Capital B Raises €15.2 Million to Expand Bitcoin Treasury Holdings

TLDR:

• Capital B issued 23,038,844 ABSA units at €0.66 each, raising €15.2M from global institutional investors.
• Net proceeds of €14.4M will fund 182 additional BTC, bringing total potential holdings to 3,125 BTC.
• Full exercise of 92,155,376 warrants could generate an additional €99.1M for Capital B’s treasury.
• Strategic investors Adam Back and TOBAM increased their stakes through the May 2026 private placement.

Capital B has announced a €15.2 million capital raise through a private placement on Euronext Growth Paris. The Bitcoin Treasury Company issued shares with four share subscription warrants attached to each share, known as ABSA, at €0.66 per unit.

Global institutional investors participated in the offering. Strategic investors Adam Back and TOBAM also joined the round. The proceeds will go toward accumulating additional bitcoin and strengthening the company’s balance sheet.

Capital B Issues 23 Million ABSA Units to Fund Bitcoin Accumulation

The company issued 23,038,844 ABSA units on May 10, 2026, at €0.66 each. The total placement raised €15,205,637 before fees and transaction expenses.

Net proceeds are estimated at €14.4 million after deducting associated costs. The issuance price reflected the average VWAP over the last five trading days before pricing.

As noted in the official announcement by @_ALCPB, Capital B plans to acquire 182 additional BTC with the funds. That would bring the company’s potential total holdings to 3,125 BTC.

The treasury strategy centers on growing the number of bitcoin per fully diluted share over time. This model continues to draw institutional capital from both European and global investors.

Adam Back’s shareholding increased from 37,573,329 to 40,146,541 shares following the placement. TOBAM’s stake also grew, rising from 8,525,707 to 12,563,586 shares.

Both were identified as strategic investors in the private placement announcement. Their participation adds weight to the company’s position as a listed bitcoin-focused entity.

Maxim Group LLC served as Lead Placement Agent for the transaction. Marex S.A. acted as Co-Manager on a best-efforts basis.

Following the placement, Capital B’s total share capital reached €11,957,970.44. The new shares will trade under ISIN FR0011053636 on Euronext Growth Paris.

Warrant Structure Could Generate Up to €99.1 Million in Additional Funding

Each ABSA unit carries four warrants with staggered exercise prices over a five-year maturity. Two Warrant 2026-03 units carry an exercise price of €0.86 each.

One Warrant 2026-04 is priced at €1.12, and one Warrant 2026-05 at €1.46. Full exercise of all 92,155,376 warrants could generate an additional €99.1 million for the company.

Capital B also has the option to trigger an accelerated warrant exercise period. This applies when the company’s VWAP exceeds 130% of a warrant’s exercise price over 20 consecutive trading days.

The company then has 20 days to notify holders and open the accelerated exercise window. Any unexercised warrants at the end of that window become null and void.

The offering complied with both U.S. and European securities regulations. In the U.S., ABSAs were offered to Qualified Institutional Buyers under Rule 144A.

In the EU, the offering targeted qualified investors under the Prospectus Regulation. The transaction did not require a prospectus approved by France’s AMF.

A shareholder holding 1% before the placement would see that stake drop to 0.92% on a non-diluted basis. On a fully diluted basis, the stake would fall to 0.66%.

In the event of full warrant exercise, non-diluted holdings would further reduce to 0.71%. Diluted holdings would decrease to 0.54% under the same scenario.

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