Capital B raises $24.5 million to boost Bitcoin holdings to 3,415 BTC

Private share placement details

Capital B disclosed on August 28 that the fundraising took place at €0.58 per ABSA. Each ABSA comprises one share and four share-subscription warrants. The placement was conducted without pre-emptive subscription rights, allowing the firm to bypass existing shareholders and bring in new backers. Among the participants were cypherpunk pioneer and CEO of the Bitcoin development firm Blockstream, Adam Back, as well as French asset management group TOBAM.

The company stated that, should all warrants be exercised, it would secure an additional €135.8 million ($158 million) through issuing more than 144.8 million ordinary shares. Capital B retains the option to accelerate the exercise period if its shares achieve a volume-weighted average price above 130% of the relevant warrant tranche’s exercise price during any 20-day trading period.

Adam Back, a well-known leader in the cryptocurrency community, participated in the funding round along with asset manager TOBAM, underscoring growing institutional interest in Bitcoin-focused financial products.

Mini dictionary: ABSA (Action à Bons de Souscription d’Actions) is a French financial instrument comprising one share combined with warrants, allowing investors to purchase more shares at a set price under certain conditions.

Bitcoin holdings set to increase

Capital B indicated it will use the fresh funds to acquire 270 Bitcoin, aiming to boost its total reserves to 3,415 BTC. On August 28, CoinMarketCap data showed the company as the 29th largest publicly traded Bitcoin treasury, holding 3,139 BTC valued at just under $249 million. Capital B’s current position in the Bitcoin treasury rankings places it behind Germany’s Bitcoin Group SE, holding 3,605 BTC valued near $286 million.

For context, the largest Bitcoin treasury company, MicroStrategy, currently controls 843,775 BTC, estimated at nearly $67 billion, highlighting the disparity between the top and lower-ranked corporate Bitcoin holders.

*Estimated post-acquisition

Strategic initiatives and recent developments

Earlier in June, Capital B sought approval from its board of directors to enable capital raises of up to €5 billion ($5.8 billion) through the creation of 125 billion new shares at the current nominal value, as well as $116 billion in credit instruments. This proposal received overwhelming support, passing with 162,486,459 votes in favor, representing 99.34% approval.

Smaller competitors in the treasury sector have reportedly sold their Bitcoin holdings while Capital B opts to increase its reserves. The company’s ongoing expansion efforts come amid renewed optimism in the broader cryptocurrency market.

Capital B is pushing forward with its Bitcoin-focused strategy as market sentiment continues to improve and other players reduce exposure to digital assets.