Capital B Buys 192 BTC After $20M Raise; Adam Back Invests

Capital B bought 192 bitcoin for about $15 million after completing a financing package finalized this week, bringing its on-balance-sheet holdings to 3,135 BTC.

The financing totaled about $20 million (€17.15 million). The largest component was a $17.9 million (€15.2 million) private placement that issued more than 23 million shares alongside warrants.

Institutional investors in the placement included Adam Back, Blockstream’s chief executive, and asset manager TOBAM. Capital B reported the placement proceeds were deployed toward additional bitcoin purchases, including the most recent buy of 192 BTC.

Capital B reported that its 3,135 BTC were acquired at a combined cost of roughly $330 million (€283.6 million), implying an average purchase price of about $105,249 per bitcoin.

The company rebranded from The Blockchain Group in July 2025 and shifted its corporate strategy to focus on building a dedicated bitcoin treasury.

Internal metrics released by Capital B show a year-to-date BTC yield of 1.82% and a quarterly yield of 1.09%. Bitcoin-related gains totaled 51.3 BTC for the year and 31.4 BTC for the most recent quarter.

Capital B intends to continue using equity market financing to scale its treasury. The latest financing and purchase add to other publicly listed European firms that are accumulating bitcoin on their balance sheets.

Some investors and analysts warn that large cryptocurrency holdings can increase volatility on corporate balance sheets and expose shareholders to sudden price swings.

Capital B described the transaction as part of its ongoing treasury accumulation plan and stated the company is reinforcing its position among Europe’s publicly listed bitcoin treasury firms.