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