Capital B just added another 376 Bitcoin to its balance sheet, spending €25.3 million (roughly $29 million) in the process. The purchase brings the company’s total stash to 3,521 BTC, cementing its position as one of Europe’s most aggressive corporate Bitcoin accumulators.
The acquisition puts Capital B within striking distance of Bitcoin Group SE, which holds 3,605 BTC and currently sits atop the European public company Bitcoin treasury rankings. The gap between the two: a mere 84 BTC.
How Capital B funded the buy
The purchase didn’t materialize from thin air. In late August, the company closed a €7.6 million investment from Adam Back, the CEO of Blockstream and one of the most recognizable names in Bitcoin’s technical lineage. Back’s participation came through a stock issuance, which formed part of a larger €21 million placement that also included institutional investor TOBAM.
The company, previously known as The Blockchain Group, has been on a Bitcoin buying spree since November 2024, scaling its holdings from a modest position to thousands of coins. Prior to this latest purchase, Capital B held 3,145 BTC acquired at an average price of approximately €90,352 per coin. The new tranche of 376 BTC came in at an average cost of roughly €67,300 per coin, a notable discount to the company’s existing cost basis.
The firm reports a year-to-date BTC Yield of 2.17%, a metric that measures the change in Bitcoin per share on a fully diluted basis.
Europe’s MicroStrategy moment
Capital B has explicitly positioned itself as Europe’s first Bitcoin Treasury Company. Like Strategy (formerly MicroStrategy) in the US, Capital B is using equity issuances and capital markets to fund Bitcoin purchases. Strategy holds hundreds of thousands of Bitcoin. Capital B holds 3,521.
The involvement of Adam Back adds a layer that goes beyond capital. Back is a cryptographer cited in the Bitcoin white paper and leads Blockstream, one of the most prominent Bitcoin infrastructure companies globally.
Custody of Capital B’s Bitcoin is handled by Swissquote Bank Europe, a regulated banking institution.