CAPITAL B MAKES ITS BIGGEST BITCOIN BUY IN A YEAR — 376 COINS ON RAISED MONEY, ADAM BACK ADDS TO 17.6% — THE FRENCH ARE RUNNING STRATEGY’S PLAYBOOK IN EUROS
Above one, every share they sell to buy coins leaves holders with more bitcoin per share, not less.
Read the buy through the balance sheet, not the headline number.
Capital B, the French treasury company that used to be called The Blockchain Group, bought 376 bitcoin on Monday for 25.3 million euros, about $29.4 million. It is their biggest buy in a year. Last month they bought six coins. The difference this month is not cash from a business — it is money they raised by selling shares, including a 28.7 million euro private placement. Adam Back put another 7.6 million euros into that raise last week and now owns 17.6% of the company.
That is the same Adam Back who spent this morning signing messages on the Bitcoin chain telling the Liquid taker it was safe to send the coins back. Busy weekend for one man’s keys.
The stack is now 3,521 bitcoin, bought for 309.4 million euros over time. That works out to about $102,000 a coin. Bitcoin trades near $79,000 today. Their average cost sits above the current price, and they bought more anyway — because a treasury company is not trading the weekly candle, it is stacking coins per share for holders who plan to be around in ten years.
Here is why the market still lets them do it. By the CEBE tracker’s last read, the stock trades at about 1.1 times the value of the bitcoin behind it. As long as that number stays above one, every share they sell to buy coins leaves existing holders with more bitcoin per share, not less. That is the whole engine. Strategy built it in dollars. Capital B is building it in euros, and now wants a credit instrument to match — a European version of Strategy’s STRC, floated back in June.
No debt on the books. No preferred stock. Just shares, coins, and a plan copied from the biggest player in the game. The wrapper trade came to Paris.
Capital B, the French treasury company that used to be called The Blockchain Group, bought 376 bitcoin on Monday for 25.3 million euros, about $29.4 million. It is their biggest buy in a year. Last month they bought six coins. The difference this month is not cash from a business — it is money they raised by selling shares, including a 28.7 million euro private placement. Adam Back put another 7.6 million euros into that raise last week and now owns 17.6% of the company.
That is the same Adam Back who spent this morning signing messages on the Bitcoin chain telling the Liquid taker it was safe to send the coins back. Busy weekend for one man’s keys.
The stack is now 3,521 bitcoin, bought for 309.4 million euros over time. That works out to about $102,000 a coin. Bitcoin trades near $79,000 today. Their average cost sits above the current price, and they bought more anyway — because a treasury company is not trading the weekly candle, it is stacking coins per share for holders who plan to be around in ten years.
Here is why the market still lets them do it. By the CEBE tracker’s last read, the stock trades at about 1.1 times the value of the bitcoin behind it. As long as that number stays above one, every share they sell to buy coins leaves existing holders with more bitcoin per share, not less. That is the whole engine. Strategy built it in dollars. Capital B is building it in euros, and now wants a credit instrument to match — a European version of Strategy’s STRC, floated back in June.
No debt on the books. No preferred stock. Just shares, coins, and a plan copied from the biggest player in the game. The wrapper trade came to Paris.
KEY RECEIPTS
Monday’s buy: 376 BTC for €25.3M ($29.4M), the largest since September 2025 when it bought 551 BTC; last month’s buy was 6 BTC (Capital B statement, Sep 7, the primary; via The Block).
Total holdings: 3,521 BTC for €309.4M ($359.3M), average €87,878 ($102,058) per coin (same statement). CEBE Tracker verified 3,145 BTC as of Aug 28; 3,145 + 376 = 3,521 reconciles.
Funding: proceeds from recent raises including a €28.7M ($33.3M) private placement; Adam Back added €7.6M ($8.8M) on Sep 2, lifting his stake to 17.64% on an ordinary basis.
Balance sheet, CEBE as of Aug 28: debt $0; preferred $0; cash $4.03M; basic shares 330,306,740; about 719 sats of bitcoin per share; CEBE mNAV 1.100. Data: CEBE Tracker (cebetracker.io).
Bitcoin spot about $79,188 at 10:16 AM ET (Crypto.com BTC_USDT), below the company’s $102,058 average cost.
History: formerly The Blockchain Group, rebranded to Capital B in July 2025; floated a STRC/SATA-style bitcoin-backed credit instrument for Europe in June.
Note: CEBE’s 24.46% senior-claims figure is not printed — it does not reconcile against the stated $0 debt and $0 preferred, and we print only what reproduces.
Total holdings: 3,521 BTC for €309.4M ($359.3M), average €87,878 ($102,058) per coin (same statement). CEBE Tracker verified 3,145 BTC as of Aug 28; 3,145 + 376 = 3,521 reconciles.
Funding: proceeds from recent raises including a €28.7M ($33.3M) private placement; Adam Back added €7.6M ($8.8M) on Sep 2, lifting his stake to 17.64% on an ordinary basis.
Balance sheet, CEBE as of Aug 28: debt $0; preferred $0; cash $4.03M; basic shares 330,306,740; about 719 sats of bitcoin per share; CEBE mNAV 1.100. Data: CEBE Tracker (cebetracker.io).
Bitcoin spot about $79,188 at 10:16 AM ET (Crypto.com BTC_USDT), below the company’s $102,058 average cost.
History: formerly The Blockchain Group, rebranded to Capital B in July 2025; floated a STRC/SATA-style bitcoin-backed credit instrument for Europe in June.
Note: CEBE’s 24.46% senior-claims figure is not printed — it does not reconcile against the stated $0 debt and $0 preferred, and we print only what reproduces.
AVERAGE COST ABOVE SPOT, AND THEY BOUGHT MORE. THE WRAPPER TRADE CAME TO PARIS.
Capital B company statement (primary) · Mon Sep 7 · + The Block + CEBE Tracker as of Aug 28
Terms in this story: BPS, STRC, mNAV multiple