Capital B purchases $29 million in bitcoin, its largest acquisition in a year

French bitcoin treasury firm Capital B acquired 376 BTC for €25.3 million ($29.4 million) on September 7, 2026, marking its largest purchase in a year. Funded by capital raises including a €7.6 million investment from Blockstream CEO Adam Back, the purchase brings Capital B's total holdings to 3,521 BTC. This positions the firm just 84 BTC behind Europe's top public bitcoin holder, Bitcoin Group SE, as Capital B models its strategy after U.S.-based Strategy.

Capital B bitcoin acquisition

• ▪The September 7, 2026 purchase of 376 BTC was Capital B's largest acquisition since September 2025, when it bought 551 BTC, compared to just 6 BTC purchased in August 2026.
• ▪The September 7, 2026 purchase brought Capital B's total holdings to 3,521 BTC, acquired for a total of €309.4 million ($359.3 million) at an average price of €87,878 ($102,058) per bitcoin.
• ▪Capital B's purchase of 376 BTC on September 7, 2026 was executed at an average cost of approximately €67,300 per coin, which was lower than its prior average cost basis of €90,352 per coin.
• ▪Capital B acquired 376 BTC for €25.3 million ($29.4 million) on September 7, 2026, marking its largest bitcoin purchase in a year.

Private placement proceeds

• ▪Capital B's capital raises in late August 2026 included a €21 million placement that involved institutional investor TOBAM.
• ▪Capital B funded its September 7, 2026 bitcoin purchase using proceeds from recently completed capital raises, including a €28.7 million ($33.3 million) private placement.

Adam Back investment stake

• ▪Blockstream CEO Adam Back invested €7.6 million ($8.8 million) in Capital B in late August 2026 through a stock issuance.
• ▪The €7.6 million investment by Blockstream CEO Adam Back in late August 2026 increased his ordinary ownership stake in Capital B to 17.64%.

European bitcoin treasury competition

• ▪Capital B's total holdings of 3,521 BTC as of September 7, 2026 placed it 84 BTC behind Bitcoin Group SE, which held 3,605 BTC and led the European public company Bitcoin treasury rankings.
• ▪Capital B has positioned itself as Europe's first Bitcoin Treasury Company, modeling its strategy of using equity issuances and capital markets after Strategy in the United States.

Bitcoin treasury company strategy

• ▪Swissquote Bank Europe, a regulated banking institution, handles the custody of Capital B's bitcoin holdings as of September 2026.
• ▪Capital B announced in June 2026 that it was exploring a bitcoin-backed credit product for the European market modeled after Strategy's STRC and Strive's SATA.
• ▪Capital B, originally known as The Blockchain Group, rebranded in July 2025 to focus on its bitcoin treasury strategy and has been purchasing bitcoin since November 2024.
• ▪Capital B reported a year-to-date bitcoin yield of 2.17% as of September 7, 2026, measuring the change in bitcoin per share on a fully diluted basis.

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