Capital B raises €21M to add to its 3,415-bitcoin treasury

What's the deal? Capital B, a company listed on Euronext Growth Paris, has raised €21 million through a private placement subscribed to by international institutional investors, including Bitcoin pioneer Adam Back and asset manager TOBAM.

What's the endgame? The proceeds will fund the potential acquisition of 270 bitcoins, bringing Capital B's total holdings to 3,415 BTC. It runs a Bitcoin Treasury Company strategy aimed at increasing the number of bitcoins per share over time.

The fine print: Each share issued comes with four warrants. If all are exercised, the deal could yield an additional capital increase of €135.8 million. Maxim Group LLC acted as sole placement agent.

By the numbers: At €21 million, the round lands in the top 10% of private placements over the trailing 48 months, based on a sample of 5,673 comparable deals.

The signal: Capital B joins a growing set of listed companies treating bitcoin as a core treasury asset. Backing from Adam Back — a long-standing figure in the sector — signals institutional appetite for the model beyond the US market.

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