Capital B, the Paris-listed bitcoin treasury company formerly known as The Blockchain Group, has acquired 192 BTC for €13.0 million, bringing its total holdings to 3,135 bitcoin. The May 18 acquisition positions the firm among Europe's largest corporate bitcoin holders and signals continued institutional appetite for bitcoin treasury strategies in the region.
Strategic Funding and Acquisition Details
The company financed the purchase through three distinct capital raises totaling €17.15 million. The funding structure included a €0.85 million at-the-market placement with TOBAM, a €1.1 million warrant issuance subscribed by Blockstream CEO Adam Back, and a €15.2 million private placement with institutional investors at €0.66 per unit.
Capital B purchased the 192 BTC at an average price of €67,866 per coin, well below its portfolio average cost basis of €90,451 per bitcoin. The company executed trades through Swissquote Bank Europe SA, with custody managed by Swiss firm Taurus. Maxim Group LLC led the placement as agent, with Marex S.A. serving as co-manager.
The private placement included warrants structured across three tranches with five-year maturities and escalating exercise prices ranging from €0.86 to €1.46. Full warrant exercise would generate an additional €99.1 million in capital for future acquisitions.
Implications for Web3 Treasury Management
Capital B tracks "BTC Yield," a proprietary metric measuring bitcoin accumulation per fully diluted share to evaluate treasury strategy effectiveness. The company reported a year-to-date BTC Yield of 1.82%, representing a gain of 51.3 BTC and €3.5 million in euro-denominated value.
The transaction highlights several notable investor positions: Adam Back now holds 13.37% of ordinary shares, while Blockstream Capital Partners controls 14.36% on an ordinary basis and 35.90% on a diluted basis. This ownership structure reflects growing institutional and industry insider confidence in bitcoin treasury strategies.
For blockchain professionals, Capital B's approach mirrors the corporate bitcoin acquisition model pioneered by Strategy (formerly MicroStrategy), which recently announced a 24,869 BTC purchase. As more European firms adopt bitcoin treasury strategies, demand for professionals with expertise in digital asset custody, treasury management, and institutional crypto operations continues to grow across the continent.
