Capital B Raises 7.6 Million Euros for 376 Bitcoin
With support from Adam Back, the Euronext Growth Paris company is expanding its Bitcoin reserve further. If all warrants are exercised, the financing could rise to 156.8 million euros.
Key Takeaways
- Capital B raised 7.6 million euros from Adam Back to expand its Bitcoin holdings.
- With the proceeds, the company wants to buy up to 376 Bitcoin, which could lift total holdings to 3,521 BTC.
- If that happens, Capital B would become the second-largest publicly listed Bitcoin treasury in Europe, according to Bitcoin Treasuries.
Cryptocurrency treasury firm Capital B has raised 7.6 million euros from Bitcoin developer and investor Adam Back to expand its Bitcoin holdings. The Euronext Growth Paris-listed company wants to use the proceeds to buy up to 376 Bitcoin, which could bring total holdings to 3,521 BTC.
New Shares and Warrants
Capital B issued 13,181,030 shares at 58 euro cents each, plus four warrants per share. According to Wednesday's filing, the structure is part of a larger 21 million euro financing, which also includes strategic investor TOBAM through the issuance of 36,219,070 shares.
The warrants give investors the right to buy additional shares later at preset prices. If all warrants are exercised, Capital B would issue another 144.9 million shares and raise 135.8 million euros. That would bring the financing's total gross proceeds to 156.8 million euros.
Second-Largest Bitcoin Treasury
If Capital B actually buys 376 more Bitcoin, the company would end up with 3,521 BTC worth about $269.5 million. That would make it the second-largest Bitcoin treasury among publicly listed European companies, according to Bitcoin Treasuries, just behind Germany's Bitcoin Group SE, which holds 3,605 BTC.
The company previously said it held 3,145 BTC, bought for 284.2 million euros at an average price of 90,352 euros per Bitcoin. At the time of the announcement, that stash was worth about 214 million euros, or $248 million.
Adam Back, CEO of Blockstream, is a well-known name in crypto and is seen as an early cypherpunk who is mentioned in Bitcoin's original white paper. Lately, he has been getting more involved with Bitcoin treasury companies, showing that this kind of financing still appeals to prominent Bitcoin investors.
What This Means for Investors
For European crypto followers, the big takeaway is that publicly listed companies are putting Bitcoin on their balance sheets more visibly. At the same time, Capital B shows how these purchases often come with heavy dilution for existing shareholders, especially if all the warrants are used later. The company also wants to reverse split every 10 existing shares into 1 on September 8, with the warrant ratio and exercise prices adjusted proportionally.
