French bitcoin treasury company Capital B has converted a new funding round almost entirely into bitcoin, buying 192 BTC for 13 million euros ($15.1 million), the company said on Monday. The purchase follows a series of capital increases totaling about 17.15 million euros ($20 million), completed in May.
Bitcoin holdings and pricing
All net proceeds from the raise were used to acquire bitcoin, Capital B stated. After the latest transaction, the company now holds 3,135 BTC, worth roughly $330 million at recent prices.
Capital B cited an average acquisition price of $105,270 per bitcoin for its total holdings, well above bitcoin’s current market level, signaling a long-term accumulation strategy despite short‑term price weakness.
Funding structure and participants
The 17.15 million euros in fresh capital was raised through several mechanisms:
- around 850,000 euros via an ATM-like capital increase agreement with French asset manager TOBAM
- approximately 1.1 million euros through share subscription warrants, subscribed to by Adam Back, CEO of Blockstream
- about 15.2 million euros through a private placement
The private placement involved the issuance of more than 23 million ABSA shares, each accompanied by four share subscription warrants. The multi-phase funding round, which included previously disclosed participation from Back and TOBAM, closed in May.
Corporate strategy and rebranding
Formerly known as The Blockchain Group, the company rebranded as Capital B in July 2025. The strategic pivot placed bitcoin reserve management at the center of its business model, positioning the firm within France’s developing digital asset treasury niche.
Market backdrop: cooling prices, continued accumulation
Capital B’s treasury expansion comes as the broader crypto market shows signs of cooling. Bitcoin recently slipped below $77,000, pressured by higher U.S. Treasury yields and rising oil prices.
Despite the pullback, corporate and institutional accumulation remains a visible theme. Publicly listed companies now hold more than 1.6 million BTC on their balance sheets, while digital asset investment products have recorded six consecutive weeks of net inflows, including $857.9 million in a single recent week.
Year to date, digital asset products have attracted a record $14.9 billion in inflows. U.S. spot bitcoin ETFs alone now manage an estimated $128–135 billion in assets, highlighting a structural shift in how capital is being allocated to the sector.
Macro factors to watch
Near‑term bitcoin and broader digital asset sentiment is expected to hinge on upcoming macroeconomic data. Traders are watching the release of Federal Open Market Committee meeting minutes and new consumer sentiment data for May, as both shape expectations around inflation and interest rates.
Those policy expectations have increasingly influenced bitcoin price behavior, linking digital asset performance more tightly to the broader global macro environment.
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