Capital B deploys newly raised funds into $15.1M bitcoin purchase

Capital B has expanded its bitcoin treasury after deploying newly raised capital into the purchase of 192 BTC worth €13 million ($15.1 million).

In a Monday announcement, Capital B said the latest acquisition followed the completion of three separate capital increases that brought in roughly €17.15 million ($20 million). The France-based company stated that the proceeds had been allocated toward bitcoin purchases, in line with plans outlined during last week’s fundraising disclosure.

Following the transaction, the company said its total bitcoin holdings have climbed to 3,135 BTC. Capital B added that the treasury was accumulated at a combined purchase value of around $330 million, implying an average acquisition price of $105,270 per bitcoin.

Fresh details released by the company showed that nearly €15.2 million of the raise came through a private placement involving more than 23 million ABSA shares issued with four attached share subscription warrants each. Earlier disclosures from Capital B identified Blockstream CEO Adam Back and French asset manager TOBAM among the institutional participants backing the financing round.

Separately, Capital B confirmed that another €850,000 was secured through an ATM-style capital increase agreement with TOBAM. A further €1.1 million came from the issuance of share subscription warrants subscribed to by Back.

According to Capital B’s May 11 statement, the institutional placement was offered to investors across the U.S., Europe, and other jurisdictions, with Maxim Group acting as lead placement agent and Marex serving as co-manager.

Company disclosures from the earlier fundraising round stated that each newly issued share carried four warrants divided across three exercise price levels. Two Warrant 2026-03 instruments were priced at €0.86 per share, while Warrant 2026-04 and Warrant 2026-05 carried exercise prices of €1.12 and €1.46, respectively.

Capital B previously said that full exercise of those warrants could generate another €99.1 million through the issuance of more than 92 million new shares.

At the same time, the company disclosed that Back’s stake was expected to rise to 13.43% on an ordinary basis following the placement, while Blockstream Capital Partners, advised by Back, would hold 14.42%. TOBAM’s ownership was projected to increase to 4.20%.

Operating under the name The Blockchain Group before its July 2025 rebrand, Capital B has repositioned itself around a bitcoin treasury strategy focused on increasing bitcoin held per fully diluted share over time.