France-listed Bitcoin treasury company Capital B has raised €15.2 million ($17.8 million) from strategic investors, including Adam Back, CEO of Blockstream, and Paris-based asset management firm TOBAM. The French publicly traded company is seeking to expand its BTC treasury.
The company said on Monday that the new capital was raised through a private placement of shares, with each share accompanied by four stock warrants at a fixed price of $0.78.
The company stated that, combined with funds from ongoing operations, this amount would enable it to purchase an additional 182 bitcoins, increasing its total holdings to 3,125 BTC.
Alexandre Laizet, Capital B’s Head of Bitcoin Strategy on its Board, wrote on X that if all warrants associated with this transaction are exercised, Capital B could raise an additional $116.5 million by issuing approximately 92 million new shares.
This financing round demonstrates that, despite several months of a weakening market environment prompting some companies in the corporate Bitcoin treasury space to adopt more defensive strategies—such as hedging programs, debt reduction, and asset sales—Capital B continues to pursue Bitcoin accumulation.
Just a week ago, Capital B raised $1.3 million from Adam Back to accelerate its Bitcoin treasury strategy.
Capital B raised $17.8 million from Adam Back and Tobam. Source: Capital B
After the capital raise, the Class B share price increased.
Following the Monday announcement, Capital B's stock price rose approximately 4.3%, trading at around €0.67 ($0.79) as of press time.
According to Yahoo Finance, the company's stock has declined by approximately 11% year-to-date.
Capital B stock price, 24-hour chart, in euros. Source: Yahoo Finance
According to Bitcointreasuries data, Capital B is currently the 25th largest Bitcoin treasury company globally, holding 2,943 BTC valued at approximately $237 million. By size, it is the second-largest Bitcoin treasury in Europe, behind Germany’s Bitcoin Group SE.
On April 20, Michael Saylor’s Strategy raised an additional $2.5 billion through the issuance of Stretch (STRC) and the sale of Class A common shares (MSTR). On April 23, XCE raised $794,000 in a funding round supported by Adam Back.
In addition to these financings, no other Bitcoin treasury companies publicly announced funding over the past six weeks. However, some companies are seeking to hedge against downside risks in a bear market.
On April 24, Nasdaq-listed Bitcoin treasury company Nakamoto announced the launch of an actively managed Bitcoin derivatives program designed to generate recurring income from volatility and hedge a portion of its corporate BTC holdings' downside exposure. A month earlier, on March 30, the company disclosed in a filing with the U.S. Securities and Exchange Commission that it had sold 284 Bitcoin (worth approximately $20 million at the time).
According to U.S. Securities and Exchange Commission filings, in early February this year, Bitcoin treasury company Genius Group stated that it had sold its remaining 84 BTC treasury holdings, cashing out approximately $5.7 million, and used the proceeds to repay $8.5 million in debt obligations.