In a significant move for European crypto adoption, Capital B—the continent's first dedicated Bitcoin reserve company—has successfully completed a €5 million capital increase aimed at bolstering its Bitcoin holdings. This funding round underscores the growing trend of publicly traded companies treating Bitcoin as a core treasury asset, similar to how U.S. firms like MicroStrategy have amassed significant BTC holdings since 2020.
Breaking Down the €5 Million Raise
The capital infusion is structured across multiple components, reflecting strategic partnerships with key players in the crypto and finance sectors:
TOBAM's ATM-type Agreement: Issued 1.019 million shares at €1.72 per share, raising €1.8 million. TOBAM, a prominent asset manager with a focus on Bitcoin strategies, continues to show confidence in Capital B's vision.
Fulgur Ventures Subscription: 1.25 million shares at €0.544 per share, totaling €700,000. This portion supports legal adjustments for holders of OCA B-01 Tranche 1 convertible bonds.
TOBAM Bitcoin Alpha Fund: Subscribed to 1.5 million shares at €1.69 per share, contributing €2.5 million.
Combined with ongoing operations, this raise is projected to add approximately 60 BTC to Capital B's reserves, potentially elevating their total holdings to 2,261 BTC. As a subsidiary of The Blockchain Group (listed on Euronext Growth Paris under ALTB), Capital B has been aggressively building its Bitcoin stack amid favorable market conditions.
A Pattern of Growth in Bitcoin Accumulation
This isn't Capital B's first effort in treasury expansion. Their strategy shows consistency:
In early August 2025, the company acquired 62 BTC for €6.2 million, bringing holdings to 2,075 BTC at the time.
Mid-August saw a €2.2 million raise, further padding their reserves.
By late August, another €11.5 million operation enabled the purchase of additional BTC, with yields reported at over 1,400% YTD on their Bitcoin investments.
As of mid-August, Capital B held around 2,201 BTC, valued at roughly €120-130 million based on prevailing prices. This latest €5 million push aligns with their goal to become Europe's largest Bitcoin holder, mirroring global shifts where corporations view BTC as an inflation hedge and value store.
Broader Implications for Crypto Markets
Capital B's moves come amid increasing institutional interest in Bitcoin across Europe. Unlike U.S. counterparts, European firms face stricter regulatory scrutiny, yet this hasn't deterred adoption. With Bitcoin trading above €50,000, adding 60 BTC could represent a €3+ million investment at current levels, signaling strong belief in long-term upside.
This trend isn't isolated—companies worldwide are allocating billions to BTC reserves, with total corporate holdings exceeding 300,000 BTC globally. For Europe, Capital B's strategy could pave the way for more firms to follow, especially as ECB policies evolve on digital assets.
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