Capital B has raised €15.2 million ($17.8 million) through a private placement backed by institutional investors. The France-based Bitcoin treasury company announced the funding round on May 11, with investors including Blockstream CEO Adam Back and French asset manager TOBAM. The company plans to use approximately €14.4 million in net proceeds to purchase an additional 182 BTC.
The funding round involved issuing 23 million shares at €0.66 each to institutional investors across the U.S., Europe, and other jurisdictions. Maxim Group served as lead placement agent while Marex acted as co-manager. Each newly issued share comes with four warrants attached at different exercise price levels.
Adam Back Strengthens Position
Adam Back’s participation in this round builds on his existing investments in Capital B. Earlier in May, the Blockstream CEO subscribed to 10 million warrants worth €1.1 million. Following the latest raise, Back will control 13.43% of the company on an ordinary basis.
Blockstream Capital Partners, which Back advises, will hold a 14.42% stake in Capital B. TOBAM’s ownership stake is expected to rise to 4.20% after the transaction closes. The private placement is scheduled to close as early as May 13.
Capital B currently holds 2,943 BTC, according to data from bitcointreasuries.net. The new funding will allow the company to increase its total holdings to approximately 3,125 BTC. Combined with existing operational funds, Capital B can execute this Bitcoin acquisition strategy immediately.
The company also structured the deal to include potential future capital raises. If all warrants attached to the shares are exercised, Capital B could secure an additional €99.1 million. This would happen through issuing more than 92 million new shares across three warrant tranches with exercise prices ranging from €0.86 to €1.46 per share.
Capital B previously operated as The Blockchain Group before rebranding in July 2025. The company restructured around a Bitcoin treasury model focused on increasing holdings per fully diluted share over time. This strategy aligns with other publicly listed firms accumulating Bitcoin on their balance sheets.
Other European Bitcoin treasury companies have taken varied approaches recently. UK-listed Connecting Excellence Group also recently raised capital with backing from Adam Back. Meanwhile, some firms like Nakamoto launched derivatives strategies tied to their Bitcoin reserves.
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