French BTC treasury firm Capital B raises $18M — Adam Back and TOBAM lead the round!

Paris-based bitcoin treasury firm Capital B has closed a €15.2 million (~$18M) private placement, with proceeds earmarked for the purchase of an additional 182 BTC. Blockstream CEO Adam Back and asset management firm TOBAM are among the named participants in the raise.

Capital B joins a growing cohort of European corporates building bitcoin treasury strategies modelled on the MicroStrategy playbook — accumulate BTC on the balance sheet, fund it through equity or debt placements, and hold through cycles. The participation of Adam Back, one of the most credentialed figures in Bitcoin's technical history, lends the round unusual signal weight beyond the dollar figure.

For TOBAM — a Paris-based quant asset manager with a long track record in alternative beta strategies — the placement marks a continued push into bitcoin as a reserve asset, adding institutional credibility to what remains…