French bitcoin treasury company Capital B has purchased 192 BTC worth approximately $15 million, deploying proceeds from a freshly closed $20 million capital raise. The funding came through three capital increase contracts, with Blockstream CEO Adam Back among the key participants — a notable endorsement given Back's foundational role in Bitcoin's cryptographic history.
Capital B joins a growing cohort of European firms adopting a bitcoin treasury strategy modelled on the MicroStrategy playbook: raise capital, convert to BTC, hold on the balance sheet. The involvement of Adam Back signals that the raise attracted credible, Bitcoin-native institutional money rather than generalist venture capital.
For European markets, where corporate BTC treasury adoption has lagged behind North America, Capital B's move adds another data point to what looks like an accelerating trend.
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