Last month Capital B bought just 6 bitcoin. This month's figure is more than sixty times that. The French bitcoin treasury company announced Monday it had purchased 376 bitcoin for €25.3 million (about $29.4 million), its largest single purchase since September 2025, when it bought 551 BTC. The gap between the two numbers is itself the most notable part of this update.
Following the purchase, Capital B's total bitcoin holdings reached 3,521 BTC, with cumulative spending of €309.4 million (about $359.3 million), working out to an average cost of €87,878 (about $102,058) per coin. That average price serves, to some extent, as a benchmark for outsiders assessing whether this round of buying was worthwhile.
The funds didn't come out of nowhere—they came from a private placement round the company recently completed, with one €28.7 million (about $33.3 million) placement being especially key. Adam Back, an early bitcoin advocate and co-founder of Blockstream, put in an additional €7.6 million (about $8.8 million) in this round. According to the company's statement, this addition raised his ownership stake on a common-share basis to 17.64%. For a company that has written bitcoin into the core of its balance sheet, a founder-level figure increasing their equity stake is arguably more noteworthy than the size of the bitcoin purchase itself.
Capital B was formerly known as The Blockchain Group, rebranding in July 2025 and pivoting toward a positioning centered on a bitcoin treasury strategy. In June this year, the company said it was researching bitcoin-backed credit products for the European market, citing Strategy's STRC and Strive's SATA as reference models. This suggests Capital B isn't just accumulating bitcoin—it's also watching how similar U.S. companies convert their bitcoin holdings into other financial instruments.
Bitcoin itself was trading around $79,500 on Monday, with little movement over the past 24 hours; it had briefly spiked to an intraday high of $81,700 last Thursday before pulling back. Whether Capital B's decision to add to its position as the price pulled back from that high was related to a market call was not addressed in the statement.
