France-listed Capital B raised €15.2 million ($17.8 million) on May 11 through a private placement of shares. The company plans to use the proceeds to buy 182 more Bitcoin, which would bring its total holdings to 3,125 BTC.

Investors in the round include Blockstream CEO Adam Back and Paris-based asset manager TOBAM. Each share in the placement came with four subscription warrants priced at €0.66 per share. If all warrants are fully exercised over their five-year term, Capital B could raise an additional $116.5 million through 92 million new shares.

Following this transaction, Back holds 13.43% of Capital B on an ordinary basis. Blockstream Capital Partners, which Back advises, holds 14.42%. TOBAM's stake rises to 4.20% once the placement closes, expected no earlier than May 13.

Capital B currently holds 2,943 BTC worth approximately $237 million at today's price of around $80,800. That puts it at 25th globally among public Bitcoin treasury companies and second in Europe, behind Germany's Bitcoin Group SE.

Shares rose 4.3% after the announcement, trading near €0.67. Year-to-date, however, the stock is down about 11%.

From Tech Consultancy to Bitcoin Treasury

Capital B did not start as a Bitcoin company. The firm was originally founded in 1999 as a technology services provider, operating subsidiaries in data intelligence, AI, and decentralized technology consulting. It traded on Euronext Growth Paris under the name The Blockchain Group.

On November 5, 2024, the company announced a pivot. It adopted a Bitcoin Treasury Company strategy modeled on Michael Saylor's playbook: accumulate Bitcoin on the balance sheet, measure success in BTC per fully diluted share, and use capital raises to fund further purchases. The company's stated long-term goal is to hold 1% of Bitcoin's total supply by 2033 — roughly 210,000 BTC.

In July 2025, it rebranded from The Blockchain Group to Capital B, making the Bitcoin focus central to its identity.

Since November 2024, the company has made purchases ranging from 2 BTC to a single 551 BTC acquisition in September 2025. By March 2026, it held 2,836 BTC acquired at an average cost of €93,061 per coin, for a total outlay of €263.9 million.

Adam Back's Growing Stake

Adam Back is not a passive participant. One week before this raise, he subscribed to 10 million warrants worth €1.1 million in a smaller €1.1 million round Capital B completed. The May 11 raise is the continuation of that relationship, now at a much larger scale.

Back is the inventor of Hashcash, the proof-of-work system cited in Satoshi Nakamoto's Bitcoin whitepaper. His involvement lends technical credibility to Capital B's positioning. His firm Blockstream, which builds Bitcoin infrastructure, now holds over 14% of Capital B through Blockstream Capital Partners.

TOBAM, the other anchor investor, is a French quantitative asset manager known for applying alternative weighting methodologies to indices. Its presence offers institutional legitimacy in a European market where corporate Bitcoin adoption has been slower than in the United States.

A Contrarian Move in a Cautious Sector

The broader corporate Bitcoin treasury sector has turned defensive in recent months. After Bitcoin's price decline from late 2024 highs, several companies have shifted priorities.

Nakamoto, a Nasdaq-listed Bitcoin treasury firm, launched an actively managed derivatives program in April 2026 to generate income from volatility and hedge its BTC holdings against downside risk. Before that, in March 2026, the company sold 284 Bitcoin worth roughly $20 million to manage its balance sheet.

Genius Group went further. In February 2026, it liquidated its entire 84 BTC treasury and used the proceeds to repay $5.7 million of an $8.5 million debt obligation.

Against this backdrop, Capital B is one of the few companies actively raising capital to buy more Bitcoin. Strategy, Michael Saylor's firm and the largest corporate BTC holder globally with over 815,000 BTC, raised $2.5 billion in late April. UK-listed XCE raised $794,000 in an Adam Back-backed round on April 23. Outside those two, no other public Bitcoin treasury company has announced a capital raise in the past six weeks.

The Upside and the Risks

The upside is straightforward. If Bitcoin continues rising, buying BTC at current prices with newly raised capital could produce large returns for shareholders. The warrant structure also gives Capital B an option to raise an additional $116.5 million without committing to that dilution now.

The risks are equally clear. Capital B's shares are already down 11% year-to-date, meaning shareholders who bought at the start of 2026 are sitting at a loss. The company spent €263.9 million to acquire a treasury currently worth less than that at today's prices. Its average acquisition cost per coin in euros exceeds what the portfolio is worth at current exchange rates and BTC prices. The warrant-based structure also creates potential dilution pressure if exercised at scale.

Capital B is betting that accumulating Bitcoin now, through market weakness, positions it for outsized gains in the next cycle. Whether that conviction proves correct depends entirely on where Bitcoin trades over the next several years.