TL;DR
- Capital B raised €21.0 million ($24.5 million) through a private placement of shares at €0.58 per ABSA, with participation from Adam Back and TOBAM.
- If all issued warrants are exercised, the French company could receive up to an additional €135.8 million ($158 million) through 144.8 million ordinary shares.
- With the proceeds, Capital B plans to acquire 270 BTC and raise its total reserves to 3,415 BTC, valued at under $249 million.
The French Bitcoin treasury company Capital B announced the closing of a private share placement for €21.0 million ($24.5 million), in a transaction that included the participation of the CEO of Blockstream, Adam Back, and asset manager TOBAM. The transaction was carried out at €0.58 per ABSA —a composite security consisting of one share plus four subscription warrants— with no preferential subscription rights for existing shareholders.
The warrant mechanism opens the door to a more than considerable additional funding. If all issued instruments were exercised, the company would receive up to €135.8 million ($158 million) more through the issuance of 144,876,280 ordinary shares. Capital B reserves the right to activate an accelerated exercise period if the volume-weighted average price of its shares over the previous 20 trading days exceeds 130% of the exercise price of the corresponding warrant tranche.
Capital B on Track for 3,415 BTC
The proceeds will be used to purchase 270 BTC, which would bring the firm’s total reserves to 3,415 BTC. According to CoinMarketCap data, the company currently ranks 29th among publicly traded companies with the largest Bitcoin holdings, with 3,139 BTC valued at under $249 million. It sits below Bitcoin Group SE, which holds 3,605 BTC worth under $286 million, and at a considerable distance from Strategy, the largest corporate holder of the asset with 843,775 BTC valued at approximately $67 billion.
In early June, Capital B had submitted a proposal to its board of directors to allow capital increases of up to €5 billion ($5.8 billion) through 125 billion shares and credit instruments worth $116 billion. The resolution was approved with 162,486,459 votes, representing 99.34% of votes in favor, while other smaller companies in the sector chose to reduce their Bitcoin positions rather than expand them.
