Europe’s first publicly listed bitcoin treasury company has just closed a €21 million fundraise backed by two heavyweights: Adam Back, CEO of Blockstream, and asset manager TOBAM.
The private placement would allow the firm to acquire approximately 270 additional bitcoins and strengthen its position in a sector that has been under pressure since 2025.
Behind the deal lies an aggressive accumulation strategy that stands in sharp contrast to the difficulties faced by other corporate treasuries — and sends a powerful signal to the European market.
A 36 Million Share Private Placement to Accelerate Accumulation
Capital B, listed on Euronext Growth, announced on Friday the issuance of 36,219,070 shares at €0.58 per unit, representing a 6.45% discount to the closing price from the previous Wednesday. After deducting fees and transaction costs, the expected net proceeds amount to approximately €19.9 million.
The two investors leading this round are far from ordinary names. Adam Back is one of the most respected figures in the Bitcoin ecosystem — a first-generation cypherpunk, inventor of Hashcash, and cited directly in Satoshi Nakamoto’s whitepaper. TOBAM, for its part, is a French institutional asset manager known for its anti-benchmark investment strategies, which has incorporated bitcoin into its investment universe for several years. Their presence on the cap table sends a strong credibility signal to the markets.
With this fresh capital, Capital B is targeting a total stack of 3,415 BTC, up from 3,145 currently. At a spot price of $77,960 per bitcoin at the time of the announcement, the company’s total treasury represents approximately $245 million. This places the firm at 27th in the global ranking of publicly listed bitcoin treasuries, according to the Bitcoin Treasuries tracker.
A European Bitcoin Treasury Strategy Navigating Market Headwinds
Capital B built the bulk of its BTC position during the first half of 2026 through a series of successive funding rounds. In May, the company acquired 192 bitcoins for €13 million after closing three consecutive capital raises. The logic is clear: seize every market window to accumulate, in the mold of a European-style strategy — formerly the playbook of MicroStrategy.
Yet the broader sector environment remains strained. Since 2025, the correction in bitcoin’s price has put significant pressure on numerous corporate treasuries, forcing some to liquidate their positions. MicroStrategy itself, the world’s largest institutional bitcoin holder, has not been spared. Just this week, Genius Group — an AI-powered education company listed on the NYSE — announced it had sold its entire bitcoin reserves to repay $8.5 million in debt, before signaling its intention to rebuild parallel BTC and AI treasuries totaling $1.6 billion.
Against this backdrop, Capital B‘s ability to raise €21 million from top-tier investors — and to do so at a moment when others are selling — reflects a deliberate and confident strategic conviction. The company is positioning itself as the go-to bitcoin exposure vehicle for European institutional investors seeking an alternative to ETFs or direct custody, with the liquidity of a stock listed on Euronext Growth. This contrasts with recent market dynamics where major players are reassessing their digital asset strategies.
