France's Capital B Buys 376 More Bitcoin for $29.4 Million, Expands Holdings to 3,521 BTC

France's Bitcoin treasury company Capital B has bought 376 Bitcoin for about $29.4 million, marking its largest purchase in roughly a year.

The Block reported on September 7 that Capital B spent 25.3 million euros, or about $29.4 million, to acquire the tokens. The purchase increased the company's total Bitcoin holdings to 3,521 BTC.

Capital B has spent a cumulative 309.4 million euros, or about $359.3 million, on Bitcoin purchases to date. Its average purchase price was 87,878 euros, or about $102,058, per Bitcoin.

The latest purchase was the company's biggest since it bought 551 BTC in September last year. It added just 6 BTC in August.

The purchase was funded through a recent capital raise. Capital B completed a private share sale and other financing totaling 28.7 million euros, or about $33.3 million. As part of that process, Blockstream co-founder Adam Back invested an additional 7.6 million euros, or about $8.8 million. His stake in Capital B rose to 17.64% of common shares.

Capital B changed its name from The Blockchain Group in July last year and has since focused on a Bitcoin treasury strategy. In June, the company said it was also reviewing the development of a Bitcoin-backed credit product for the European market modeled on Strategy's STRC and Strive's SATA.