Capital B Raises $17.8M From Adam Back and TOBAM
France-listed Capital B raised €15.2M ($17.8M) from Adam Back and TOBAM in a private placement to expand its Bitcoin holdings, potentially adding up to 182 BTC.
France-listed Capital B raised €15.2 million ($17.8 million) from strategic investors including Blockstream CEO Adam Back and Paris-based asset manager TOBAM through a private placement announced Monday. The placement included four share subscription warrants attached to each new share at a fixed strike price of $0.78.
Capital B said the proceeds, together with ongoing operations, could enable the company to acquire up to 182 additional Bitcoin, increasing its holdings from 2,943 BTC to about 3,125 BTC. Alexandre Laizet, Capital B’s board director of Bitcoin strategy, wrote: “If all warrants issued in connection with the transaction were exercised, Capital B could raise an additional $116.5 million through the issuance of about 92 million additional shares.” The capital raise follows a separate $1.3 million investment from Adam Back announced a week earlier to accelerate the company’s treasury strategy.
Shares rose about 4.3% after the announcement, trading around €0.67 ($0.79) at the time of the report. The stock remains down roughly 11% year-to-date. Capital B currently ranks as the 25th-largest corporate Bitcoin holder and the second-largest in Europe after Germany’s Bitcoin Group SE, with its 2,943 BTC valued at about $237 million at current prices.
Other corporate Bitcoin treasuries have taken different approaches amid softer market conditions, including hedging programs, asset sales and debt reduction. One Nasdaq-listed treasury recently launched an actively managed Bitcoin derivatives program to generate income from volatility and hedge downside exposure and disclosed the earlier sale of 284 BTC. Another company sold its remaining 84 BTC to help repay an $8.5 million debt. Separately, XCE completed a smaller capital round backed by Adam Back, and Strategy raised funds through new product issuance and stock sales.
Capital B did not identify all investors beyond naming Adam Back and TOBAM and did not provide a timeline for any additional Bitcoin purchases.
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