Capital B Raises €15.2M from Adam Back, TOBAM for Bitcoin Treasury

Capital B, a France-based bitcoin treasury company, announced on Monday that it has raised 15.2 million euros ($17.8 million) to accelerate its bitcoin accumulation strategy, according to the company’s press release.

Funding Structure and Warrant Details

The company raised the funds through a private placement of 23 million ABSA shares, with four share subscription warrants attached to each share, priced at 0.66 euros per share. According to Capital B, “In the event that all warrants issued in connection with this transaction were to be exercised, this would result in an additional capital increase of €99.1 million ($116.6 million) through the issuance of 92,155,376 additional ordinary shares.”

Use of Proceeds and Bitcoin Acquisition

The firm plans to use the net proceeds, estimated at 14.4 million euros ($17 million), to strengthen its bitcoin treasury. Capital B stated that the funds, together with ongoing operations, could support the acquisition of 182 BTC, bringing the company’s total to 3,125 BTC.

Investor Participation and Shareholding

Global investors participated in the latest capital raise, including Blockstream CEO and bitcoin pioneer Adam Back, and French asset management company TOBAM. Following the transaction, Adam Back is set to hold a 13.43% stake in the company on an ordinary basis, while TOBAM will hold 4.20%. Blockstream Capital Partners, advised by Back, would have a 14.42% stake in the firm, down from 15.63% before the raise.

Transaction Timeline and Company Background

The private placement is expected to close on May 13 at the earliest, according to the press release. Originally known as The Blockchain Group, Capital B rebranded in July 2025 to focus on its bitcoin treasury strategy.