Capital B's biggest bitcoin buy in a year rides on Adam Back's $8.8 million bet

The Paris-listed bitcoin treasury firm Capital B acquired 376 BTC for €25.3 million ($29.4 million) on Monday. This was the biggest individual buy over a twelve-month span and followed new money from Blockstream’s Adam Back into the company’s latest equity raise.

The purchase is a signal that at least one European company is still playing by Strategy’s playbook by being able to raise capital and put it into Bitcoin, even with the token trading below $80,000.

Blockstream’s chief pushed his stake to 17.64%

The purchase was funded by two financings closed the same day, Capital B said in a statement Sept. 7. One was a modest €1.44 million top-up at €0.51 a share via an at-the-market program with asset manager TOBAM.

The larger tranche was a private placement of shares with warrants, raising 28.7 million euros (about $33.3 million) at a price of 0.58 euros per share, and was taken by institutional buyers.

In the press release, Back was revealed to have fully subscribed to a €7.6 million ($8.8 million) tranche that was completed September 2, as well as an earlier €21 million block that closed August 28, where he was also listed as a strategic investor.

The two injections together elevated his stake in ordinary shares to 17.64%.

Capital B said the 376 BTC bought Monday boosted its treasury to 3,521 bitcoin purchased for a total of €309.4 million ($359.3 million). The average price is €87,878, or about $102,058 per coin, well above the ~$79,000 Bitcoin was trading for Monday.

The token had attained a local high near $81,700 last Thursday before pulling back.

The previous month, Capital B added just 6 BTC, and Monday’s purchase was its largest since September 2025, when it took on 551 BTC. The company previously known as The Blockchain Group rebranded to Capital B in July 2025 with a bitcoin-first balance sheet.

A sector that lost $80 billion still has buyers

As was reported by Cryptopolitan at the time, authorizations for up to €5 billion in new equity and €100 billion in credit instruments were sanctioned by over 95% of votes at the annual meeting on June 17, with a long-term target of 210,000 BTC, or about 1% of all bitcoin, by 2033. At that time the company had 3,139 BTC.

Some of that ambition depends on a product Capital B hasn’t yet launched. The company is creating a bitcoin-backed credit instrument for European investors based on Strategy’s STRC and Strive’s SATA, with a goal of double-digit yields and less than 10% volatility, board director Alexandre Laizet told an audience at BTC Prague. No launch date has been set.

Capital B is putting money into a thinning sector. Cryptopolitan, in its report on the treasury shakeout, observed that these companies had lost more than $80 billion in combined market value since they reached their crest in mid-2025 and that 35 of the top 50 were trading more than half below previous levels.

Some, such as France’s Sequans, have given up the strategy and resorted to selling their coins.

In late August, Strive bought 1,800 BTC for about $143 million, becoming the fifth-largest public holder. Strategy restarted buying after a ~10-week pause, spending $369.7 million.

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