Capital B shareholders approve €105B to fund Bitcoin buys

Shareholders of France-listed Capital B approved on Wednesday authorizations allowing the company to raise up to €105 billion to finance future Bitcoin purchases. The measures include up to €5 billion in capital increases — equal to as many as 125 billion new shares at the current nominal value — and the issuance of up to €100 billion in credit instruments. Shareholders also approved changing the company name from The Blockchain Group to Capital B.

Capital B reported 300.65 million total shares with voting rights before the vote. If the full 125 billion new shares were issued, existing shareholders would be diluted to about 0.24% of ownership. Capital B stated the authorizations will give it flexibility to finance Bitcoin purchases through both equity and debt instruments.

The company holds 3,139 BTC, valued at roughly $200 million, making it the second-largest publicly listed Bitcoin treasury in Europe by holdings. It trails Germany-based Bitcoin Group SE, which holds 3,604 BTC. Capital B has raised about $325 million to date, including a $17.8 million round from strategic investors that named Blockstream CEO Adam Back and Paris-based asset manager TOBAM among participants.

Capital B’s shares were little changed immediately after the meeting. Capital B said the name change aligns its corporate name with the commercial brand adopted in 2025.

In its statement, Capital B wrote that the issuance of the new capital instruments will “accelerate its Bitcoin accumulation strategy, focused on increasing the number of Bitcoin per fully diluted share over time.”

Not all listed firms with crypto holdings are expanding exposure. On May 28, France-based semiconductor maker Sequans Communications announced it had concluded its crypto treasury strategy. Sequans held 658 BTC and announced it would monetize the remaining holdings over time; that notice prompted a rise in its share price.

Publicly listed companies use different financial approaches to build or manage Bitcoin positions, including issuing new shares, taking on debt, selling holdings and reallocating assets. Capital B’s approved authorizations provide large, although potentially dilutive, funding options specifically earmarked for Bitcoin purchases.