Capital B, a France-listed Bitcoin treasury company, is pushing for a major fundraising initiative that would significantly expand its capacity to accumulate more Bitcoin. The firm has asked shareholders to authorize a capital increase option worth up to 5 billion euros ($5.8 billion) alongside the authority to issue credit instruments totaling $116 billion. This could enable Capital B to raise fresh capital through the issuance of 125 billion new shares at their current nominal value.
The board submitted this proposal to shareholders ahead of the combined general meeting scheduled for June 17. Investors can cast their votes online until then. This move comes while Capital B continues to actively grow its Bitcoin reserves, contrasting with smaller treasury companies that are reducing exposure or pivoting to different strategies amid bear market pressures.
Most recently, Capital B acquired 192 Bitcoin for $15.2 million at an average price near $78,948 per coin, adding to its existing holdings to reach 3,135 BTC. Shortly after, a further purchase of 4 BTC raised the total to 3,139 coins. Overall, the company has raised about $325 million in capital, including a $17.8 million injection from strategic investors such as Blockstream CEO Adam Back and the Paris-based asset manager TOBAM.
Since this funding request became public, Capital B’s share price declined approximately 7%, trading near $0.56. The stock has fallen 44% over the last six months, outpacing Bitcoin’s own price drop of roughly 19.4% in the same period. Capital B ranks as Europe's second-largest Bitcoin treasury company by holdings, trailing Germany’s Bitcoin Group SE, which controls 3,605 BTC, valued near $250 million.
This push for expanded fund-raising is notable amid broader Bitcoin treasury market challenges. Some smaller companies are winding down or altering their strategies. For example, Sequans Communications, a French semiconductor firm, recently ended its Bitcoin treasury program to refocus on its core Internet of Things business, signaling a gradual liquidation of its Bitcoin holdings valued at around $48 million. Meanwhile, Michael Saylor’s Strategy company sold 32 BTC to support preferred stock distributions, its first Bitcoin sale since a tax-loss event in 2022, raising concerns about its financing model.