French Treasury Firm Capital B Hits 3,521 BTC Target After Adam Back Investment
The Euronext-listed company reached its Bitcoin accumulation goal after securing $8.8 million from the Hashcash creator.
French bitcoin treasury firm Capital B has reached its target holding of 3,521 BTC following a series of strategic capital raises. The milestone comes as the company aggressively expands its balance sheet to mirror corporate treasury models seen in the U.S.
In September 2026, Capital B secured €7.6 million ($8.8 million) through a private placement of shares. The investment was provided by Adam Back, the creator of Hashcash and a prominent figure in the Bitcoin ecosystem. This latest infusion of capital enabled the firm to acquire an additional 376 BTC, officially bringing its total holdings to the targeted 3,521 BTC, according to company data.
The European Treasury Model
Capital B is listed on Euronext Growth Paris and operates with a specific mandate: raising capital via share issuances and private placements to accumulate Bitcoin. By doing so, the firm positions itself as a European equivalent to MicroStrategy, allowing investors to gain exposure to the digital asset through a regulated, public equity vehicle. This strategy shifts the company's primary value driver from traditional operational revenue to the appreciation of its BTC reserves.
Institutional Credibility
The involvement of Adam Back provides more than just liquidity; it adds significant institutional credibility to Capital B's treasury strategy. The trend of public companies adopting Bitcoin as a primary reserve asset has historically been dominated by North American firms. Capital B's success in securing high-profile backing and executing large-scale acquisitions signals a growing appetite for this model within the European markets.
Market Implications
As more European entities explore Bitcoin-backed treasury strategies, the market may see an increase in similar corporate structures on continental exchanges. The ability of a French firm to successfully navigate the regulatory environment of Euronext while maintaining a Bitcoin-centric balance sheet provides a blueprint for other public companies looking to hedge against fiat volatility.
What's Next
With its initial target of 3,521 BTC now achieved, market observers will be watching to see if Capital B sets a new, higher accumulation goal or shifts its focus toward diversifying its treasury operations. While the firm has established a proven track record of private placements, the sustainability of this growth will depend on continued investor appetite for BTC-linked equities in the EU.