Capital B, the Euronext Growth Paris-listed company that rebranded from The Blockchain Group last year, is raising $8.8 million to purchase more Bitcoin. It’s the latest in a series of equity raises designed to stack sats at institutional scale.
The company has been on a capital-raising tear in 2026, having already completed a private placement in May worth approximately €15.2 million ($17.8 million) and a larger August round of about €21 million (roughly $24 million).
A growing treasury, one raise at a time
As of August 17, 2026, Capital B held 3,145 BTC with a total acquisition value of €284.2 million. The average cost basis sits at €90,352 per Bitcoin.
The May placement involved roughly 23 million shares priced at €0.66 each, targeting up to 182 additional BTC. The August round was bigger: 36.2 million shares generating €21 million in gross proceeds, enough to fund an estimated 270 more BTC.
Combined with the latest $8.8 million raise, the company is targeting total holdings of up to 3,415 BTC by year-end. Capital B has publicly stated a goal of accumulating 15,000 BTC by the end of 2027.
The MicroStrategy playbook, with a French accent
Capital B is running a version of the playbook that Michael Saylor’s Strategy (formerly MicroStrategy) popularized: issue equity, buy Bitcoin, let the market re-rate your stock based on BTC exposure. The private placements are structured with shares typically coupled with long-term subscription warrants, conducted without preemptive rights.
The company began its systematic Bitcoin accumulation in November 2024, shortly before rebranding from The Blockchain Group to Capital B in July 2025. It sits somewhere around the 27th to 29th largest publicly traded Bitcoin treasury company globally.
The company reported a Bitcoin Yield of 2.14% as of mid-August 2026, a metric that measures how effectively a company’s Bitcoin holdings grow relative to its share count.
Backing from Bitcoin’s inner circle
Capital B counts Blockstream CEO Adam Back among its key backers. Back is a cryptographer whose work is cited in the original Bitcoin white paper.
French asset manager TOBAM is another notable supporter. Together, these backers suggest that future capital reserves could exceed €100 million from warrants alone, giving Capital B a substantial runway for additional BTC purchases.