Capital B has secured fresh capital to expand its bitcoin treasury strategy and strengthen its financial position.
The company completed a private placement on Euronext Growth Paris with participation from major institutional investors.
Strategic backers, including Adam Back and TOBAM, joined the funding round as the firm pushed deeper into bitcoin accumulation.
The transaction also introduced a large warrant structure that could unlock additional financing over the coming years.
Capital B targets larger Bitcoin reserves after private placement
Capital B announced the issuance of 23,038,844 ABSA units on May 10, 2026, priced at €0.66 per unit.
The company raised €15,205,637 before fees and transaction-related expenses. Net proceeds are expected to reach nearly €14.4 million after deductions.
The company said the pricing reflected the average VWAP recorded during the last five trading days before the offering.
Each ABSA unit included one ordinary share and four attached share subscription warrants.
According to the official statement shared by @_ALCPB, Capital B plans to use the funds to acquire 182 additional BTC.
The purchase would increase the company’s potential Bitcoin holdings to 3,125 BTC.
Capital B stated that its treasury model focuses on increasing Bitcoin per fully diluted share over time.
The strategy has continued attracting institutional investors from Europe and other global markets.
Strategic investor Adam Back increased his shareholding from 37,573,329 shares to 40,146,541 shares after the placement.
TOBAM also expanded its position from 8,525,707 shares to 12,563,586 shares.
The company identified both investors as strategic participants in the funding round.
Maxim Group LLC acted as the Lead Placement Agent during the transaction. Marex S.A. served as Co-Manager on a best-efforts basis.
Following completion of the placement, Capital B’s total share capital rose to €11,957,970.44. The new shares will trade under ISIN FR0011053636 on Euronext Growth Paris.
Warrant structure opens path for additional €99.1 million funding
Capital B attached four warrants to each ABSA unit with exercise periods extending across five years. Two Warrant 2026-03 units carry an exercise price of €0.86 each.
The company priced one Warrant 2026-04 at €1.12 and one Warrant 2026-05 at €1.46. Capital B said full exercise of all 92,155,376 warrants could generate nearly €99.1 million in additional funding.
The company also retained the right to trigger accelerated warrant exercise conditions. That mechanism applies if the VWAP exceeds 130% of a warrant’s exercise price for 20 consecutive trading days.
Capital B said it would then notify warrant holders and launch a 20-day accelerated exercise window. Any warrants left unexercised after that period would expire.
The offering complied with securities regulations in both the United States and Europe. In the United States, the company offered ABSAs to Qualified Institutional Buyers under Rule 144A.
In Europe, the placement targeted qualified investors under the Prospectus Regulation without requiring AMF-approved prospectus documentation.
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