Capital B Buys 192 BTC, Total Holdings Hit 3,135 Bitcoin
France-listed Bitcoin treasury firm Capital B has added 192 Bitcoin (BTC) to its holdings, bringing its total to 3,135 BTC, according to a May 18 announcement. The purchase, valued at €13 million ($15.2 million), was executed at an average price of $78,948 per Bitcoin, slightly above the current market price of $76,898.
The acquisition follows Capital B’s recent $17.8 million capital raise, which included backing from notable investors like Blockstream CEO Adam Back and Paris-based asset manager TOBAM. This transaction solidifies Capital B's position as Europe's second-largest Bitcoin treasury holder, trailing Germany’s Bitcoin Group SE, which holds 3,605 BTC.
Corporate Treasury Strategies Persist Amid Market Volatility
Capital B’s move comes during a period of heightened market turbulence. Bitcoin has dropped 39% from its all-time high of $126,198 in October 2025, and recent macroeconomic pressures have triggered significant liquidations. On May 18, the same day as Capital B’s announcement, Bitcoin briefly dipped below $77,000, leading to $657 million in liquidations across the crypto market.
Despite the downturn, corporate interest in Bitcoin as a treasury asset remains strong. Capital B is one of four companies to disclose Bitcoin acquisitions in May. Strategy, the largest publicly traded Bitcoin holder, acquired $43 million worth of BTC last week, while Strive added $33 million, and The Smarter Web Company purchased $4.9 million.
However, not all treasury companies are doubling down. Some, like Nasdaq-listed Nakamoto, are adopting defensive strategies, including selling portions of their holdings or employing derivatives to hedge against downside risk. Nakamoto, for instance, sold 284 BTC in March and launched a program to generate income from Bitcoin’s volatility.
Shares Slide Following Announcement
Capital B’s stock didn’t fare well following the announcement. Shares dropped 2.4% on May 18, trading at €0.62, and remain down 17% year-to-date. Over the past 12 months, the company’s stock has lost more than 68% of its value, reflecting broader investor caution around Bitcoin-focused firms.
Still, Capital B’s strategy aligns with a broader corporate trend of using Bitcoin as a long-term reserve asset. By focusing on equity-financed Bitcoin accumulation, the company aims to offer shareholders indirect exposure to the cryptocurrency without requiring direct ownership. This approach has been gaining traction since 2024, particularly among firms seeking alternative hedges against fiat currency devaluation.
Bitcoin Outlook: What’s Next?
Bitcoin’s near-term trajectory remains uncertain. Despite briefly nearing $80,000 after the U.S. Senate Banking Committee advanced the CLARITY Act on May 15, momentum has since faded. Regulatory developments, ETF outflows, and leveraged positions continue to exert downward pressure.
For Capital B, the focus will likely remain on steady accumulation. With Bitcoin’s current price below its acquisition cost, the company’s ability to weather volatility and maintain shareholder confidence will be critical to sustaining its strategy.