European bitcoin treasury company Capital B (listed in Paris under ticker ALCPB) announced on May 11, 2026, the closing of a €15.2 million private placement backed by institutional investors, including Blockstream CEO Adam Back and French asset manager TOBAM. The funds will be used to expand the firm’s bitcoin holdings as it pushes toward an intermediate goal of holding 15,000 BTC by the end of 2027.
Deal Details
Capital B sold 23,038,844 units, each comprising one ordinary share and four share subscription warrants, at a price of €0.66 per unit. Net proceeds after fees total approximately €14.4 million, earmarked to purchase roughly 182 additional bitcoin, bringing total holdings from 2,943 BTC to approximately 3,125 BTC. If all warrants are fully exercised, the company could raise an additional €99.1 million through the issuance of 92,155,376 new shares.
Warrants are exercisable over five years at escalating prices: two tranches at €0.86, one at €1.12, and one at €1.46. Capital B retains the right to accelerate exercise if its 20-day volume-weighted average price exceeds 130% of the relevant exercise price. Maxim Group LLC acted as lead agent, with Marex S.A. as co-manager. The closing is expected on or around May 13, 2026.
Investor Lineup
Adam Back, inventor of Hashcash and CEO of Blockstream, participated in the round. Following the transaction, Back holds approximately 13.43% of Capital B on an ordinary share basis, while Blockstream Capital Partners (which Back advises) holds about 14.42%. TOBAM, a French quantitative asset manager with a crypto focus, holds approximately 4.2% post-transaction. Back also subscribed to a separate €1.1 million warrant transaction in early May 2026, signaling continued confidence in the company’s direction.
Ambitious Bitcoin Treasury Targets
Capital B pivoted to a bitcoin treasury strategy in late 2024, structuring operations around increasing bitcoin per fully diluted share over time. The company has an intermediate target of 15,000 BTC by the end of 2027 and a long-term goal of accumulating roughly 210,000 BTC (1% of Bitcoin’s total supply) by 2033. It funds purchases through equity raises, convertible instruments, and at-the-market programs. Current average acquisition cost across its holdings stands at approximately €92,000 per bitcoin.
Capital B also runs subsidiaries focused on data intelligence, AI, and decentralized technology consulting. The firm will continue leveraging capital markets to drive its bitcoin accumulation strategy.