Paris-listed bitcoin treasury company Capital B raised €15.2 million through a private placement on May 11, 2026, pulling in institutional backers including Blockstream CEO Adam Back and French asset manager TOBAM. The company says the funds will push its Bitcoin holdings toward a target of 15,000 BTC.
The funding round
The private placement closed today, giving Capital B fresh capital at a time when European firms are increasingly using equity markets to build corporate bitcoin treasuries. The company didn't disclose the number of shares issued or the per-share price, but the €15.2 million figure marks one of the larger such raises by a listed crypto treasury firm this year.
Who invested
Adam Back, the cypherpunk and Blockstream CEO known for his early work on Hashcash, joined as an individual investor. TOBAM, a French asset manager with roughly €20 billion under management, also participated. Their involvement signals that both crypto-native and traditional institutional players see value in Capital B's model — buying and holding bitcoin through a regulated public company.
The 15,000 BTC target
Capital B currently holds just over 2,000 BTC, according to its last public filing. The 15,000 BTC goal would put it in the same league as larger corporate holders like MicroStrategy, though with a European twist. Reaching that target at current prices would require well over €1 billion, so today's raise is just a down payment. The company will need additional rounds or revenue to get there.
Next on Capital B's plate
The company hasn't announced a timeline for hitting 15,000 BTC, nor has it said whether it plans further placements or debt offerings. Given the backing from Back and TOBAM, it's likely Capital B will keep tapping institutional investors. The next quarterly filing will show how much of the €15.2 million has been converted to bitcoin — and whether the buying has already started.
