Capital B is asking shareholders to approve up to €5 billion in new equity issuance and as much as €116 billion in credit instruments, a move that would sharply expand its fundraising capacity for future Bitcoin purchases. The French Bitcoin treasury company said its holdings have now reached 3,139 BTC.
The proposal was presented Monday by Alexandre Laizet, the company’s board director of Bitcoin Strategy, in a post on X. Shareholders have until June 17 to vote before the combined general meeting. Under the plan, Capital B would be authorized to issue up to 125 billion new shares based on the current nominal share value of €0.04, while also setting up a large pool of debt and credit instruments. Laizet said the aim is to accelerate the firm’s Bitcoin accumulation strategy and increase the amount of Bitcoin per fully diluted share over time.
Fresh capital has already been deployed into Bitcoin
The request comes only weeks after a series of fundraising rounds backed by institutional investors. Company disclosures show Capital B has already raised about $325 million to support its treasury strategy. Earlier in May, it completed a €15.2 million private placement that included participation from Blockstream CEO Adam Back and Paris-based asset manager TOBAM.
Part of those proceeds was used to buy 192 BTC for roughly €13 million, bringing the company’s holdings to 3,135 BTC at that point. A separate announcement on Monday disclosed another purchase of 4 BTC, lifting the total to 3,139 BTC. Filings from the May raise also showed the company issued more than 23 million shares with attached warrants to institutional investors across the U.S., Europe and other jurisdictions. If all warrants are exercised, Capital B said it could bring in another €99.1 million through the issuance of more than 92 million new shares.
Ownership shifts tied to the placement
Following the placement, Adam Back’s ownership would reportedly rise to 13.43% on an ordinary basis. Blockstream Capital Partners, advised by Back, would hold 14.42%, while TOBAM’s stake was projected to increase to 4.20%. Before its planned July 2025 rebrand to Capital B, the company operated as The Blockchain Group, with a stated focus on increasing Bitcoin held per fully diluted share over time.
Capital B expands as other treasury firms cut exposure
Capital B’s push for a much larger financing envelope comes at a time when several public Bitcoin treasury companies have moved the other way. Last week, France-based semiconductor company Sequans Communications said it had ended its digital asset treasury strategy and would return its focus to Internet of Things semiconductor operations. The company disclosed holdings of 658 BTC, worth about $48 million, and said it planned to monetize the remaining position over time. Its shares rose about 14.5% in morning trading after the announcement.
Strategy also reported Monday that it sold 32 BTC to fund distributions linked to its preferred stock program. The transaction marked the company’s first reported Bitcoin sale since a tax-loss deal in 2022 and renewed scrutiny around preferred share structures that depend on recurring dividend payments. Earlier this year, Nasdaq-listed Nakamoto disclosed an actively managed Bitcoin derivatives strategy intended to generate income from volatility while hedging part of its Bitcoin reserves. A March 30 filing also showed the company had sold 284 BTC, worth about $20 million at the time.