Capital B Raises €15.2M to Acquire an Additional 182 Bitcoins
On Monday, Capital B announced a fundraising of €15.2 million from international institutional investors, including Adam Back and TOBAM, through a share issue with attached warrants. This operation aims to accelerate the accumulation of bitcoins as a long-term reserve asset and to continue the development of its operational activities.
Bitcoin Accumulation through Share Issue with Warrants
Capital B is issuing 23,038,844 shares with 4 attached share subscription warrants (ABSA) per share, priced at €0.66 per ABSA. The gross proceeds amount to €15.2 million, with net proceeds estimated at €14.4 million after expenses.
Each subscribed share entitles the holder to 2 warrants 2026-03 (exercise price €0.86), 1 warrant 2026-04 (€1.12), and 1 warrant 2026-05 (€1.46). If all issued warrants are fully exercised, this would represent an additional capital increase of €99.1 million through the issuance of 92,155,376 ordinary shares.
The issue price corresponds to the weighted average price (VWAP) of the last five trading days before the price setting, representing a premium of 1.51% over the closing price on May 8, 2026.
Use of Funds and Structure of the Operation
The raised funds will primarily be used to strengthen Capital B's balance sheet through the accumulation of bitcoins. The net proceeds are expected to enable the acquisition of approximately 182 additional bitcoins, bringing the company's potential total holdings to 3,125 bitcoins.
Maxim Group LLC acts as the lead placement agent, with Marex S.A. as co-manager. The settlement-delivery is expected to occur no earlier than May 13, 2026. The issued shares will be admitted to trading on Euronext Growth Paris under the same ISIN code (FR0011053636) as the existing shares.
