Capital B Secures €15.2 Million in Funding
The company previously known as The Blockchain Group, now called Capital B, has successfully secured €15.2 million (approximately $17.8 million) in funding from a variety of institutional investors, notably including Adam Back, the CEO of Blockstream, and French asset management firm TOBAM. This funding was achieved through a private placement where 23 million shares were offered at a price of €0.66 per ABSA.
The offer attracted interest from a global pool of investors, facilitated by Maxim Group as the main placement agent, while Marex took on the role of co-manager. Following deductions for fees, Capital B expects to net around €14.4 million ($17 million) from this transaction.
Increase in Bitcoin Holdings
The raised funds, in conjunction with existing operational funds, will enable Capital B to acquire 182 more bitcoins, thereby increasing its total bitcoin holdings from the current 2,943 BTC to an impressive 3,125 BTC, as per data from bitcointreasuries.net.
Warrants and Potential Future Funding
The newly issued shares come with warrants distributed over three levels of exercise prices. Two instruments, Warrant 2026-03, can be exercised at €0.86 each, while Warrant 2026-04 and Warrant 2026-05 carry exercise prices of €1.12 and €1.46 respectively. If all the warrants are exercised, Capital B could potentially raise an additional €99.1 million via the issuance of over 92 million additional shares.
Stake Distribution and Shareholder Impact
Adam Back’s investment solidifies his existing involvement, having previously acquired 10 million warrants valued at €1.1 million ($1.28 million) earlier this month, each entitling him to a share purchase at €0.84. After this recent funding round, it is projected that Back will hold a 13.43% stake in Capital B on a regular basis, with Blockstream Capital Partners managing an additional 14.42%. Meanwhile, TOBAM’s stake is set to increase to 4.20% following the completion of this deal.
It’s notable that current shareholders will see their stakes diluted post-transaction, with an example showing that an investor controlling 1% prior to the offer will see their share decline to 0.92% in non-diluted terms when the placement concludes. If all the warrants are redeemed, this stake could shrink further to 0.71%.
Company Transition and Market Context
In July 2025, after reorganizing under a bitcoin treasury strategy, the company transitioned from its former name to Capital B, aiming to enhance its bitcoin per share ratio as part of its long-term strategy. Noteworthy is that amidst recent activities within the bitcoin treasury sector, firms are employing varied strategies; for instance, UK entity Connecting Excellence Group and Capital B recently received financial backing from Adam Back, while Nasdaq-listed Nakamoto announced a derivatives strategy linked to its bitcoin reserves and previously reported selling 284 BTC. This contrasts with Genius Group‘s recent strategy of liquidating its entire bitcoin holdings to settle debts.
