Capital B Buys 192 BTC as Bitcoin Treasury Hits 3,135 BTC Amid New Funding Round

Capital B has turned fresh fundraising cash into more bitcoin, buying 192 BTC for €13 million, or about $15.1 million. The France-based bitcoin treasury company now holds 3,135 BTC and is still leaning hard into its strategy of stacking sats on corporate balance sheets.

• 192 BTC bought for €13 million ($15.1 million)
• 3,135 BTC now held in total
• Average cost: about $105,270 per bitcoin
• Possible future capital: up to €99.1 million more if warrants are exercised

The purchase was funded by three recent capital raises totaling about €17.15 million, with the company saying the proceeds were allocated toward bitcoin purchases in line with plans disclosed last week. That’s the playbook in plain English: raise money, buy BTC, repeat, and hope the hardest asset in the room does its job better than cash ever could.

Capital B’s latest buy brings its total bitcoin treasury to 3,135 BTC, accumulated at a combined cost of roughly $330 million. That works out to an average acquisition price of around $105,270 per bitcoin. It’s a reminder that corporate bitcoin accumulation can look clean on a press release and messy on a spreadsheet. Bitcoin may be finite; the legal bills for corporate finance never are.

The funding itself wasn’t simple. Nearly €15.2 million came from a private placement involving more than 23 million ABSA shares, and each of those shares carried four attached share subscription warrants. Warrants are basically vouchers that give holders the right to buy more shares later at a set price. For the company, they can unlock more capital down the road. For existing shareholders, they can also mean dilution, which is the fancy finance word for “your slice of the pie just got smaller.”

That matters because full exercise of those warrants could generate another €99.1 million through the issuance of more than 92 million new shares. That is a serious amount of potential new equity, and it’s the sort of structure that makes Bitcoin bulls nod approvingly while shareholders reach for the aspirin.

Among the backers were Adam Back and TOBAM, two names that matter for different reasons. Back is one of the most respected bitcoin-native figures in the industry and CEO of Blockstream, while TOBAM has been one of the more serious institutional players willing to engage with digital assets without pretending they’re a circus act. The financing also included €850,000 via an ATM-style capital increase agreement with TOBAM, plus €1.1 million from warrants subscribed to by Adam Back.

An ATM-style capital increase agreement is just a flexible way for a company to sell shares gradually into the market instead of dumping them all at once. It can help raise money without a giant one-off splash, but it also keeps dilution quietly lurking in the background like an unpaid intern with a printing press.

The earlier fundraising round was open to investors in the U.S., Europe, and other jurisdictions, with Maxim Group acting as lead placement agent and Marex as co-manager. That kind of reach suggests Capital B is not just fishing in one local pond; it’s tapping a broader network of capital that believes the bitcoin treasury strategy still has legs.

Ownership stakes are expected to shift if the warrants are fully exercised. Adam Back’s ordinary stake is projected to rise to 13.43%, Blockstream Capital Partners would hold 14.42%, and TOBAM’s ownership would climb to 4.20%. Those are not tiny numbers. They show how closely the company’s fundraising structure is tied to its long-term bitcoin accumulation plan.

Capital B, formerly known as The Blockchain Group before its July 2025 rebrand, has repositioned itself around a bitcoin treasury strategy focused on increasing bitcoin held per fully diluted share over time. That phrase is the core of the whole thesis, and it’s worth breaking down simply. A fully diluted share count means the total number of shares that would exist if all warrants, options, and similar instruments were exercised. The company’s goal is not just to own bitcoin, but to make each share represent more bitcoin over time, even as the share count changes.

That’s the bullish case in one sentence. If bitcoin rises faster than the company dilutes shareholders, the strategy works. If share issuance outruns BTC gains, then all that “treasury innovation” starts looking like old-fashioned financial engineering with a bitcoin sticker slapped on it. No bullshit: the model only works if the asset outperforms the dilution.

There’s a reason more firms are trying this. Companies buy bitcoin because they see it as a harder store of value than cash, which can quietly lose purchasing power year after year. For treasurers staring down inflation, negative real yields, and endless monetary games from central banks, bitcoin starts to look less like a speculative side bet and more like a reserve asset with teeth. That doesn’t make it risk-free. It just makes cash look even more pathetic.

At the same time, this is not a story about effortless conviction. A bitcoin treasury strategy can be powerful, but it is also a balancing act between asset accumulation and shareholder dilution. That tension is especially sharp when warrants are attached, because the company is essentially building in a second wave of financing from the start. Smart when bitcoin goes up. Painful if it stalls. Brutal if the market turns and investors realize their “btc-per-share” dream came with a lot of extra paperwork.

The broader signal here is still noteworthy. Capital B’s expansion adds to the growing list of companies treating bitcoin as a treasury reserve rather than just a tradeable asset. That trend remains stronger in some pockets than others, but Europe is no longer sitting on the sidelines. A France-based public company openly using fresh equity to buy bitcoin is a pretty clear sign that the corporate treasury playbook is spreading beyond the usual suspects.

It also shows why bitcoin matters differently from the rest of crypto. Plenty of tokens can promise utility, speed, or some grand vision of decentralized everything. Bitcoin’s pitch is much simpler and much harder to fake: scarce, neutral, and increasingly trusted as a balance-sheet asset. That’s the kind of simplicity that scares traditional finance because it exposes how much of the old system depends on dilution, leverage, and polite fiction.

Still, the skeptical view deserves just as much oxygen. Corporate bitcoin treasuries can become marketing machines dressed up as strategy, and not every company buying BTC is automatically a genius. Some are making a genuine long-term reserve decision. Others are chasing attention, capital markets buzz, or a quick valuation rerate. The market should keep a cold eye on both the stack and the share count.

“Capital B has expanded its bitcoin treasury after deploying newly raised capital into the purchase of 192 BTC worth €13 million ($15.1 million).”

“The France-based company said the proceeds had been allocated toward bitcoin purchases, in line with plans outlined during last week’s fundraising disclosure.”

“The treasury was accumulated at a combined purchase value of around $330 million, implying an average acquisition price of $105,270 per bitcoin.”

“Full exercise of those warrants could generate another €99.1 million through the issuance of more than 92 million new shares.”

“Capital B has repositioned itself around a bitcoin treasury strategy focused on increasing bitcoin held per fully diluted share over time.”

Key questions and takeaways

• What did Capital B buy?
  It bought 192 bitcoin using newly raised capital.
• How much did the bitcoin purchase cost?
  The buy was worth €13 million, or about $15.1 million.
• How much bitcoin does Capital B hold now?
  The company now holds 3,135 BTC.
• What is Capital B’s average BTC cost basis?
  Around $105,270 per bitcoin.
• Why does the warrant structure matter?
  Warrants can bring in much more capital later, but they can also dilute existing shareholders.
• Who backed the financing?
  Adam Back and TOBAM were among the key institutional backers, with Maxim Group and Marex involved in the raise.
• Why does Capital B use a bitcoin treasury strategy?
  The company wants to increase bitcoin held per fully diluted share over time.
• What is the main risk?
  If bitcoin does not outperform dilution, the whole structure can become an expensive exercise in financial gymnastics.

Capital B is making a very loud bet that bitcoin remains the cleanest reserve asset available and that disciplined accumulation can beat the messiness of corporate finance. That’s a respectable bet. It’s also one that only works if management keeps its foot on the accelerator without letting dilution run the show. Bitcoin can be the hard money. Shares, unfortunately, are still the easy part.