Capital B, the Euronext Growth Paris-listed Bitcoin treasury company, has completed a €21 million private placement to support further purchases of the cryptocurrency. The transaction, announced on August 28, involves institutional investors and is structured to fund the firm’s ongoing accumulation strategy at a time when many peers in the sector are reducing exposure.

Details of the Private Placement

The company issued 36,219,070 new shares, each accompanied by four subscription warrants, at a price of €0.58 per unit. Gross proceeds totaled €21,007,060.60, with net proceeds estimated at approximately €19.9 million after fees and expenses. Maxim Group served as the sole placement agent on a best-efforts basis.

The subscription price aligned with the average volume-weighted share price over the five trading days preceding the pricing and represented a discount relative to the prior closing level. Closing is expected as early as August 31, subject to standard technical requirements.

Each unit includes warrants with five-year maturities and exercise prices of €0.75, €0.98 and €1.27. Full exercise of the 144,876,280 warrants could generate an additional €135.8 million through the issuance of further ordinary shares. The company retains the ability to accelerate the exercise period if its 20-day volume-weighted average price exceeds 130 percent of the applicable warrant exercise price. Warrants are not scheduled for public trading, though shares issued upon exercise would be listed.

Bitcoin Acquisition Plans and Current Holdings

Capital B intends to deploy the net proceeds, together with existing operating resources, toward the potential acquisition of approximately 270 Bitcoin. Successful completion of those purchases would raise the company’s total holdings from around 3,145 BTC to approximately 3,415 BTC.

As of mid-August the firm held 3,145 BTC following a small recent purchase of five Bitcoin. At prevailing market prices the current treasury is valued near $250 million. The planned increase would position Capital B just behind Bitcoin Group SE, which holds 3,605 BTC, among publicly traded corporate Bitcoin holders. The largest such treasury remains far ahead with more than 843,000 BTC.

Investor Participation and Ownership Changes

Participants in the placement include Blockstream co-founder Adam Back and Paris-based asset manager TOBAM, both of which are increasing existing stakes. Following the closing, Adam Back’s ordinary ownership is projected to rise from 12 percent to 14.82 percent, while TOBAM’s holding is expected to move from 2.87 percent to 3.29 percent. Blockstream Capital Partners’ stake is set to adjust from 21.74 percent to 19.59 percent.

Existing shareholders who did not participate face dilution. A 1 percent holder prior to the placement would see that interest fall to roughly 0.90 percent after the share issuance and potentially to 0.65 percent if all warrants are exercised.

Corporate Actions and Broader Context

A one-for-ten reverse stock split is scheduled for September 8. After the split each warrant will represent one-tenth of a share, with adjusted exercise prices of €7.50, €9.80 and €12.70 for a full post-split share.

The fundraising occurs against a backdrop of significant pressure across the Bitcoin treasury sector. Public companies focused on Bitcoin reserves have collectively lost roughly $80 billion in market value since mid-2025, with the majority of the 50 largest now trading below the levels at which they first disclosed Bitcoin purchases. While some smaller peers have sold holdings, Capital B has continued to expand its position through successive equity raises, including a €15.2 million placement earlier in the year that supported additional Bitcoin acquisitions.

In June shareholders approved expanded financing authority, authorizing potential capital increases of up to €5 billion and substantial credit capacity to support the treasury strategy. The latest private placement was conducted without pre-emptive rights for existing shareholders and was offered to selected qualified institutional buyers and accredited investors under applicable exemptions. Shares responded positively on the announcement day, rising more than 12 percent intraday at one point.

Any Bitcoin purchases remain subject to completion of the placement and separate confirmation by the company. The securities issued have not been registered for public offering in the United States.