Capital B raises $24.5M for Bitcoin purchases as Adam Back joins investors
Capital B secures fresh funds for Bitcoin expansion
French Bitcoin treasury company Capital B announced on August 28 that it has raised €21.0 million ($24.5 million) through a private placement of shares. The move adds to the company's existing Bitcoin holdings as it looks to expand its treasury strategy.
The fundraising effort drew support from notable figures in the cryptocurrency space, including Adam Back and asset manager TOBAM. Back is a well-known cypherpunk and serves as the CEO of BlockStream, a blockchain development firm focused on Bitcoin-centric technology.
Key investment details and potential capital
- Raised amount: €21.0 million ($24.5 million).
- Share price: €0.58 per ABSA (a share bundled with four warrants).
- Potential additional capital: Up to €135.8 million ($158 million) if all warrants are exercised.
- Planned Bitcoin purchase: 270 BTC.
- New total holdings: 3,415 BTC.
Warrants are financial instruments that give the holder the right to buy shares at a specific price in the future. If Capital B exercises all issued warrants, the company could see a further capital injection of nearly €136 million. The company also reserves the right to accelerate this process if its share price rises above certain thresholds.
Bitcoin holdings and market position
Capital B plans to use the proceeds from this raise to acquire 270 Bitcoin (BTC), which will bring its total holdings to 3,415 BTC. According to CoinMarketCap data, the company currently ranks as the 29th largest publicly traded Bitcoin treasury firm, holding 3,139 BTC valued at under $249 million.
This places Capital B behind peers such as Bitcoin Group SE, which holds 3,605 BTC. However, its holdings are significantly smaller than those of Strategy (formerly MicroStrategy), the largest public Bitcoin treasury with approximately 843,775 BTC valued at nearly $67 billion.
Recent board resolutions and strategic context
The latest fundraising follows a proposal submitted by Capital B to its board in early June. The proposal sought authorization to establish up to 5 billion euros ($5.8 billion) in capital increases through 125 billion shares and $116 billion in credit instruments. This resolution passed with overwhelming support, receiving 162,486,459 votes in favor, representing 99.34% of the total.
This aggressive capital-raising strategy contrasts with smaller treasury companies that have recently been selling their Bitcoin holdings rather than accumulating them.
What is confirmed
- Capital B raised €21.0 million via private share placement.
- Adam Back and TOBAM participated in the funding round.
- The company intends to purchase 270 additional BTC.
- Current total Bitcoin holdings stand at 3,415 BTC after the planned purchase.
- A board resolution in June authorized significant future capital increases.
The article relies on information provided by Cointelegraph regarding the fundraising announcement and the company's current market position.
