Capital B Expands Bitcoin Holdings to 3,135 BTC in Europe

Capital B becomes one of Europe's largest Bitcoin holders after raising €17.15 million, with backing from Blockstream CEO Adam Back.

A series of capital increases over the past week has transformed Capital B into one of Europe’s largest public corporate holders of Bitcoin. The deal solidifies the company’s position as a major institutional player in the digital asset space.

The purchase was executed at an average price of approximately $78,948 per token, the company announced on Monday. Following this latest transaction, Capital B’s total reserves have reached 3,135 BTC. The firm also reported a “BTC Yield” of 1.82% since the beginning of the year.

This move is part of an ongoing transformation for the firm, which was known as The Blockchain Group until last year. Since rebranding in July 2025, the company has adopted a model closely mirroring MicroStrategy’s approach—utilizing capital markets to accumulate Bitcoin as its primary corporate reserve asset.

New Capital for Continued Acquisitions

The recent acquisition was funded by approximately €17.15 million in new capital, raised through several parallel operations.

The largest portion, totaling €15.2 million, came from a private placement of over 23 million ABSA shares. Blockstream CEO Adam Back also participated, investing an additional €1.1 million. This marks Back’s second investment in Capital B in just two weeks, following his support for a smaller capital increase earlier in May.

Paris-based asset manager TOBAM also joined the round via an At-The-Market program, contributing roughly €850,000 at an average price of €0.65 per share.

The company is increasingly aggressive in its use of capital markets to grow its Bitcoin reserves. This strategy is gaining popularity among public companies seeking to turn their equity into an indirect proxy for BTC exposure.

Europe Adopts the MicroStrategy Model

With this latest purchase, Capital B now holds the 25th largest public Bitcoin reserve globally and the second largest in Europe, trailing only Germany’s Bitcoin Group SE.

Despite the aggressive accumulation of BTC, market reaction has remained cautious. Shares of the company, traded on Euronext Growth Paris, fell by approximately 2.4% following the announcement and remain down about 17% year-to-date.

Investors continue to weigh the risks for companies whose balance sheets are heavily dependent on Bitcoin’s price, particularly during periods of high volatility and rising global yields.

Nevertheless, corporate interest in Bitcoin reserve models continues to climb. In May alone, MicroStrategy added $43 million in BTC, Strive announced a $33 million purchase, and the UK-based Smarter Web Company entered the fray with a new investment of nearly $5 million.

This trend suggests that an increasing number of public companies are beginning to view BTC not merely as a speculative asset, but as a long-term component of corporate capital structure.