French bitcoin treasury firm Capital B has acquired 376 BTC for €25.3 million ($29.4 million), marking its largest purchase in a year and bringing its total holdings to 3,521 BTC. The acquisition was funded by €28.7 million in net capital raises, including private placements heavily backed by cryptographer Adam Back. Back fully subscribed to an €7.6 million tranche, lifting his stake in Capital B to over 17% and securing a pipeline of 52.7 million warrants that could yield an additional $57 million.
Capital B bitcoin acquisition
- ▪The September 7, 2026 purchase brought Capital B's total holdings to 3,521 BTC, acquired for a cumulative €309.4 million ($359.3 million) at an average price of €87,878 ($102,058) per bitcoin.
- ▪Capital B executed its September 7, 2026 purchase at an average price of €67,182 (approximately $77,500) per coin through Swissquote Bank Europe, with custody secured by Taurus.
- ▪Capital B holds an additional 61 BTC segregated for operational needs, which are excluded from its treasury performance calculations.
- ▪Capital B acquired 376 BTC for €25.3 million (approximately $29.4 million) on September 7, 2026, marking its largest bitcoin purchase in a year.
Adam Back ownership stake
- ▪Adam Back fully subscribed to a €7.6 million ($8.8 million) private placement tranche completed on September 2, 2026, and participated as a strategic investor in an earlier €21 million block closed on August 28, 2026.
- ▪Adam Back increased his ordinary share stake in Capital B to approximately 17.64% (reported as 17.77% in some filings) following recent capital injections.
- ▪Adam Back's Bitcoin Standard Treasury Company terminated its planned Nasdaq merger with Cantor Equity Partners in August 2026, citing challenging market conditions.
Private placement structure
- ▪The capital raises included a €21 million institutional placement structured as ABSA (shares with attached subscription warrants) priced at €0.58 per unit, with Maxim Group LLC serving as sole placement agent.
- ▪The capital raises included a €1.44 million at-the-market tranche executed through French asset manager TOBAM's existing ATM program.
- ▪Capital B funded its bitcoin purchase using proceeds from capital raises totaling €28.7 million (approximately $33.1 million) net, or €30.1 million ($34.7 million) gross.
Warrant exercise pipeline
- ▪If Adam Back fully exercises the 52.7 million warrants from the September 2, 2026 placement, Capital B would receive an additional €49.4 million ($57 million) in capital.
- ▪The September 2, 2026 placement issued 13,181,030 ABSA units to Adam Back, with each unit carrying one share at €0.58 and four five-year warrants at strike prices ranging from €0.75 to €1.27.
- ▪Capital B can trigger an accelerated warrant exercise window if its 20-day volume-weighted average stock price exceeds 130% of any warrant strike price for 20 consecutive trading days.
Corporate bitcoin holder rankings
- ▪Capital B's accumulation occurs amid a broader corporate treasury shakeout where top companies have lost over $80 billion in combined market value since mid-2025, leading some firms like Sequans to unwind their holdings.
- ▪Capital B's purchase of 376 BTC positioned it 25th globally among publicly traded corporate bitcoin holders, according to BitcoinTreasuries.net.
- ▪With 3,521 BTC, Capital B ranks as one of Europe's largest publicly traded corporate bitcoin holders, sitting 15 BTC ahead of Sweden's H100 Group (3,506 BTC) and 84 BTC behind Germany's Bitcoin Group SE (3,605 BTC).
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