Capital B, a Paris-listed European bitcoin treasury company, announced on May 11, 2026, that it successfully raised €15.2 million (approximately $16 million) in a private placement to expand its bitcoin holdings. The funding round was supported by Blockstream CEO Adam Back, French quantitative asset manager TOBAM, and other institutional investors.
According to the official announcement, Capital B sold 23,038,844 units at €0.66 per unit, each comprising one ordinary share and four warrants. Net proceeds after fees amount to approximately €14.4 million. The company plans to use these funds to acquire roughly 182 bitcoins, increasing its total holdings from 2,943 BTC to approximately 3,125 BTC.
Following the transaction, Adam Back holds about 13.43% of Capital B’s ordinary shares, while Blockstream Capital Partners, for which he serves as an advisor, holds approximately 14.42%. TOBAM holds roughly 4.2% of the shares. Notably, Back had also participated in a separate €1.1 million warrant transaction in early May 2026, demonstrating his continued confidence in the company’s direction.
Warrant Structure and Future Funding Potential
The warrants attached to this placement feature stepped exercise prices: two warrants at €0.86 (series 2026-03), one at €1.12 (series 2026-04), and one at €1.46 (series 2026-05), with a five-year exercise period. If all warrants are fully exercised, Capital B would issue an additional 92,155,376 shares, raising approximately €99.1 million and significantly boosting its capacity to purchase bitcoin. The company also retains the right to accelerate warrant exercise at its discretion if the 20-day volume-weighted average price (VWAP) exceeds 130% of the relevant exercise price.
Capital B rebranded from its prior identity as a data intelligence, AI, and decentralized tech consulting firm in late 2024 to become a pure-play bitcoin treasury company. Its average bitcoin acquisition cost is currently around €92,000 per coin. The firm has set an interim target of holding 15,000 BTC by the end of 2027, with a long-term goal of accumulating roughly 210,000 BTC (1% of bitcoin’s total supply) by 2033.
To fund its bitcoin purchases, Capital B employs various fundraising methods including share issuance, convertible bonds, and at-the-market (ATM) programs, rather than relying solely on operating cash flow. The company’s shares trade on Euronext Growth Paris under the ticker ALCPB and on the US OTC market as CPTLF. The new shares issued in this placement will trade on the same line as existing shares, with the transaction expected to close around May 13, 2026.