Key facts
- Capital B raised €21.0 million ($24.5 million) through a private share placement.
- The fundraising round included participation from Adam Back and TOBAM.
- The company intends to use the funds to purchase 270 Bitcoin.
- This acquisition will bring Capital B's total Bitcoin holdings to 3,415 BTC.
- Further capital injection of up to $158 million is possible through warrant exercises.
French Bitcoin treasury firm Capital B has successfully raised €21.0 million (approximately $24.5 million) through a private share placement. The fundraising round, which occurred without pre-emptive subscription rights, saw participation from notable figures including Adam Back, CEO of BlockStream and a prominent cypherpunk, and asset manager TOBAM. The shares were priced at €0.58 each, with each share bundled with four share-subscription warrants.
Should all the issued warrants be exercised, Capital B could receive an additional €135.8 million (approximately $158 million) through the issuance of 144,876,280 ordinary shares. The company retains the right to accelerate this warrant exercise period if its share price consistently exceeds 130% of the warrant's exercise price over 20 trading days.
The newly acquired capital is earmarked for the purchase of 270 Bitcoin (BTC), which will increase Capital B's total holdings to 3,415 BTC. Currently, the company ranks as the 29th largest publicly traded Bitcoin treasury, holding 3,139 BTC valued at under $249 million. This is significantly less than MicroStrategy, the largest Bitcoin treasury company, which holds 843,775 BTC valued at nearly $67 billion.
This funding initiative follows a successful proposal in early June for a capital increase of up to 5 billion euros ($5.8 billion) through 125 billion shares and $116 billion in credit instruments, which passed with over 99% approval. This contrasts with smaller treasury companies that have been selling their Bitcoin holdings.