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Capital B has announced a €15.2 million capital raise via a private placement on Euronext Growth Paris. The Bitcoin Treasury Company issued shares with four share subscription warrants attached to each share, known as ABSA, at €0.66 per unit.
Global institutional investors participated in the offering, alongside strategic investors Adam Back and TOBAM. The company said the proceeds will be used to accumulate additional bitcoin and strengthen its balance sheet.
Capital B issued 23,038,844 ABSA units on May 10, 2026, at €0.66 each. The placement raised €15,205,637 before fees and transaction expenses. Net proceeds are estimated at €14.4 million after deducting associated costs, with the issuance price based on the average VWAP over the last five trading days before pricing.
According to the official announcement, Capital B plans to acquire 182 additional BTC with the funds. That would bring the company’s potential total holdings to 3,125 BTC.
The treasury strategy focuses on growing the number of bitcoin per fully diluted share over time, a model that the company said continues to attract institutional capital from European and global investors.
Following the placement, Adam Back’s shareholding increased from 37,573,329 to 40,146,541 shares. TOBAM’s stake also rose, from 8,525,707 to 12,563,586 shares.
Maxim Group LLC served as Lead Placement Agent for the transaction, while Marex S.A. acted as Co-Manager on a best-efforts basis.
After the placement, Capital B’s total share capital reached €11,957,970.44. The new shares will trade under ISIN FR0011053636 on Euronext Growth Paris.
Each ABSA unit carries four warrants with staggered exercise prices over a five-year maturity. Two Warrant 2026-03 units have an exercise price of €0.86 each. One Warrant 2026-04 is priced at €1.12, and one Warrant 2026-05 at €1.46.
Full exercise of all 92,155,376 warrants could generate an additional €99.1 million for the company.
Capital B also has the option to trigger an accelerated warrant exercise period if its VWAP exceeds 130% of a warrant’s exercise price over 20 consecutive trading days. The company would then have 20 days to notify holders and open the accelerated exercise window, after which any unexercised warrants would become null and void.
The offering complied with both U.S. and European securities regulations. In the U.S., ABSAs were offered to Qualified Institutional Buyers under Rule 144A. In the EU, the offering targeted qualified investors under the Prospectus Regulation, and the transaction did not require a prospectus approved by France’s AMF.
On dilution, the company said a shareholder holding 1% before the placement would see that stake fall to 0.92% on a non-diluted basis and to 0.66% on a fully diluted basis. If all warrants are exercised, non-diluted holdings would further reduce to 0.71%, while diluted holdings would decrease to 0.54%.
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