Capital B's Largest 2026 Purchase
On September 7, 2026, French bitcoin treasury firm Capital B announced the acquisition of 376 BTC for €25.3 million, equivalent to approximately $29.4 million 13. This transaction represents the company's largest single purchase of 2026 1 and its largest in a year, following a purchase of 551 BTC in September 2025 3. In contrast, the company acquired only 6 BTC in August 2026 3.
This latest purchase brings Capital B's total holdings to 3,521 BTC, which are valued at over $277 million 1. The total acquisition cost for these holdings stands at €309.4 million ($359.3 million), representing an average purchase price of €87,878 ($102,058) per bitcoin 3. This treasury size positions Capital B as the 25th largest publicly traded bitcoin treasury globally 1.
Funding and Strategic Rebranding
Capital B, formerly known as The Blockchain Group before rebranding in July 2025, has focused its corporate strategy on accumulating bitcoin 3. The company's stated long-term objective is to accumulate 210,000 BTC, representing 1% of the total bitcoin supply, by the year 2033 1.
The recent purchase was funded through capital raises, including a €28.7 million ($33.3 million) private placement 3. This placement included a €7.6 million ($8.8 million) investment from Blockstream CEO Adam Back, which increased his ordinary stake in Capital B to 17.64% 13. This followed an earlier €21 million ($24 million) private placement in August 2026, which was backed by Back and asset manager TOBAM 1. Additionally, in May 2026, Capital B acquired 192 BTC for €13 million after completing three capital raises 1. The firm is also exploring a bitcoin-backed credit product for the European market, modeled after existing instruments like Strategy's STRC and Strive's SATA 3.
Divergent Corporate Treasury Strategies
While Capital B is actively expanding its holdings, other major corporate bitcoin treasuries are adjusting their approaches.
Strategy, the largest corporate holder of bitcoin, paused its purchases during the week ending September 7, 2026, after briefly resuming them the prior week 25. Instead of buying bitcoin, Strategy spent $176.3 million of its USD cash pool to buy back 1,810,885 shares of its STRC preferred stock 5. Strategy's board also doubled its digital credit securities repurchase program from $1 billion to $2 billion, leaving $1.19 billion available as of September 7, 2026 25. Strategy currently holds 845,050 BTC purchased for $63.73 billion at an average price of $75,412 per coin 5.
Meanwhile, asset manager Strive has continued aggressive buying, acquiring 1,375 BTC for $109 million between August 31 and September 4, 2026, at an average price of $79,281 4. This purchase increased Strive's total holdings to 24,531 BTC, valued at approximately $1.9 billion, making it the fifth-largest corporate bitcoin treasury 4. Strive funded 70% of this purchase through its SATA preferred stock, which has $999 million in notional value outstanding 4.
Market Context and Financial Performance
The corporate shift toward bitcoin treasuries accelerated in 2025, but fluctuating asset prices have introduced financial volatility 1. For instance, Strive reported a net loss of $265.9 million in the first quarter due to paper losses on its bitcoin holdings, and its stock price fell 86% from its post-merger high of $130 by mid-May 2026 before recovering 4. Strategy reported an $8.22 billion loss in its July 2026 quarterly earnings 2.
On September 8, 2026, Capital B's stock traded 2% lower 1, while Strategy's shares fell more than 3% 2. Bitcoin itself was trading around $79,500 on September 7, 2026, down from a local high of approximately $81,700 on September 3, 2026 3.
What is not yet established
- Whether Capital B will successfully launch its proposed bitcoin-backed credit product for the European market.
- The outcome of MSCI's consultation regarding the potential removal of Strategy from its global benchmarks, which closes at the end of September 2026.
- Whether Strive will maintain its weekly purchasing pace to close the 19,000 BTC gap with Twenty One Capital.
Frequently asked questions
How does Capital B fund its bitcoin purchases?
Capital B funds its acquisitions through capital raises, including a €28.7 million ($33.3 million) private placement that featured a €7.6 million ($8.8 million) investment from Adam Back 3.
What is Capital B's long-term treasury goal?
Capital B aims to accumulate 210,000 bitcoins by 2033, which would represent 1% of the total bitcoin supply 1.
How does Strategy's current treasury strategy compare to Capital B's?
While Capital B is actively buying, Strategy recently halted its bitcoin purchases to focus on buying back its STRC preferred stock, spending $176.3 million on buybacks during the week ending September 7, 2026 5.
Sources
- Bitcoin Magazine — Capital B Buys 376 Bitcoins in Its Biggest Purchase of 2026 (2026-09-08) https://bitcoinmagazine.com/news/capital-b-makes-biggest-2026-buy
- Bitcoin Magazine — Strategy Halted Its Bitcoin Buys Again Last Week (2026-09-08) https://bitcoinmagazine.com/news/strategy-halted-bitcoin-buys-last-week
- The Block — Capital B buys $29 million in bitcoin after raises, its largest BTC purchase in a year (2026-09-07) https://www.theblock.co/news/business/2026-09-07-capital-b-buys-29-million-worth-bitcoin-413667
- Decrypt — Strive Buys $109 Million in Bitcoin, Pushes Preferred Stock Toward $1 Billion (2026-09-08) https://decrypt.co/377689/strive-buys-109-million-bitcoin-preferred-stock-1-billion
- Decrypt — Strategy's Return to Bitcoin Buying Lasted Exactly One Week (2026-09-08) https://decrypt.co/377664/strategys-return-to-bitcoin-buying-lasted-exactly-one-week
This brief is for information and education. It is not financial advice or a recommendation to buy or sell.