Capital B, also known as The Blockchain Group, announced a €3 million capital raise on Tuesday alongside amendments to existing convertible bonds, as the company moves to accelerate its Bitcoin treasury strategy.
The Paris-listed firm said the financing includes €2 million raised through share subscription warrants subscribed by TOBAM and €1 million from UTXO Management. The transaction is structured through the issuance of 27.39 million warrants, each priced at €0.11 and exercisable into ordinary shares.
According to the company, proceeds from the raise could support the acquisition of approximately 36 additional bitcoin, potentially bringing total holdings to 2,880 BTC. The move aligns with Capital B’s stated objective of increasing bitcoin exposure on a per-share basis over time.
Alongside the capital raise, the company also announced adjustments to the conversion prices of three tranches of convertible bonds subscribed by TOBAM.
The conversion price for the A-03 tranche was reduced from €6.24 to €3.12 per share, while A-04 was adjusted from €5.174 to €2.59, and A-05 from €3.656 to €1.83.
The revised terms also introduce additional incentives for bondholders. Upon conversion, each bond will now grant a share subscription warrant with a two-year maturity. In addition, conversion conditions tied to share price thresholds have been removed for the A-03 and A-04 tranches, allowing holders to convert at any time.
Europe’s first Bitcoin Treasury Company
Capital B said the changes are intended to enhance flexibility for investors and support the execution of its treasury strategy. Capital B has positioned itself as Europe’s first “Bitcoin Treasury Company,” a model focused on accumulating bitcoin as a core balance sheet asset while growing bitcoin per fully diluted share.
The exercise price of the newly issued warrants will be set at the higher of €1.01 or a metric tied to the company’s bitcoin holdings, referred to as “mNAV 1.1.” This metric reflects a 10% premium to the per-share value of the company’s bitcoin reserves, calculated on a fully diluted basis.
The transaction was carried out under an existing shareholder authorization granted at the company’s June 2025 general meeting, allowing for capital increases without preferential subscription rights for existing shareholders in favor of specific investors.
Capital B operates across multiple business lines, including data intelligence, artificial intelligence, and decentralized technology consulting, but has started to work on bitcoin accumulation as a central component of its corporate strategy.
The announcement reflects a broader trend of companies adopting bitcoin-focused treasury strategies, using capital markets instruments to increase exposure to bitcoin.
Yesterday, Strategy, led by Michael Saylor, disclosed the purchase of 22,337 additional bitcoin for approximately $1.57 billion.
The acquisition increased the company’s total holdings to 761,068 BTC, with a combined market value of roughly $50 billion.
Disclaimer: Bitcoin Magazine is owned by Nakamoto Inc. (NASDAQ: NAKA). Nakamoto Inc. also owns UTXO Management.
#Capital #Raises #Million #Expand #Bitcoin #Holdings