Capital B SA, the French holding company that describes itself as Europe’s first Bitcoin Treasury Company, has finalized a €28.7 million private placement and used the proceeds to buy 376 bitcoin for €25.3 million. The purchase lifts the group’s total treasury to 3,521 BTC, worth about €309.4 million at an average acquisition cost of €87,878 per bitcoin, according to a company press release. The firm, listed on Euronext Growth Paris under the ticker ALCPB, completed the financing through a €1.44 million ATM increase and a share placement subscribed in two tranches.
A Capital Raise Backed by Adam Back and TOBAM
The €28.7 million placement was subscribed by global institutional investors including strategic investors Adam Back and TOBAM, at €0.58 per share, with four subscription warrants attached to each share. The warrants carry exercise prices rising from €0.75 to €1.27 and could raise a further €185.3 million if all are exercised. Capital B said the new shares will be admitted to trading on Euronext Growth Paris, and the warrant structure is designed to fund future bitcoin purchases.
A Growing Bitcoin Treasury
Capital B said the 376 bitcoin were acquired through Swissquote Bank Europe SA, a virtual asset service provider registered with Luxembourg’s CSSF regulator, and will be held in custody using technology from Swiss firm Taurus. The group reported a BTC Yield of 2.17% year to date and a bitcoin gain of 61.3 BTC, reflecting a strategy of increasing the bitcoin held per share over time. Alongside subsidiary Capital B Luxembourg SA, the company now holds 3,521 BTC in its treasury, separate from 61 additional bitcoin kept for operational needs.
Europe’s First Bitcoin Treasury Company
The purchase extends a trend of listed companies treating bitcoin as a reserve asset, following the model popularized by Strategy, the American software firm that has accumulated a large bitcoin hoard. Back, the Blockstream chief executive, has previously defended corporate bitcoin treasuries, arguing that selling bitcoin for dividends is a normal part of treasury management. Capital B presents the acquisition as a continuation of its Bitcoin Treasury Company strategy, in which it seeks to raise the number of bitcoin held per fully diluted share over time.