Capital B Boosts Its Treasury to 3,135 Bitcoins After Three Funding Rounds Totaling €17.15 Million
Capital B (Euronext Growth Paris: ALCPB) announced on Monday the final completion of three financing operations (two capital increases and one issuance of warrants) and the acquisition of 192 bitcoins for 13 million euros. The company, Europe's first Bitcoin Treasury Company, thus brings its total holdings to 3,135 BTC at an average acquisition cost of 90,451 euros per bitcoin.
Three Financing Operations Totaling €17.15 Million
Capital B finalized three fundraising operations conducted between April 20 and May 11, 2026. First, a capital increase of €0.85 million at €0.65 per share was carried out under an ATM capital increase agreement with Tobam, issuing 1,316,551 new ordinary shares. This operation represented a premium of 2.1% over the closing price the day before the announcement. Second, a raise of €1.1 million was made through the issuance of 10 million share subscription warrants (BSA 2026-02) subscribed by Adam Back, a major figure in the Bitcoin ecosystem. Thirdly, a private placement of 23,038,844 shares with 4 attached share subscription warrants (ABSA) raised €15.2 million at €0.66 per ABSA, from international institutional investors including Adam Back and Tobam. This last operation represented a premium of 3.7% over the previous closing price.
Warrants: Accelerated Exercise and Potential Dilution
The 92,155,376 warrants issued in the private placement represent a potential to raise up to an additional €99.1 million if fully exercised. They consist of three tranches with respective exercise prices of €0.86 (BSA 2026-03: 46,077,688 warrants), €1.12 (BSA 2026-04: 23,038,844 warrants), and €1.46 (BSA 2026-05: 23,038,844 warrants), with a maturity of 5 years. Capital B has an accelerated exercise clause: if the average volume-weighted price (VWAP) of the stock exceeds 130% of the exercise price for 20 consecutive trading days, the company can force the exercise over a 20-day trading period. After this period of anticipated exercise, the warrants will become void if not exercised.
Bitcoin Holdings and Financial Performance as of May 18, 2026
As of May 18, 2026, Capital B and its subsidiary Capital B Luxembourg hold a total of 3,135 bitcoins. The group has recorded a BTC Yield of 1.82% since the beginning of the year and 1.09% since the start of the quarter. In terms of acquiring new bitcoins, the group has accumulated 51.3 BTC since the beginning of the year, representing a euro gain of 3.5 million euros over the same period. The total acquisition value of the bitcoins held amounts to 283.6 million euros, based on the average unit price of 90,451 euros. Swissquote Bank Europe, a registered virtual asset service provider in Luxembourg, has handled the acquisitions and entrusted the secure custody of the bitcoins to Taurus, a Swiss blockchain technology company.
