France-based Capital B acquired 192 BTC for €13 million on May 18, 2026, lifting its publicly disclosed Bitcoin holdings to 3,135 BTC. The company said the purchase forms part of its Bitcoin Treasury Company strategy, with total holdings acquired for €283.6 million at an average price of €90,451 per bitcoin.
The acquisition was funded through a fresh capital package of about €17.15 million. That included a €15.2 million private placement, an €850,000 ATM-style agreement with TOBAM and €1.1 million from share subscription warrants exercised by Blockstream CEO Adam Back.
Equity Funding Drives Bitcoin Accumulation
Capital B’s latest buy continues the treasury model adopted after its July 2025 rebrand from The Blockchain Group. The company is using dedicated capital raises rather than operating cash flow to expand reserves, creating a financing structure built specifically around Bitcoin accumulation.
🟠 Capital ₿ has acquired 192 BTC for €13.0 million at €67,866 per bitcoin and has achieved BTC Yield of 1.82% YTD. As of 5/18/2026, $ALCPB holds 3,135 $BTC for €283.6 million at €90,451 per bitcoin ⚡️@_ALCPB Europe's First Bitcoin Treasury Company 🇫🇷⚡️ https://t.co/yc1L9Wui76 pic.twitter.com/Ms5fhSCDMc
— Alexandre Laizet ⚡️ (@AlexandreLaizet) May 18, 2026
The private placement issued more than 23 million ABSA shares, with four attached warrants per share. Strategic investors included Adam Back and TOBAM, reinforcing the company’s alignment with Bitcoin-native and institutional capital sources.
Management has framed Bitcoin as a long-term store of value and said the company remains focused on increasing Bitcoin held per fully diluted share over time. Capital B also reported BTC Yield of 1.82% year to date and 1.09% quarter to date, metrics used to track treasury efficiency.
Treasury Growth Raises Disclosure Expectations
The purchase is modest compared with the largest corporate Bitcoin treasuries, but it still contributes to incremental supply absorption at a time when listed companies are increasingly using equity, warrants and structured financing to build BTC reserves.
Capital B did not disclose operational energy metrics, custody-related emissions data or carbon-accounting assumptions tied to the newly purchased coins. That leaves an ESG and operational reporting gap for investors assessing the environmental profile of corporate Bitcoin holdings.
As more public companies hold Bitcoin on balance sheet, investors and regulators are likely to ask for clearer disclosures around custody controls, reserve transparency, key-management procedures and environmental impact. Those standards will matter as treasury strategies move from opportunistic purchases to repeatable capital-allocation programs.
Capital B’s latest acquisition shows continued institutional appetite for on-balance-sheet Bitcoin exposure. The next focus will be whether the company maintains disciplined funding, improves operational disclosures and continues increasing Bitcoin per fully diluted share without creating excessive dilution or governance risk.