French company Capital B is cementing its position as a European pioneer in Bitcoin Treasuries. Listed on Euronext Growth Paris, the firm has just bolstered its strategic reserves with the acquisition of an additional 376 units of Bitcoin for €25.3 million. This transaction brings the company's total holdings to 3,521 BTC, representing a cumulative investment of €309.4 million. By acquiring these assets at an attractive average price of €67,182 per unit, the company continues its aggressive accumulation strategy, mirroring the American model of making Bitcoin the cornerstone of corporate treasury.
To fund this massive rollout, the group orchestrated two separate capital raises over the summer. An "ATM" facility brought in €1.44 million, complemented by a major €28.7 million private placement with institutional investors. These operations have solidified backing from key players in the ecosystem, such as Adam Back, an iconic figure in the sector and CEO of Blockstream, as well as asset management firm TOBAM. Blockstream Capital Partners has now emerged as a major shareholder, with a stake potentially exceeding 30% on a fully diluted basis.
To steer its strategy, Capital B relies on unique financial indicators, most notably the "BTC Yield". This tool precisely measures the change in the amount of Bitcoin held per share. Since the beginning of 2026, this indicator has risen by 2.17%, illustrating management’s commitment to structurally increasing the amount of Bitcoin per share. However, management notes that while these figures are useful for tracking accumulation momentum, they are not standard profitability metrics and do not reflect the company's operational performance.
The rise of Capital B, which began following its rebranding in July 2025, raises questions regarding the sustainability of its business model. While the company has managed to build a significant reserve in record time, the strategy is inherently reliant on shareholder dilution resulting from successive share issuances. The success of this European ambition now depends on Bitcoin's ability to maintain a long-term bullish trajectory while ensuring rigorous asset management in the face of the inherent volatility of the cryptocurrency market.