Capital B has secured fresh institutional funding to expand its Bitcoin treasury strategy, with the company projecting its holdings could surpass 3,100 BTC following the latest raise.
Key Takeaways
- Capital B raised €15.2 million, or $17.8 million, through a private placement with institutional investors.
- The company said the funds could help increase its Bitcoin holdings from 2,943 BTC to 3,125 BTC.
- Blockstream CEO Adam Back and French asset manager TOBAM participated in the funding round.
- Capital B could unlock another €99.1 million if all attached warrants are exercised.
What Happened?
France listed Bitcoin treasury company Capital B announced a €15.2 million private placement aimed at accelerating its Bitcoin accumulation strategy. The funding round attracted major institutional investors, including Adam Back, CEO of Blockstream, and Paris based asset manager TOBAM.
According to the company, the new capital alongside ongoing operations could support the purchase of another 182 BTC. If completed, Capital B’s total Bitcoin holdings would rise to 3,125 BTC from its current 2,943 BTC.
🟠 Capital B announces a €15.2 million capital raise with global institutional investors, including strategic investors Adam Back and TOBAM, to accelerate its Bitcoin Treasury Company strategy ⚡️
— Capital B (@_ALCPB) May 11, 2026
Full Press Release (EN): https://t.co/ybOWbME9oK
Full Press Release (FR):…
Capital B Continues Aggressive Bitcoin Treasury Expansion
Capital B has increasingly positioned itself as one of Europe’s most active publicly traded Bitcoin treasury firms. The company, formerly known as The Blockchain Group, rebranded in July 2025 to align fully with its Bitcoin focused balance sheet strategy.
The latest funding round highlights the company’s continued commitment to accumulating Bitcoin through capital market activity rather than relying solely on operating cash flow.
The private placement involved the issuance of 23 million shares with attached warrants priced at €0.66 per ABSA. Capital B expects net proceeds of around €14.4 million after fees.
The company stated that the funds would primarily support further Bitcoin purchases while strengthening its long term treasury strategy.
Warrant Structure Could Unlock More Capital
A major part of the transaction involves a layered warrant structure tied to the newly issued shares.
Each share includes four warrants spread across different exercise levels:
- Two Warrant 2026 to 03 instruments exercisable at €0.86 per share.
- Warrant 2026 to 04 exercisable at €1.12 per share.
- Warrant 2026 to 05 exercisable at €1.46 per share.
If all warrants are exercised, Capital B said it could raise an additional €99.1 million through the issuance of more than 92 million additional shares.
The company believes this structure creates a long runway for future Bitcoin accumulation, although it also introduces dilution risks for existing shareholders.
Company filings showed that an investor holding 1% of Capital B before the transaction would see their stake reduced to 0.92% after the placement closes. Full warrant exercise would lower the same position further to 0.71%.
Adam Back Deepens Support for Capital B
The latest raise also expands Adam Back’s involvement with the company.
Earlier this month, Capital B disclosed that Back subscribed to 10 million warrants worth €1.1 million. Those warrants included share purchase rights priced at €0.84 each.
Following the latest funding round, Capital B expects Back to control 13.43% of the company on an ordinary basis. Blockstream Capital Partners, advised by Back, is projected to hold 14.42%, while TOBAM’s stake is expected to rise to 4.20%.
The continued backing from Bitcoin focused investors is viewed as an important signal for Capital B’s treasury model, especially as some firms in the sector have recently adopted more defensive strategies.
Bitcoin Treasury Firms Take Different Paths
While Capital B and UK listed Connecting Excellence Group recently raised capital with support from Adam Back, other Bitcoin treasury companies have taken a more cautious approach.
Nasdaq listed Nakamoto previously disclosed a derivatives strategy tied to its Bitcoin reserves after reporting the sale of 284 BTC in an SEC filing. Meanwhile, Genius Group announced earlier this year that it liquidated its entire Bitcoin treasury to repay debt obligations.
Capital B currently ranks as the 25th largest corporate Bitcoin holder and remains Europe’s second largest Bitcoin treasury company behind Germany’s Bitcoin Group SE.
CoinLaw’s Takeaway
In my experience, institutional investors usually become far more selective during uncertain market conditions, which makes this raise particularly important for Capital B. I found it notable that the company is still attracting serious backing for an aggressive Bitcoin accumulation strategy while other treasury firms are shifting toward risk reduction and debt management.
The bigger question now is whether Capital B can continue growing its Bitcoin holdings faster than shareholder dilution. If Bitcoin prices remain strong and warrant exercises bring in more capital, the company could become one of Europe’s most closely watched Bitcoin treasury firms.
