Capital B raises $17.8 million to expand bitcoin treasury holdings

Capital B has raised €15.2 million ($17.8 million) from institutional investors, including Blockstream CEO Adam Back and French asset manager TOBAM.

According to Capital B’s May 11 press release, the company issued 23 million shares with attached warrants at €0.66 per ABSA through a private placement reserved for institutional investors in the U.S., Europe, and other jurisdictions. The company said the offering was subscribed by global investors, with Maxim Group acting as lead placement agent and Marex serving as co-manager.

Net proceeds from the transaction are expected to reach about €14.4 million ($17 million) after fees, according to the company. Capital B said the funds, together with existing operations, could support the purchase of another 182 BTC and raise its total holdings to 3,125 BTC. The firm currently holds 2,943 BTC, according to bitcointreasuries.net data cited in earlier company disclosures.

Each newly issued share carries four warrants split across three exercise price levels. Capital B stated that two Warrant 2026-03 instruments can be exercised at €0.86 per share, while Warrant 2026-04 and Warrant 2026-05 carry exercise prices of €1.12 and €1.46, respectively. If all warrants are exercised, the company said it could secure an additional €99.1 million through the issuance of more than 92 million new shares.

Fresh participation from Adam Back adds to an existing position that has grown steadily over recent months. Earlier in May, Capital B disclosed that Back subscribed to 10 million warrants worth €1.1 million ($1.28 million), with each warrant carrying a share purchase right at €0.84.

Following the latest raise, Capital B said Back is expected to control 13.43% of the company on an ordinary basis, while Blockstream Capital Partners, advised by Back, would hold 14.42%. TOBAM’s ownership would rise to 4.20% after completion of the transaction.

Company filings also show the placement of diluted existing shareholders. Capital B clarified that an investor holding 1% of the company before the issuance would see that stake reduced to 0.92% on a non-diluted basis after the placement closes. Full warrant exercise would reduce the same holding to 0.71%, according to the filing.

Originally operating as The Blockchain Group, the company rebranded to Capital B in July 2025 after restructuring around a bitcoin treasury model. Its stated strategy focuses on increasing the amount of bitcoin held per fully diluted share over time.

Recent disclosures across listed bitcoin treasury firms have shown mixed approaches toward balance sheet management. 

While Capital B and UK-listed Connecting Excellence Group both raised capital with backing from Adam Back in recent weeks, Nasdaq-listed Nakamoto disclosed in April that it had launched a derivatives strategy tied to its bitcoin reserves after previously reporting the sale of 284 BTC in an SEC filing. 

Meanwhile, Genius Group said in February that it liquidated its entire bitcoin treasury to repay debt obligations.