Capital B is a France-listed Bitcoin treasury company whose core strategy is accumulating Bitcoin on behalf of shareholders, similar to how Strategy operates in the United States. The company announced on Monday that it acquired 192 BTC for approximately 13 million euros, bringing its total holdings to 3,135 BTC. The purchase was made at an average price of around $78,948 per Bitcoin and was funded in part by a $17.8 million raise completed the previous week from strategic investors including Blockstream CEO Adam Back and Paris-based asset manager TOBAM. Capital B currently ranks as the 25th-largest Bitcoin treasury firm globally and Europe's second-largest, sitting behind Germany's Bitcoin Group SE which holds 3,605 BTC.

The Bitcoin treasury model works by having a publicly listed company raise capital through equity or debt offerings and deploy those proceeds directly into Bitcoin purchases, giving shareholders indirect exposure to Bitcoin through a regulated stock rather than requiring them to hold crypto directly. Capital B is one of four publicly traded companies to disclose Bitcoin purchases in May alone, alongside Strategy, Strive, and The Smarter Web Company. However, the model carries real share price risk that is not always offset by Bitcoin accumulation. Capital B shares fell around 2.4% following Monday's announcement and are down 17% year to date and more than 68% over the past year, reflecting how the company's stock performance has significantly underperformed Bitcoin itself during a period when the asset remains well below its October 2025 all-time high.