Key Highlights
- Capital B completed a €15.2 million ($17.8 million) private placement with institutional backers.
- Approximately €14.4 million in net proceeds will fund the acquisition of 182 BTC.
- Adam Back expanded his position and will own 13.43% of Capital B following the transaction.
- Blockstream Capital Partners will maintain a 14.42% stake in the company after the funding closes.
- TOBAM will expand its ownership position to 4.20% upon completion of the placement.
Capital B has completed a €15.2 million ($17.8 million) private placement with institutional backers. The French Bitcoin treasury firm announced the funding round on May 11 and detailed its strategy for deploying capital. The company intends to direct the majority of funds toward purchasing 182 BTC to grow its reserve position.
Capital B Targets 3,125 BTC After Successful Institutional Funding Round
Capital B completed the raise by issuing 23 million newly minted shares priced at €0.66 each to investors spanning the United States and Europe. Maxim Group served as the lead placement agent for the transaction, with Marex providing co-management services. The company attached four warrants to every share sold, featuring multiple exercise price tiers.
The company projects net proceeds of roughly €14.4 million following the placement. These funds will enable the immediate purchase of 182 BTC. According to bitcointreasuries.net, Capital B presently maintains 2,943 BTC in reserves.
Once the purchase completes, Capital B will hold approximately 3,125 BTC in total. The company stated it possesses sufficient operational capital to execute the acquisition without delay. The placement structure aligns with Capital B’s Bitcoin-focused treasury approach.
Capital B included warrants in the offering that provide potential for additional capital raises down the line. Full warrant exercise could generate €99.1 million for the company. Exercise prices span from €0.86 to €1.46 per share across three distinct tranches.
Complete warrant conversion would result in the creation of over 92 million additional shares. The company provided these specifications in its official funding disclosure. The private placement is scheduled to finalize as soon as May 13.
Adam Back Expands Ownership Position in Capital B
Adam Back contributed to the placement and grew his stake in Capital B. In early May, he acquired 10 million warrants worth €1.1 million. After this recent transaction concludes, his ownership will reach 13.43% of the company on a standard basis.
Back’s participation continues his ongoing investment in the organization. He maintains an advisory role with Blockstream Capital Partners, which will own 14.42% following the placement. The company disclosed these ownership percentages in its official statement.
French investment management firm TOBAM participated in the round and expanded its holdings. Upon closing, TOBAM will control 4.20% of Capital B. The company verified that institutional participants comprised the investor base for this offering.
Capital B formerly went by The Blockchain Group before adopting its current name in July 2025. The rebrand accompanied a strategic pivot toward a Bitcoin treasury model emphasizing growth in holdings per fully diluted share. The company indicated this framework drives its capital deployment priorities.
Several other European companies have pursued funding tied to Bitcoin reserves. Connecting Excellence Group, listed in the UK, obtained financial support from Adam Back earlier this year. Separately, Nakamoto introduced derivatives products connected to its Bitcoin treasury position.
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