Capital B Bitcoin raise closed at €15.2 million, the France-listed treasury firm disclosed Monday. The round pulled in Blockstream chief executive Adam Back and Paris-based asset manager TOBAM. Shares ticked up 4.3% on the news.
The Capital B Bitcoin raise came via a private placement at a fixed price of $0.78 per share. Four warrants attached to each share. The structure is straightforward. Put the cash to work buying coin, exercise the warrants if the price cooperates, raise more later if it doesn’t.
| Item | Amount | Detail |
|---|---|---|
| Capital raised | €15.2m ($17.8m) | Private placement |
| Share price | $0.78 | Fixed |
| Potential BTC purchase | 182 BTC | From proceeds plus ops |
| Current treasury | 2,943 BTC | Worth ~$237m |
| Warrant potential | $116.5m | If all exercised |
Capital B Bitcoin raise brings warrants into play
The proceeds from the Capital B Bitcoin raise, plus operating cash, could fund another 182 Bitcoin. That would lift Capital B holdings to 3,125 BTC. The warrants are the kicker. If all get exercised, the company issues roughly 92 million additional shares and pulls in another $116.5 million. Alexandre Laizet, board director of Bitcoin strategy, laid that out in the announcement.
The Capital B Bitcoin raise stands out because most corporate treasury desks have gone quiet. Strategy raised $2.5 billion on 20 April through Stretch paper and Class A stock sales. XCE picked up $794,000 in a round backed by Back on 23 April. Beyond that, the six-week window before this deal was empty. No other treasury company filed a raise.
The defensive pivot elsewhere
Parts of the sector shifted posture. Nakamoto, listed on Nasdaq, announced an actively managed derivatives programme on 24 April. The intent is recurring income from volatility and a hedge on the downside. A month earlier the firm sold 284 Bitcoin, worth about $20 million at the time, according to a filing with the US Securities and Exchange Commission.
Genius Group went further. The company offloaded its remaining 84 BTC in February for roughly $5.7 million, using the proceeds to pay down an $8.5 million debt obligation. The SEC filing showed debt reduction taking priority over accumulation.
Where Capital B sits in the stack
Capital B ranks 25th globally among Bitcoin treasury firms. In Europe it sits second behind Germany’s Bitcoin Group SE, according to Bitcointreasuries data. The company’s shares are down 11% year to date, trading around €0.67 at time of writing. The Euronext Paris listing gives European investors a listed vehicle for Bitcoin exposure without touching spot or ETFs directly.
This is the second capital event in a week. Capital B raised $1.3 million from Back seven days prior to accelerate the treasury strategy. Two raises in eight days suggests the company is front-running what it expects to be a tighter capital environment later in the year.
The treasury trade in 2025
The warrants attached to the Capital B Bitcoin raise carry exercise terms that could bring in another $116.5 million if the price cooperates and holders convert. That is the bet. Raise now, deploy into coin, wait for beta to work, then tap the warrant pool when dilution stings less.
The model worked for Strategy through multiple cycles. Whether it scales to a €15 million raise in France during a market that has been trading flat since February is the question. The desk that ran treasury allocation through 2021 and 2022 has seen smaller firms try this structure. Some worked. Most did not.
Next test is whether the 182 Bitcoin gets bought in one block or averaged in over quarters. The disclosure said the raise “could” fund that purchase. Not “will”. That leaves room for the board to sit on cash if the entry is poor.
This article is for information purposes only and does not constitute investment advice. Readers should not act on any information contained here without first consulting an authorised financial adviser. Past performance is not a reliable indicator of future results.
