Capital B, the France-listed company formerly known as The Blockchain Group, announced Monday it has completed three capital increases raising roughly €17.15 million ($20 million), deploying €13 million of that sum to buy 192 bitcoin worth $15.1 million.
Breakdown of Three Fundraising Tranches
The bulk — nearly €15.2 million — came from a private placement involving more than 23 million ABSA shares, each bundled with four share subscription warrants. The placement was marketed to investors in the U.S., Europe and other jurisdictions, with Maxim Group acting as lead placement agent and Marex as co-manager. An additional €850,000 was secured through an ATM-style equity agreement with French asset manager TOBAM. A further €1.1 million came from warrants subscribed by Blockstream CEO Adam Back.
Capital B said the proceeds were allocated to bitcoin purchases, consistent with plans outlined during last week's fundraising disclosure.
Bitcoin Treasury Swells to 3,135 BTC
Following the transaction, the company's total bitcoin holdings climbed to 3,135 BTC. The treasury was accumulated at a combined cost of roughly $330 million, implying an average acquisition price of $105,270 per bitcoin. The company has repositioned itself around a bitcoin treasury strategy that aims to increase bitcoin held per fully diluted share over time.
Key Participants and Warrant Terms
Institutional backers include Adam Back (whose stake is expected to rise to 13.43% on an ordinary basis after the placement), Blockstream Capital Partners (advised by Back, holding 14.42%), and TOBAM (projected to own 4.20%).
Each new share in the private placement carries four warrants split across three exercise price levels: two Warrant 2026-03 instruments at €0.86 per share, and single warrants 2026-04 and 2026-05 at €1.12 and €1.46, respectively. If all warrants are exercised, Capital B could raise an additional €99.1 million through the issuance of more than 92 million new shares.
From Blockchain Group to Bitcoin Treasury Play
Capital B rebranded from The Blockchain Group in July 2025, signaling a full pivot to a bitcoin treasury strategy. The latest purchase reinforces its position as one of the largest bitcoin-holding publicly traded companies in Europe.