Capital B said it raised €15.2 million, or about $17.8 million, in a private placement aimed at institutional investors. After fees, the company expects net proceeds of roughly €14.4 million. It said the new capital, combined with existing operations, could support the purchase of another 182 BTC and bring its total bitcoin holdings to 3,125 BTC.
In its May 11 release, the company said it issued 23 million shares with attached warrants at €0.66 per ABSA. The offering was reserved for institutional investors in the U.S., Europe, and other jurisdictions. Capital B said the placement drew global investors, including Blockstream CEO Adam Back and French asset manager TOBAM. Maxim Group acted as lead placement agent, while Marex served as co-manager.
Warrant structure could unlock another €99.1 million
Each newly issued share comes with four warrants split across three exercise price tiers. According to the company, two Warrant 2026-03 instruments can be exercised at €0.86 per share, while Warrant 2026-04 and Warrant 2026-05 carry strike prices of €1.12 and €1.46. If all of the warrants are exercised, Capital B said it could raise an additional €99.1 million through the issuance of more than 92 million new shares.
Back’s latest participation adds to an existing position disclosed earlier this month. Capital B had previously said that Adam Back subscribed to 10 million warrants worth €1.1 million, or about $1.28 million, with each warrant granting the right to buy a share at €0.84.
Ownership and dilution details after the placement
Following the latest financing, Capital B said Back is expected to control 13.43% of the company on an ordinary basis. Blockstream Capital Partners, which is advised by Back, would hold 14.42%, while TOBAM’s ownership would rise to 4.20%.
The company also outlined the dilution effect on existing shareholders. An investor holding 1% before the issuance would see that stake reduced to 0.92% after the placement closes on a non-diluted basis. If all warrants are later exercised, the same stake would fall to 0.71%.
Bitcoin treasury strategy remains the core model
Capital B previously operated as The Blockchain Group. The company said it rebranded in July 2025 after restructuring around a bitcoin treasury model, with a stated goal of increasing the amount of bitcoin held per fully diluted share over time. Earlier company disclosures cited by bitcointreasuries.net showed that it currently holds 2,943 BTC.
Other listed bitcoin treasury firms have taken different approaches to balance sheet management. The report noted that Capital B and UK-listed Connecting Excellence Group both raised capital with backing from Adam Back in recent weeks. Nasdaq-listed Nakamoto disclosed in April that it had launched a derivatives strategy tied to its bitcoin reserves, after previously reporting the sale of 284 BTC in an SEC filing. Genius Group, by contrast, said in February that it liquidated its entire bitcoin treasury to repay debt obligations.