French listed company Capital B confirms purchase of 376 bitcoins for €25.3 million, the largest single purchase this year
French listed company Capital B (formerly The Blockchain Group, renamed in July 2025, Paris Euronext Growth market code ALCPB) confirmed the purchase of 376 bitcoins for €25.3 million, approximately $29.4 million, marking the largest single purchase this year and the largest since acquiring 551 bitcoins in September 2025. Last month, only 6 bitcoins were purchased. The group and its Luxembourg subsidiary hold a total of 3,521 bitcoins.
The average transaction price for this batch was €67,182 per bitcoin, below the inventory cost. The total acquisition cost for all holdings is €309.4 million, approximately $359.3 million, corresponding to an average price of €87,878, about $102,058. Based on the company's disclosed net assets of approximately €240.8 million, the book loss is about €68.6 million, approximately $80 million, which is about 22% below cost. Year-to-date, the so-called bitcoin yield is 2.17%, with a bitcoin gain of 61.3 bitcoins and a euro gain of €4.2 million. The spot quote at that time was around $79,500.
The funds came from a recently completed financing: a private placement of €28.7 million (about $33.3 million) to institutional investors, plus an ATM issuance of €1.44 million with TOBAM, totaling about €30.1 million. Adam Back, CEO of Blockstream and cited in the white paper, added €7.6 million (about $8.8 million), raising his ordinary shareholding to 17.64%; the subscription price was €0.58 per share with four attached warrants. The transaction was executed by Swissquote Bank Europe, with custody technology from Swiss Taurus. The company is also researching bitcoin collateralized credit products benchmarked against Strategy's STRC and Strive's SATA.
The holdings are approaching the top position among European listed companies. Germany's Bitcoin Group SE has about 3,605 bitcoins, a gap of about 84 bitcoins. Since November 2024, Capital B has shifted its strategy from consulting to a bitcoin treasury, with approximately 2,828 bitcoins in February and about 3,139 bitcoins in June, representing an increase of about 12% from the level on August 17. It ranks about 25th globally in public treasury rankings. The stock trades around €0.51 and plans a 1-for-10 reverse split.
In terms of market mechanics, the purchase was for spot bitcoins, while the sale involved equity and warrants of the Paris Growth Board. The event-driven aspect is that the euros were immediately converted into bitcoins after the private placement funds arrived, rather than using operating cash flow for buybacks. Funds from Adam Back, TOBAM, and other institutions entered the equity, then exited through a licensed channel in Luxembourg. The beneficiaries are the treasury narrative and the per-share bitcoin metric; the pressure is on existing shareholders who continue to issue shares above an average price of $102,000 while the spot price is about $80,000. The unrealized loss has not deterred orders, indicating that this business is valued by "number of coins" rather than net euro value.
Source: Public information
ABAB AI Insight
Capital B is not a miner but a follower company that has adopted the MicroStrategy template in the Euronext Growth market. Since November 2024, it has been accumulating bitcoins, and in July 2025, it rebranded, leaving data intelligence and decentralized consulting to its subsidiary, shifting its main business to a "bitcoin treasury company." Adam Back increased his stake to 17.64% with €7.6 million, effectively endorsing a small Paris stock with the name of a crypto veteran. The warrant exercise prices are €0.75, €0.98, and €1.27, reserved for the next round of dilution. The company defines success as the per-share bitcoin after full dilution, not per-share profit.
The capital path is equity for coins. The ATM plus private placement raised about €30 million, resulting in €25.3 million for 376 bitcoins, with the remainder covering costs. Custody is through Swiss channels, settlement through Luxembourg, and listing in Paris, facilitating the entry of euro investors into the bitcoin balance sheet. In June, it also mentioned plans for bitcoin collateralized credit, benchmarking against Strategy's floating yield products; this is the second layer: first, stack the coins thick, then use the stacked coins as collateral for debt issuance. Buying at a cost that is 20% lower than the market price still follows the logic of diluting the denominator of per-share bitcoin quantity, not bottom-fishing euro profits.
Specific comparisons are necessary. Strategy absorbs hundreds of billions of dollars in premiums using US stock liquidity; Japan's Metaplanet leverages local retail sentiment; Germany's Bitcoin Group SE temporarily leads Europe with 3,605 bitcoins. Capital B is just 84 bitcoins behind, and a single private placement could show the overtaking line, indicating that the scale of this European ranking is quite small. In 2021, similar companies issued shares to accumulate bitcoins during the bull market and discounted during the bear market; Capital B continues with the same recipe while facing an unrealized loss of $80 million. The industry is transitioning from a dominant US market for "public market bitcoin treasuries" to multiple regional copies, with pricing power in the coin price, not in consulting services.
The structural judgment indicates capital concentration. The mechanism is: when operating profits cannot afford enough coins, the company discounts shareholders' future claims into spot purchases. Each issuance concentrates the purchasing power of euro savers into the same pile of UTXO. Whoever can repeatedly sell shares at a premium or at least at a price that can transact can continue to increase the absolute number of coins when the spot price declines. Ranking depends on dilution capability, not mining power.
ABAB News · Law of Cognition
The profit and loss statement of a treasury company is the issuance of new shares.
Unrealized losses do not hinder orders because the assessment is based on the quantity of coins.
Being just a few coins away from overtaking indicates that the entire ranking is not large.