Capital B acquires $29 million in bitcoin following private placement
French corporate treasury firm Capital B has purchased $29.4 million in bitcoin using recent private placement proceeds, signaling continued institutional accumulation in Europe despite current market prices trailing the company's average cost basis.
Capital B announced the acquisition of 376 bitcoin for €25.3 million ($29.4 million) on Monday. The transaction represents the French firm's largest single purchase of the cryptocurrency since September 2025, when it acquired 551 bitcoin. The company noted that its acquisition pace slowed recently, buying just 6 bitcoin last month before this latest deployment.
The purchase was financed through recent capital raises, highlighted by a €28.7 million ($33.3 million) private placement. Investor Adam Back contributed an additional €7.6 million ($8.8 million) to the round. This specific investment increased his ordinary stake in the company to 17.64 percent, according to the firm's statement.
This latest deployment brings Capital B’s total corporate holdings to 3,521 bitcoin. The company has spent a total of €309.4 million ($359.3 million) to build this position. These cumulative purchases establish an average cost basis of €87,878 ($102,058) per coin for the treasury firm.
The current market valuation presents a marked contrast to the firm's historical average cost basis, highlighting the mark-to-market dynamics facing corporate treasuries. Bitcoin traded near $79,500 on Monday, remaining little changed over the previous 24 hours. The asset sits well below the company's $102,058 average entry price after retreating from a local high of $81,700 last Thursday.
Capital B is actively expanding its corporate treasury operations to serve the European market and attract institutional capital. Formerly known as The Blockchain Group, the firm rebranded in July 2025 to focus exclusively on this bitcoin strategy. In June, management indicated it is exploring a bitcoin-backed credit product modeled after Strategy's STRC and Strive's SATA.
The continued accumulation by European firms mirrors a broader trend of corporate entities using balance sheets to hold digital assets. By leveraging private placements and exploring new credit products, Capital B aims to deepen the institutional infrastructure for bitcoin in Europe.
