French Bitcoin treasury company Capital B has announced a €15.2 million ($17.8 million) private placement aimed at accelerating its Bitcoin acquisition strategy. The Paris-listed company, formerly known as The Blockchain Group, said the fresh capital could help it acquire approximately 182 additional Bitcoins. As a result, this could potentially increase its total holdings to 3,125 BTC.
The financing round attracted major institutional investors, including Bitcoin pioneer Adam Back and French asset manager TOBAM. The latest raise further strengthens Capital B’s position as one of Europe’s leading publicly traded Bitcoin treasury firms.
Capital B Expands Bitcoin Treasury Strategy
Capital B completed the funding through a private placement of 23,038,844 shares bundled with four share subscription warrants attached to each share, known as ABSA units. The offering was priced at €0.66 per ABSA. Overall, it generated total proceeds of €15.2 million.
According to the company, the net proceeds, combined with existing operations, are expected to fund the purchase of roughly 182 BTC. This would raise Capital B’s Bitcoin reserves from approximately 2,943 BTC to 3,125 BTC. In addition, it reinforces its long-term balance sheet strategy focused on Bitcoin accumulation.
The company has increasingly positioned itself as a “Bitcoin Treasury Company,” using capital market strategies to expand the amount of Bitcoin held per fully diluted share over time. The approach mirrors treasury models adopted by several global firms. Notably, these firms seek long-term exposure to digital assets.
Institutional Investors Back Capital B Growth
The participation of Adam Back and TOBAM adds significant credibility to the financing round. Back, widely recognized for his contributions to Bitcoin’s early development and his leadership at Blockstream, has steadily increased his investment exposure to Capital B over recent months.
Following the transaction, Adam Back is expected to hold 13.43% of Capital B’s ordinary shares. Meanwhile, Blockstream Capital Partners is projected to own 14.42%. TOBAM’s ownership stake is expected to rise to 4.20%.
The private placement was managed by Maxim Group LLC as lead placement agent, while Marex acted as co-manager.
Warrant Structure Could Unlock Additional €99 Million
A major feature of the deal is its warrant structure. Each newly issued share includes four warrants split across three different exercise price levels. Two Warrants 2026-03 can be exercised at €0.86 per share, while Warrants 2026-04 and 2026-05 carry exercise prices of €1.12 and €1.46, respectively.
If all warrants are exercised, Capital B could secure an additional €99.1 million in future funding through the issuance of more than 92 million additional shares. The company stated that this mechanism could provide long-term capital flexibility. This would support continued Bitcoin acquisitions and operational growth.
Capital B Rebrand Continues To Drive Bitcoin Expansion
Originally operating as The Blockchain Group, the company rebranded to Capital B in 2025 as part of a strategic shift toward Bitcoin-focused treasury management. Since then, the firm has consistently expanded its Bitcoin reserves through equity raises. In addition, it used debt conversions and institutional financing deals.
The latest raise highlights growing institutional confidence in publicly traded companies using Bitcoin as a reserve asset. As corporate adoption of Bitcoin treasury strategies expands globally, Capital B continues positioning itself at the center of Europe’s evolving crypto-financial ecosystem.
