Capital B Raises €21 Million to Expand Bitcoin Holdings

French Bitcoin (CRYPTO: $BTC) treasury company Capital B ($ALCPB) has raised €21 million (worth around $24.5 million) through a private placement as it looks to expand its Bitcoin reserves.

In a Friday announcement, the company said that it issued 36.2 million shares bundled with four subscription warrants, known as ABSAs, at €0.58 each. The financing attracted institutional investors, including Bitcoin advocate and Blockstream CEO Adam Back and asset manager TOBAM. Maxim Group acted as the sole placement agent.

Capital B said the net proceeds are expected to reach about €19.9 million after fees and transaction costs.

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The company plans to use the funds primarily to buy Bitcoin, with the new capital and ongoing operations expected to support the purchase of 270 BTC. That would bring its potential holdings to 3,415 BTC.

The deal also gives investors warrants that could provide Capital B with another €135.8 million if exercised in full. The warrants cover 144.9 million shares and carry exercise prices of €0.75, €0.98 and €1.27. The company can accelerate the exercise period if its shares maintain a volume-weighted average price above 130% of the relevant exercise price for 20 consecutive trading days.