Capital B Secures €21 Million Private Placement to Boost Bitcoin Treasury

Capital B announced a €21 million private placement involving institutional investors such as Blockstream co‑founder Adam Back and asset manager TOBAM. The proceeds are intended to support the company’s Bitcoin treasury strategy.

Placement structure and proceeds

The company issued 36,219,070 ordinary shares, each bundled with four subscription warrants, at €0.58 per unit. Gross proceeds total €21,007,060.60, with net proceeds estimated at €19.9 million after fees. The net amount is earmarked primarily for additional Bitcoin purchases and balance‑sheet support.

Potential Bitcoin acquisition

Capital B states that the financing, combined with existing operating resources, could enable the acquisition of approximately 270 BTC. If executed, this would raise the company’s Bitcoin holdings from 3,145 BTC to about 3,415 BTC.

Warrant terms and upside

• Each unit includes four warrants with exercise prices of €0.75, €0.98 and €1.27, maturing in five years.
• Full exercise of all warrants could generate an additional €135.8 million, though this amount is conditional on investor decisions and share price performance.
• An accelerated exercise period may be triggered if the 20‑day volume‑weighted average price exceeds 130 % of the relevant exercise price.

Upcoming corporate actions

Capital B plans a ten‑for‑one reverse stock split on 8 September 2026. Post‑split, each warrant will correspond to one‑tenth of a share, adjusting the effective exercise prices to €7.50, €9.80 and €12.70.

Shareholder impact

• Adam Back’s ownership is projected to rise from 12 % to 14.82 % after the placement.
• TOBAM’s stake would increase from 2.87 % to 3.29 %.
• Blockstream Capital Partners’ holding would decline proportionally from 21.74 % to 19.59 %.

Background

Capital B previously completed a €15.2 million institutional placement in May, deploying €13 million of those funds to purchase 192 BTC. As of 17 August, the company held 3,145 BTC, confirmed by Euronext records.