Capital B Raises €21M From Adam Back and TOBAM to Accumulate Bitcoin

A French bitcoin treasury just convinced two heavyweight backers to fund another round of accumulation. CoinGecko data shows capital B closed a €21 million raise led by Blockstream co-founder Adam Back and Paris-based asset manager TOBAM, earmarked entirely for additional bitcoin purchases. per CoinGecko, the company already holds 3,145 bitcoin, roughly $245 million at Friday's CoinGecko price of $77,858. That position has been built methodically since Capital B's formation, positioning the firm as one of Europe's most visible corporate bitcoin adopters alongside the likes of Semler Scientific and Metaplanet in Asia. Why did Adam Back and TOBAM commit fresh capital now? Back has long advocated for bitcoin as a treasury reserve asset, arguing that fiat debasement makes holding cash a guaranteed loss over time. Figures from the desk show tOBAM, which manages over €10 billion in anti-benchmark strategies, sees bitcoin's uncorrelated return profile as a portfolio diversifier. Both investors are betting that corporate adoption will accelerate once accounting rules ease fair-value treatment for digital assets. Who else is watching this structure? European corporates have been slower than U.S. peers to put bitcoin on the balance sheet, partly due to stricter accounting and tax frameworks. Capital B's model, a dedicated holding company backed by recognized names, could become a template for mid-sized firms that want exposure without navigating custody and compliance alone. What happens to the bitcoin once purchased? Capital B has stated it does not trade, lend, or stake the coins. The treasury is held in cold storage with a multi-signature custody arrangement. The firm's public dashboard updates holdings quarterly, and the latest filing confirms no coins have been sold since inception. CoinGecko data shows the raise comes as bitcoin tests the $78,000 level after a week of choppy trade. The 7-day close series shows a tight range between $76,084 and $80,698, with Friday's close at $79,696, roughly 2.3% above today's spot. Volume has been elevated at $36.5 billion daily, suggesting two-way institutional flow rather than retail-driven speculation. per CoinGecko, capital B's next disclosure will reveal how quickly the €21 million converts to bitcoin. With the treasury already above 3,000 coins, the firm is approaching a scale where its purchases could register on-chain, a milestone that would make it a de facto market signal for other corporate treasurers.