Key Takeaways
- • Capital B raised €21 million ($24.5 million) through private placement on August 28, 2026, with institutional investors including Blockstream co-founder Adam Back and Paris-based asset manager TOBAM as lead backers.
- • Net proceeds of approximately €19.9 million are earmarked for Bitcoin purchases and balance-sheet support, with the company stating the financing could enable acquisition of an additional 270 BTC, raising total holdings from 3,145 to approximately 3,415 bitcoins.
- • Subscription price of €0.58 per unit (36.2 million shares) represents a 6.45% discount to the August 27 closing price, with each share carrying four warrants exercisable over five years at €0.75, €0.98, and €1.27 price points.
- • Full warrant exercise across all three classes could generate €135.8 million in additional capital, though realization remains contingent on investor decisions and future price performance.
- • Transaction closing is scheduled for August 31, 2026, preceding a one-for-ten reverse stock split scheduled for September 8, 2026; Capital B trades on Euronext Growth Paris.
Summary
Capital B, a Euronext Growth Paris-listed Bitcoin treasury company, closed a €21 million private placement on August 28, 2026, to fund expansion of its digital asset holdings. The financing brought together institutional capital from Blockstream co-founder Adam Back and TOBAM, a Paris-based asset manager, alongside other qualified investors subscribing at €0.58 per unit across 36.2 million shares.
The subscription price matched Capital B's five-day volume-weighted average share price and incorporated a 6.45% discount relative to the August 27 closing price. Each unit consists of one ordinary share and four warrants with staggered exercise prices (€0.75, €0.98, €1.27) and five-year maturities. The company expects to net approximately €19.9 million after placement fees and transaction costs.
Capital B intends to deploy net proceeds primarily toward additional Bitcoin acquisitions, combined with operating resources, to purchase approximately 270 BTC. If acquisition targets are fully executed, the company would increase its existing Bitcoin holdings from 3,145 BTC to roughly 3,415 BTC. The purchase has not yet occurred as of the announcement date. Full exercise of all warrant tranches could generate up to €135.8 million in additional capital, though actual realization depends on future pricing and investor exercise decisions.
The transaction is expected to close on August 31, 2026, with Capital B subsequently executing a one-for-ten reverse stock split scheduled for September 8, 2026. The financing underscores the institutional investor appetite for corporate Bitcoin treasury strategies in Europe and signals confidence in Capital B's operational model from established cryptocurrency infrastructure players, particularly Blockstream, which has positioned itself as a key infrastructure provider in the digital asset ecosystem.
The subscription price matched Capital B's five-day volume-weighted average share price and incorporated a 6.45% discount relative to the August 27 closing price. Each unit consists of one ordinary share and four warrants with staggered exercise prices (€0.75, €0.98, €1.27) and five-year maturities. The company expects to net approximately €19.9 million after placement fees and transaction costs.
Capital B intends to deploy net proceeds primarily toward additional Bitcoin acquisitions, combined with operating resources, to purchase approximately 270 BTC. If acquisition targets are fully executed, the company would increase its existing Bitcoin holdings from 3,145 BTC to roughly 3,415 BTC. The purchase has not yet occurred as of the announcement date. Full exercise of all warrant tranches could generate up to €135.8 million in additional capital, though actual realization depends on future pricing and investor exercise decisions.
The transaction is expected to close on August 31, 2026, with Capital B subsequently executing a one-for-ten reverse stock split scheduled for September 8, 2026. The financing underscores the institutional investor appetite for corporate Bitcoin treasury strategies in Europe and signals confidence in Capital B's operational model from established cryptocurrency infrastructure players, particularly Blockstream, which has positioned itself as a key infrastructure provider in the digital asset ecosystem.
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