French-listed bitcoin treasury company Capital B has raised €15.2 million ($17.8 million) from strategic investors including Blockstream CEO Adam Back and Paris-based asset manager TOBAM, as it seeks to expand its BTC treasury.
The new capital was raised through a private placement of shares, with four share subscription warrants attached to each share at a fixed price of $0.78, the company said on Monday.
The company said the proceeds, combined with ongoing operations, may allow it to acquire another 182 bitcoins, which could bring its total holdings to 3,125 bitcoins.
If all warrants issued in connection with the deal are exercised, Capital B could raise an additional $116.5 million through the issuance of approximately 92 million additional shares, wrote Alexandre Lazette, Board Director of Bitcoin Strategy at Capital B.
The increase shows that Capital B is still seeking to accumulate Bitcoin while parts of the corporate Bitcoin treasury sector are taking a more defensive stance, including hedging programs, debt reductions and asset sales after months of weaker market conditions.
The company’s latest raise comes a week after Capital B raised $1.3 million from Adam Back to accelerate its Bitcoin treasury strategy.
Capital B raises $17.8M from Adam Back and TOBAM. Source: Capital B
Capital B shares rise after capital increase
Capital B shares rose about 4.3% following the announcement on Monday and were trading at about €0.67 ($0.79) at the time of writing.
The company’s shares are down about 11% year to date, data from Yahoo Finance shows.
Capital B shares, 24-hour chart, in EUR. Source: Yahoo Finance
Capital B is currently the top 25 Bitcoin treasury, holding 2,943 BTC, worth about $237 million. It ranks as the second largest Bitcoin treasury in Europe after Germany’s Bitcoin Group SE, according to Bitcointreasuries data.
Related to: Adam Back says Bitcoin’s post-quantum transformation may reveal Satoshi’s real hideout
On April 20, Michael Saylor’s strategy raised an additional $2.5 billion from the issuance of Stretch (STRC) and sales of Class A common stock (MSTR). On April 23, XCE raised $794,000 in capital in a round backed by Adam Back.
Aside from these raises, no other Bitcoin treasury firm has publicly announced a capital increase over the past six weeks. However, some companies look to hedge against the downside risks of a bear market.
On April 24, Nasdaq-listed bitcoin treasury firm Nakamoto announced an actively managed bitcoin derivatives program that seeks to generate recurring income from volatility and hedge a portion of its company’s bitcoin holdings against downside exposure. A month ago, the company announced the sale of 284 bitcoins (worth about $20 million at the time), in a March 30 filing with the US Securities and Exchange Commission.
Earlier in February, bitcoin treasury firm Genius Group said it sold its remaining 84 bitcoin treasury holdings for about $5.7 million, which it used to pay off an $8.5 million debt obligation, according to a Securities and Exchange Commission filing.
magazine: Bitcoin vs. Quantum Computer Threat – Timeline and Solutions (2025-2035)
