Capital B, a France-listed Bitcoin treasury company, has raised €15.2 million ($17.8 million) through a private share placement aimed at expanding its Bitcoin reserves. Key backers include Blockstream CEO Adam Back and Paris-based asset manager TOBAM. The injection of capital, combined with existing operations, could allow Capital B to acquire an additional 182 BTC, increasing its total holdings to roughly 3,125 Bitcoins.
The recent fundraising attached four share subscription warrants per share at a fixed exercise price of $0.78. If investors exercise all warrants, Capital B could secure an additional $116.5 million via the issuance of about 92 million new shares. This capital strategy highlights the company's continued focus on Bitcoin accumulation, even as some peers in the corporate Bitcoin treasury space adopt more cautious approaches such as hedging and asset sales amid subdued market conditions.
Following the announcement, Capital B's shares rose roughly 4.3%, trading around €0.67 ($0.79), despite the shares being down approximately 11% year-to-date according to Yahoo Finance data. Currently, Capital B holds 2,943 BTC valued near $237 million, ranking it as the 25th-largest Bitcoin treasury globally and Europe’s second-largest after Germany’s Bitcoin Group SE, based on Bitcointreasuries data.
This funding round comes shortly after Capital B secured $1.3 million from Adam Back to boost its Bitcoin treasury strategy, demonstrating ongoing investor confidence despite volatile market headwinds.
In the broader Bitcoin treasury landscape, several companies are taking divergent paths. Michael Saylor’s Strategy raised $2.5 billion recently through security issuance and stock sales. Meanwhile, Bitcoin treasury firms like XCE also secured capital backed by Adam Back. However, many firms have not publicly announced new capital raises in recent weeks, focusing instead on risk management.
For example, Nasdaq-listed Bitcoin treasury company Nakamoto launched a Bitcoin derivatives program to generate income and hedge BTC holdings, alongside a recent sale of 284 BTC. Similarly, Genius Group sold its remaining 84 BTC to repay debt obligations earlier this year, reflecting a more defensive posture adopted by some corporate holders amid ongoing market uncertainty.