Capital B Raises $17.8 Million to Expand Bitcoin Treasury Holdings

Capital B has raised €15.2 million ($17.8 million) through a private placement aimed at expanding its bitcoin reserves, as publicly listed companies continue experimenting with crypto-focused balance sheet strategies.

The Paris-listed company announced on May 11 that the financing was subscribed by institutional investors, including Adam Back and French asset manager TOBAM. The transaction involved the issuance of 23 million shares bundled with warrants at a subscription price of €0.66 per unit.

The offering could support the acquisition of an additional 182 BTC, potentially increasing Capital B’s total bitcoin holdings to 3,125 BTC from its previously reported 2,943 BTC. The funding also highlights how European bitcoin treasury firms are increasingly relying on structured equity financing instead of traditional debt markets, allowing companies to raise capital while linking future funding capacity to share-price performance.

The raise reflects a growing trend among smaller listed firms seeking exposure to bitcoin through corporate treasury accumulation rather than traditional operating expansion. For Capital B, previous transactions such as the Capital B €3 million warrants TOBAM UTXO financing further illustrate how the company has steadily built its bitcoin treasury through successive capital-market raises. While similar strategies were previously associated mainly with larger U.S. firms such as Strategy, European companies have increasingly adopted comparable models over the past year.

Capital B said net proceeds from the transaction are expected to total approximately €14.4 million after fees and expenses. U.S.-based Maxim Group acted as lead placement agent, while Marex served as co-manager.

Warrant Structure Could Unlock another €99 Million

The financing also includes a large warrant component that may significantly expand the company’s capital base over time. xEach share issued in the placement carries four warrants split across three exercise tranches. Two warrants can be exercised at €0.86 per share, while the remaining warrants have strike prices of €1.12 and €1.46.

If investors exercise all issued warrants, Capital B estimates it could raise an additional €99.1 million through the issuance of more than 92 million shares over the next five years. Unlike convertible debt structures commonly used by some bitcoin treasury firms, Capital B’s warrant-based approach avoids immediate repayment obligations while giving investors long-term upside exposure tied to the company’s bitcoin accumulation strategy.

The structure gives the company access to future capital if its share price continues rising, though it also introduces potential shareholder dilution. Company filings show that an investor owning 1% of Capital B before the transaction would see that stake decline to 0.92% immediately after the placement and to 0.71% if all warrants are exercised.

Following the financing, Adam Back’s direct ownership stake is expected to rise to 13.43% on a non-diluted basis, while Blockstream-linked entities would control more than 14% of the company. TOBAM’s stake would increase to roughly 4.2%.

The participation of both Blockstream-linked investors and TOBAM also reflects growing overlap between crypto-native capital and traditional European asset managers seeking regulated exposure to bitcoin-focused corporate strategies.

Capital B, formerly known as The Blockchain Group, restructured its business and rebranded in 2025 around a bitcoin treasury model. The company continues operating subsidiaries focused on data intelligence, artificial intelligence consulting, and decentralized technology development alongside its treasury activities. Earlier financing activity, including the Capital B €2.8 million convertible bond conversion, also highlighted the company’s broader use of structured capital markets to support its long-term bitcoin accumulation strategy.

That operating structure differentiates Capital B from some treasury-focused peers because the company still maintains revenue-generating technology and consulting businesses alongside its bitcoin reserve strategy.

Bitcoin Treasury Strategies Gain Traction, but Risks Remain

Corporate bitcoin accumulation strategies have accelerated in 2026 as firms attempt to attract investors seeking indirect exposure to digital assets through publicly traded equities.

Several treasury-focused companies have raised capital in recent months despite continued volatility in cryptocurrency markets. UK-listed Connecting Excellence Group recently disclosed bitcoin-related financing activity backed by Adam Back, while Nasdaq-listed Nakamoto expanded derivatives strategies tied to its bitcoin reserves.

Other companies have faced pressure from debt obligations and falling crypto prices. Earlier this year, Genius Group disclosed the liquidation of its entire bitcoin treasury to repay liabilities.

The contrasting approaches across treasury companies show that firms are increasingly treating bitcoin reserves as an active balance-sheet strategy rather than a passive long-term holding, with some prioritizing leverage, derivatives, or liquidity management depending on market conditions.

Analysts have noted that treasury-based crypto strategies can amplify both upside and downside risk. Rising bitcoin prices may boost balance sheets and attract equity investors, but prolonged market declines can pressure companies that rely heavily on digital assets as reserve holdings.

For Capital B, the latest raise signals that institutional appetite for treasury-focused bitcoin exposure remains active, particularly among investors aligned with long-term bitcoin accumulation strategies.