Capital B raises €15.2 million to grow bitcoin treasury

Capital B closes €15.2 million private placement

Capital B, a bitcoin treasury company listed on Euronext Growth Paris, raised €15.2 million ($17.8 million) through a private placement on 11 May 2026. The company issued 23 million ABSA shares at €0.66 per share. Net proceeds after costs are estimated at €14.4 million ($17 million).

Adam Back and TOBAM join the investor group

Blockstream chief executive officer (CEO) Adam Back and French asset management company TOBAM participated in the raise. Following the transaction, Back holds a 13.43% personal stake in Capital B. Blockstream Capital Partners, a fund advised by Back, holds 14.42% — down from 15.63% before the raise. TOBAM holds 4.20%. The private placement is scheduled to close on 13 May 2026 at the earliest.

"In the event that all warrants issued in connection with this transaction were to be exercised, this would result in an additional capital increase of €99.1 million ($116.6 million) through the issuance of 92,155,376 additional ordinary shares.", 11 May 2026. — Capital B, official press release, 11 May 2026

Proceeds target 182 additional bitcoin units

Capital B plans to use the net proceeds, combined with cash from ongoing operations, to acquire an additional 182 BTC (bitcoin). This projected purchase would bring the company's total bitcoin holdings to 3,125 BTC. The company held 2,943 BTC before this transaction. The 3,125 BTC figure is a company estimate and depends on the deal closing and bitcoin prices at the time of purchase.

Rebrand from The Blockchain Group in 2025

Capital B was formerly known as The Blockchain Group. The company rebranded in July 2025 to concentrate on its bitcoin treasury strategy. The rebrand was announced on Euronext on 21 July 2025. In its July 2025 Euronext announcement, Capital B stated it is Europe's first bitcoin treasury company.