French bitcoin treasury firm Capital B has added 192 BTC to its balance sheet after completing capital raises totaling roughly $20 million (€17 million). The company now holds more than 3,100 bitcoin. Blockstream CEO Adam Back participated in the funding round, the company said Tuesday.
A bigger pile of bitcoin
The latest purchase brings Capital B's total Bitcoin holdings past the 3,100 mark. The firm raised about $20 million across several tranches, though it did not break down how much each investor contributed. Capital B has been steadily accumulating bitcoin since its founding — the company's strategy centers on holding the asset as a primary treasury reserve. The 192 BTC addition is one of its larger single buys this year.
Adam Back's bet on a treasury model
Adam Back, the CEO of Blockstream and a longtime Bitcoin developer, joined the funding round. His involvement adds a prominent name to Capital B's investor list. Back has been an outspoken advocate for corporate bitcoin treasuries — his own firm, Blockstream, has raised billions to build Bitcoin infrastructure. Capital B said Back's participation will help the company accelerate its BTC strategy, though no specific plans were detailed. Back did not issue a public statement about the investment.
Capital B's growing footprint
Based in France, Capital B is one of the larger European firms running a bitcoin treasury model. With 3,100 BTC, its holdings put it in the same league as some publicly traded bitcoin holders. The company has not disclosed whether it plans to go public or issue debt backed by its bitcoin stash. For now, the focus is on accumulation. The latest raise gives it more dry powder to buy more bitcoin as market conditions allow.
The firm says it will continue to build its bitcoin reserves. Adam Back's involvement could open doors to partnerships or additional funding from Bitcoin-native investors. Capital B has not set a public target for its total holdings. The company's next moves — whether more raises, a listing, or simply stacking sats — will be watched closely by other European firms eyeing the treasury model.
