European bitcoin treasury firms are attracting aggressive investor interest as demand for BTC exposure spreads beyond the U.S. French firm Capital B confirmed a €15.2 million ($17.8 million) private placement, issuing 23 million ABSA shares with four subscription warrants each priced at €0.66. The proceeds will accelerate its bitcoin acquisition plan.
Adam Back and TOBAM Back the Round
Blockstream CEO and bitcoin pioneer Adam Back joined the financing alongside French asset manager TOBAM. After closing, Back is expected to hold a 13.43% ordinary stake, while Blockstream Capital Partners will own approximately 14.42%. The participation signals growing confidence in corporate bitcoin treasury strategies outside North America.
Target: 182 BTC, Total Holdings Could Reach 3,125
Capital B stated net proceeds could support the purchase of roughly 182 BTC. Once acquisitions are completed, total bitcoin holdings could rise to nearly 3,125 BTC, positioning the company among Europe's most aggressive corporate bitcoin holders.
The warrant structure provides a significant upside. Full exercise could generate an additional €99.1 million through the issuance of over 92 million ordinary shares, dramatically strengthening Capital B's future purchasing capacity and influence in the corporate bitcoin accumulation market.
Rebranding and Strategic Shift
Capital B, formerly known as The Blockchain Group, rebranded in July 2025. Since then, management has focused on expanding bitcoin reserves and treasury operations. The private placement, which could officially close as early as May 13, represents a key milestone in that transformation.
The fundraising arrives amid rising institutional appetite for bitcoin exposure globally, with companies increasingly viewing BTC as a strategic reserve asset amid inflation and currency uncertainty. Capital B's move illustrates how corporate bitcoin accumulation is spreading across Europe with backing from high-profile investors, as the race for institutional bitcoin exposure intensifies.