Adam Back has invested €7.6 million ($8.8 million) in Capital B, the Euronext Growth-listed bitcoin treasury company, according to a filing this week. The money will go toward buying more bitcoin — specifically 376 coins, which would lift Capital B's potential holdings to 3,521 from 3,145.
The new placement
Capital B said the placement will fund the purchase of 376 additional bitcoins. At current prices, the company's existing 3,145 coins are worth about $242 million, based on a bitcoin price of $76,959. That makes Capital B the 26th largest publicly traded bitcoin treasury.
The investment follows a €21 million ($24 million) private placement earlier this year, which also had backing from Back and TOBAM. Back, best known as the CEO of Blockstream and an early bitcoin contributor, has been a consistent supporter of the firm's treasury strategy.
How Capital B got here
Capital B built its position through a string of capital raises in the first half of 2026. In May, it acquired 192 coins for €13 million after completing three separate raises. The new placement is the latest step in that same playbook: raise money, buy bitcoin, repeat.
The strategy has worked so far, at least in terms of accumulation. But the broader bitcoin treasury model has hit some rough patches this year.
A mixed picture for bitcoin treasuries
Not every company is doubling down. Genius Group sold its entire bitcoin reserves to repay $8.5 million in debt, a sign that the model can buckle when balance sheets get tight. And Strategy, the largest corporate bitcoin holder, has also liquidated some holdings — a reminder that even the biggest players aren't immune to pressure.
Capital B's move stands in contrast. The company is betting that adding more bitcoin now will pay off later, and Back's check suggests he agrees. The placement is expected to close in the coming days, with the coin purchase to follow.
