French firm Capital B has reached a decisive milestone in its transformation into a leading player for institutional digital asset holding. By finalizing a fundraising of €7.6 million, fully subscribed by Adam Back, a historical figure in the ecosystem and CEO of Blockstream, the company confirms its ambition to establish itself as the European spearhead of "Bitcoin Treasury Companies." This strategic move, initiated after a rebranding in 2025, aims to institutionalize the use of Bitcoin as a reserve asset on the balance sheet of an entity listed on Euronext Growth Paris.
The financial terms of this operation reflect strong market confidence in the management's vision. The private placement involves more than 13 million new shares issued at a price of €0.58, representing a 15.4% premium over the last closing price. Beyond the immediate injection of liquidity, the structure includes warrants whose full exercise could generate additional financing of €49.4 million over the next five years. This transaction allows Adam Back to strengthen his equity position, with a stake potentially reaching 27.8% in the long term.
The primary objective of this capital injection is the direct accumulation of Bitcoin. Prior to this new transaction, Capital B and its Luxembourg subsidiary already held 3,145 BTC, acquired for a total value of €284.2 million, representing an average cost basis of approximately €90,352 per unit. With the funds raised, the company plans to acquire approximately 376 additional BTC, bringing its total holdings to over 3,521 units. This strategy is based on the desire to transform the company's treasury into a passive yet high-performing investment vehicle, correlated to the asset's digital scarcity.
In terms of financial engineering, Capital B is deploying a bold leverage model, largely inspired by the practices of MicroStrategy in the United States. The structure relies on a complex mix of convertible debt and equity issuances, already totaling 821 BTC of liabilities in the form of bonds with institutional partners. While this method implies a potential dilution for existing shareholders, it offers a capacity for rapid growth without depending solely on operating income. Ultimately, the company does not rule out fundraisings amounting to billions of euros to scale up its purchases.
Despite a volume gap that remains significant compared to global industry leaders, Capital B is establishing itself as a pioneer in the European market. By positioning itself in strategic financial centers such as Abu Dhabi and attracting capital from the crypto-tech elite, the French firm seeks to optimize its Bitcoin-per-share ratio. For investors, this evolution offers a regulated, exchange-listed alternative to gain exposure to the king of cryptocurrencies, while benefiting from a traditional European governance structure.