In a noteworthy development for the Bitcoin treasury landscape, Europe’s second-largest Bitcoin treasury company, Capital B, has secured a substantial cash injection of 15.2 million euros (approximately $17.8 million) through a private share placement. The round saw prominent backing from Blockstream CEO Adam Back and Paris-based asset manager TOBAM, underscoring the growing interest in Bitcoin from institutional investors.
A Bigger Prize On The Horizon
While the immediate funding is significant, the real figure to monitor may be even larger. Each share in this deal is coupled with four subscription warrants priced at a fixed rate of $0.78. Should these warrants be exercised, Capital B could potentially raise an additional $116.5 million by issuing around 92 million new shares, as highlighted by Alexandre Laizet, the board director of Bitcoin strategy.
The company has indicated that the fresh capital, combined with existing revenue streams, could enable it to acquire approximately 182 more Bitcoin, increasing its total holdings to about 3,125 BTC.
Back In The Picture — Again
Adam Back’s involvement has turned heads, marking the second time within a week that the influential cryptographer has backed Capital B. Just seven days prior, Back participated in a separate $1.3 million funding round for the company.
Capital B currently holds 2,943 BTC, valued at around $237 million, making it the 25th-largest corporate Bitcoin holder globally and the second-largest in Europe, trailing only Germany’s Bitcoin Group SE, according to data from Bitcointreasuries.
The timing of this funding round sets Capital B apart from many of its corporate peers in the Bitcoin sector. While other firms are pulling back—selling off holdings, reducing debt, or establishing hedging strategies in response to adverse market conditions—Capital B is actively pursuing growth.
In contrast, Nakamoto, a Nasdaq-listed Bitcoin treasury firm, recently announced a derivatives program aimed at downside protection. Earlier in the year, Genius Group liquidated its entire 84 BTC treasury to settle an $8.5 million debt.
Following the announcement of the funding, Capital B’s shares experienced a rise of approximately 4.25% on Monday, trading near 0.67 euros, although the stock remains down about 10% year-to-date.
Meanwhile, Strategy, led by Michael Saylor, raised $2.5 billion in late April through stock and preferred share sales, while a smaller funding round by XCE—amounting to $794,000 and also backed by Adam Back—was disclosed around the same time.
Capital B’s proactive approach signals that a segment of European companies is committed to advancing their Bitcoin accumulation strategy, even amidst the prevailing uncertainties in the market.
Featured image from FinanceFeeds, chart from TradingView
