France’s Capital B Adds 192 BTC After Securing New Investment From Adam Back and TOBAM - Crypto Economy

TL;DR:

• Capital B acquired 192 BTC for €13 million after closing a $20 million funding round.
• The round included participation from Adam Back, CEO of Blockstream, and French asset manager TOBAM.
• The French company now holds approximately 3,135 BTC with an aggregate value of $330 million and an average purchase price of $105,270 per unit.

Capital B completed the purchase of 192 BTC for €13 million (approximately $15.1 million), according to the company’s announcement. The acquisition was carried out using funds raised in its latest capitalization round, which totaled approximately €17.15 million.

The French firm, originally known as The Blockchain Group, rebranded as Capital B in July 2025 to reflect its strategy focused on accumulating bitcoin as a corporate reserve asset.

Financial Structure of the Operation

The financing was structured through three differentiated capital increases. The first, for approximately €850,000, was carried out through an ATM-type equity agreement with TOBAM, a French asset manager. The second, for €1.1 million, involved the issuance of share subscription warrants subscribed by Adam Back, CEO of Blockstream and a central figure in the bitcoin ecosystem. The third and largest was a private placement of €15.2 million, executed through more than 23 million ABSA shares, each accompanied by four subscription warrants.


With this transaction, Capital B raised its treasury to a total of 3,135 BTC, acquired at an aggregate value of $330 million. The figures show that the firm acquired the coins at an average purchase price of $105,270 per bitcoin, well above the current market price of around $76,000 per BTC. Nonetheless, it remains one of the most significant corporate treasuries in continental Europe.

Capital B Follows the ‘Strategy’ Model

Capital B’s strategy follows the model popularized by companies such as Strategy in the United States, but with a distinct regulatory and geographic foundation. Adam Back’s participation in the round signals that the company is aligned with the vision of bitcoin as a long-term store of value.