Capital B Boosts Bitcoin Reserves
Capital B has significantly boosted its bitcoin reserves by acquiring 192 BTC, valued at approximately €13 million (equivalent to $15.1 million). This strategic move follows the successful completion of three capital raising efforts, which totaled around €17.15 million ($20 million). The France-based firm revealed that the funds generated would primarily support further bitcoin investments, adhering to its previously announced funding strategies.
Current Bitcoin Holdings
With this latest acquisition, Capital B’s bitcoin holdings now amount to 3,135 BTC, acquired at a total expenditure of about $330 million. This transaction suggests a mean purchase cost of $105,270 per bitcoin. Further insights from the capital increase reveal that nearly €15.2 million was raised through a private placement, which involved issuing over 23 million ABSA shares along with four corresponding share subscription warrants.
Funding Round Participants
Notable participants in this funding round included Blockstream’s CEO Adam Back and French asset management company TOBAM. Additionally, Capital B mentioned securing €850,000 through an innovative ATM-style capital increase agreement with TOBAM and another €1.1 million from the sale of share subscription warrants purchased by Back.
Institutional Fundraising Details
According to a May 11 announcement from Capital B, the institutional fundraising targeted investors in various regions, including the U.S. and Europe, with Maxim Group serving as the lead placement agent and Marex as co-manager. The warrants, recently issued, included three different exercise price tiers, allowing for different subscription levels: Warrant 2026-03 at €0.86, Warrant 2026-04 at €1.12, and Warrant 2026-05 at €1.46. The full exercise of these warrants could potentially yield an additional €99.1 million through the creation of over 92 million new shares.
Future Ownership Projections
Moreover, after the capital placement, Back’s stake in Capital B is anticipated to grow to around 13.43%, while Blockstream Capital Partners, under Back’s advisory, is expected to hold 14.42%. TOBAM is projected to see its ownership increase to 4.20%. Previously known as The Blockchain Group until its rebranding in July 2025, Capital B has pivoted towards a strategy centered on expanding its bitcoin treasury by increasing the amount held per share over time.
