Capital B secures €21m from Adam Back and TOBAM to buy more bitcoin
Capital B is issuing shares at a discount to fund further bitcoin accumulation, signaling continued corporate appetite for the asset despite broader sector headwinds.
Capital B has secured €21 million in a private placement to expand its bitcoin holdings, drawing backing from Blockstream’s Adam Back and asset manager TOBAM. The Euronext Growth-listed firm, which positions itself as Europe’s first bitcoin treasury company, plans to use the capital to acquire approximately 270 additional coins.
The company issued 36,219,070 new shares at €0.58 each, representing a 6.45% discount to Wednesday’s closing price. After accounting for fees and transaction costs, Capital B expects the net proceeds to reach roughly €19.9 million.
This latest capital injection will push the company’s total bitcoin stack to approximately 3,415 BTC. Capital B currently ranks as the 27th largest publicly traded bitcoin treasury globally. Its existing holdings of 3,145 coins are valued at $245 million based on a current bitcoin price of $77,960.
The firm has aggressively built its position through multiple fundraising rounds during the first half of 2026. In May alone, it acquired 192 coins for €13 million following the completion of three separate capital raises.
The move highlights a divergence in corporate treasury strategies as the sector navigates lingering volatility. While some firms accelerate their accumulation, others have faced severe headwinds since 2025 when bitcoin prices declined, forcing several companies to liquidate their holdings.
Nasdaq-listed Strategy, the largest corporate holder of the cryptocurrency, was among those forced to sell down its reserves. Meanwhile, other entities are attempting to restructure their exposure, such as NYSE-listed Genius Group, which recently sold its entire bitcoin reserve to repay $8.5 million in debt.
Genius Group is now pivoting to build parallel artificial intelligence and bitcoin treasuries targeting a combined value of $1.6 billion. Capital B’s successful private placement demonstrates that institutional investors remain willing to fund dedicated corporate bitcoin vehicles despite the broader industry's recent turbulence.
