcash mechanism that directly inspired Bitcoin’s proof-of-work, Back is one of the most respected figures across the entire ecosystem. His direct participation as a subscriber brings credibility that few European companies can claim.
The third source carried the bulk of the operation. 15.2 million euros were raised through a private placement with ABSA. This was the amount that funded the majority of the 192 BTC acquired.
The logic behind this structure is straightforward. Capital B does not generate its Bitcoin reserves from operating income. It raises capital in targeted tranches, converts immediately into BTC, and repeats. Each acquisition relies on strategic investors whose commitment signals long-term conviction, not a short-term market trade.
France Plants Its Flag in the Global Bitcoin Treasury Rankings
With 3,135 BTC and 283.6 million euros in cumulative acquisitions, Capital B now sits 25th globally among publicly listed companies that have integrated Bitcoin as a treasury asset. This is the highest ranking the company has reached since launching its accumulation strategy.
That position places it inside a segment that is growing fast. Companies in the Bitcoin Treasury space collectively hold 1.3 million BTC, representing roughly 6% of total available supply. They buy approximately 1,400 BTC per day on average, a pace that matches the daily volume absorbed by spot Bitcoin ETFs in the United States. In terms of market impact, corporate treasuries now carry the same weight as institutional ETF flows.
The broader context is one of acceleration. Companies allocating to Bitcoin deployed 43.5 billion dollars in 2025, compared to 31 billion across all of 2024. The trend continues into 2026. Across the companies tracked on this segment, the average allocation to Bitcoin represents 22% of net income.
Capital B fits this pattern with a distinctly French angle. As we analyzed when covering Strategy’s decision to retire the Never Sell doctrine, Bitcoin treasury models are still defining their own rules, and the companies accumulating now are setting the standards others will eventually follow. Capital B, at its own scale, is contributing to that foundation in Europe.
The company started its accumulation strategy under the name The Blockchain Group, before rebranding to Capital B in July 2025. A name change that signals a clear identity: this is no longer a generalist blockchain company. It is a structure whose purpose is to accumulate Bitcoin.
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What This Signals for the Months Ahead
In the short term, 192 BTC does not move markets. Against daily trading volumes measured in hundreds of thousands of bitcoins, Capital B’s operation is mechanically marginal. The impact lies elsewhere.
The short-term effect is a signaling effect. Every announcement of this kind, in Europe, normalizes the Bitcoin treasury model in front of an institutional audience that is still watching from the sidelines. In a context where MiCA now provides clear rules on digital assets across the EU, a publicly listed company that accumulates Bitcoin transparently and in a structured way becomes a precedent others can point to when making the case to their own boards.
In the medium term, the question is whether other French companies will follow. Capital B is not alone on this segment in France, but it remains one of the very few to have reached a top-25 global ranking. If its model continues to prove viable, particularly by maintaining access to financing in difficult market conditions, it could serve as a template for other European companies looking to diversify treasury assets away from cash and bonds.
The next test for Capital B will be whether it can sustain this pace. Each operation has found its investors so far. The real question is whether that will still be the case if Bitcoin continues to pull back or if financing conditions tighten across Europe.
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