Capital B disclosed that, on August 28, it announced the completion of a €21 million private placement targeting institutional investors, with participants including Adam Back, co-founder of Blockstream, and Paris-based asset management firm TOBAM. The company stated that net proceeds, after fees, amounted to approximately €19.9 million, primarily to continue acquiring Bitcoin and to support its balance sheet.
Funds can support approximately 270 bitcoins.
According to the company, if this funding is combined with existing operational resources, it could support up to approximately 270 additional bitcoins in holdings. However, these purchases have not yet occurred and will require separate confirmation by the company after the transaction is completed.
If fully executed, Capital B’s Bitcoin holdings will increase from 3,145 to approximately 3,415 BTC. The company also stated that this offering is expected to be completed no earlier than August 31, though technical processes may cause a brief delay.
- The total amount raised in this funding round is 21 million euros.
- The expected net proceeds are approximately €19.9 million.
- Approximately 270 BTC in potential new positions
The funds corresponding to the warrant have not been secured.
In addition to the confirmed funding, Capital B may receive an additional €135.8 million upon full exercise of the warrants. According to the disclosure, a total of 144,876,280 warrants are attached, but this amount is not part of the confirmed financing.
The company stated that the accelerated exercise period will be open for 20 trading days, after which any unused warrants will expire. Therefore, whether this potential capital is realized still depends on investor choices and the prevailing price conditions at that time.
Reverse stock split effective September 8
Capital B disclosed that, following this transaction, Adam Back’s common stock ownership is expected to increase from 12% to 14.82%, TOBAM’s from 2.87% to 3.29%, and Blockstream Capital Partners’ from 21.74% to 19.59%.
The company also stated that a 1-for-10 reverse stock split will be implemented on September 8, and the associated warrant ratios will be adjusted accordingly. This offering is expected to be completed prior to the split.
Capital B previously expanded its Bitcoin treasury through a similar approach. In May of this year, the company completed a €15.2 million institutional placement, using a portion of the proceeds to purchase €13 million worth of Bitcoin, adding 192 BTC to its holdings.
Additional Information: This securities offering is directed solely to selected qualified institutional buyers and accredited investors in the United States under an exemption from registration and does not constitute a public offering in the United States; Maxim Group is acting as the exclusive placement agent in this transaction but assumes no underwriting obligation.