Capital B, a French Bitcoin treasury company, announced a €21.0 million ($24.5 million) fundraise through private share placement on August 28. The offering was priced at €0.58 per ABSA—a share bundled with four share-subscription warrants—and did not include pre-emptive subscription rights.
The raise attracted participation from Blockstream CEO Adam Back and asset manager TOBAM. If all issued warrants are exercised, the company would receive an additional €135.8 million ($158 million) through the issuance of 144,876,280 ordinary shares. Capital B has the option to trigger an accelerated warrant exercise period if its volume weighted average share price exceeds 130% of the exercise price over any 20-trading-day period.
Capital B intends to use the proceeds to purchase 270 Bitcoin, bringing its total holdings to 3,415 BTC. According to CoinMarketCap data, the company currently ranks as the 29th largest publicly traded Bitcoin treasury holder, behind Bitcoin Group SE with 3,605 BTC. MicroStrategy remains the largest, holding 843,775 BTC.
The fundraise follows a June board proposal that secured shareholder approval for up to €5 billion ($5.8 billion) in potential capital increases through 125 billion shares and $116 billion in credit instruments, with 99.34% voting in favor.
