Adam Back keeps stacking Europe's first Bitcoin treasury

@_ALCPB Capital B, the Euronext Growth Paris-listed company formerly known as The Blockchain Group, has purchased another 192 $BTC for €13.0 million, lifting its total holdings to 3,135 BTC and reinforcing its position as Europe's first publicly listed Bitcoin treasury firm.

Three raises, one accumulation mandate

The purchase was funded through three concurrent capital raises. A €15.2 million institutional private placement provided the bulk of the firepower, with Blockstream CEO @adam3us and French asset manager TOBAM among the participants. A separate €1.1 million warrant tranche was subscribed entirely by Back, and a further €0.85 million was raised via Capital B's TOBAM ATM programme. Combined, the three tranches delivered the capital needed to execute the latest buy.

The €15.2 million private placement involved the issuance of 23 million ABSA shares priced at €0.66 each, with four share subscription warrants attached to every share. According to The Block, full exercise of all warrants issued in connection with the transaction could result in an additional capital increase of up to €99.1 million.

Back tightens grip on the company

Back's warrant subscription deepens a personal commitment that has grown steadily over the past year. Following the transactions, he holds 13.37% of Capital B directly, with Blockstream Capital Partners sitting at 35.9% on a fully diluted basis, making the Blockstream ecosystem the dominant shareholder in the company.

Capital B adopted its Bitcoin treasury strategy on 5 November 2024 under its former name, The Blockchain Group, before rebranding in July 2025. The company's core objective is to grow the number of bitcoin per fully diluted share over time, a model that echoes the approach made prominent by MicroStrategy in the United States.

The company's average cost basis now sits at €90,451 per coin, with a BTC yield of 1.82% year to date. Back, who invented Hashcash, the proof-of-work mechanism that underpins Bitcoin's mining process, has consistently backed the company across multiple raises and is also the CEO of Bitcoin Standard Treasury Company, a separate vehicle set to go public in the United States via a SPAC merger.

Sources:
The Block: French BTC treasury firm Capital B raises $18 million from Adam Back, others
Bankless Times: French Bitcoin Treasury Firm Capital B Secures $18M Backing Led by Adam Back
Euronext: The Blockchain Group becomes Capital B