French-listed company Capital B finalized the collection of 15.2 million euros, equivalent to $17.8 million, through a private placement of shares aimed at expanding its corporate reserves in Bitcoin. The market operation included direct participation from global institutional investors, including Paris-based asset manager TOBAM and Blockstream CEO Adam Back.
The acquired funds, combined with the company’s ongoing operations, will enable the acquisition of an additional 182 BTC. This projected purchase would elevate the firm’s total holdings to 3,125 bitcoins. Currently, Capital B manages 2,943 BTC, a position valued at approximately $237 million, solidifying its status as the 25th largest corporate holder of the asset globally and the second largest on the European continent, trailing Germany’s Bitcoin Group SE.
🟠Capital B raises €15.2 million with global institutional investors, including strategic investors Adam Back and TOBAM, which could enable, along with ongoing operations, the acquisition of 182 additional BTC, bringing the Company’s potential total holdings to 3,125 BTC, and… https://t.co/qrF19iCEng
— Alexandre Laizet ⚡️ (@AlexandreLaizet) May 11, 2026
The financial instrument utilized for this capital injection consists of shares with four attached subscription warrants per unit. The initial subscription price was set at 0.66 euros, representing a 1.51% premium over the closing price on May 8, 2026. According to Alexandre Laizet, the entity’s director of strategy, the full exercise of these warrants would enable the issuance of 92 million additional shares, translating into an extraordinary raise of up to $116.5 million.
Each allocated unit grants the holder the right to two warrants identified as 2026-03 with an exercise price of 0.86 euros, one 2026-04 warrant set at 1.12 euros, and a final 2026-05 warrant valued at 1.46 euros.
The company retains the operational authority to enforce an accelerated exercise period. This technical clause will activate exclusively if the volume-weighted average price of the shares exceeds 130% of the corresponding series’ exercise price for 20 consecutive trading days.
The operational execution of this raise fell to Maxim Group LLC, acting as the lead placement agent, alongside Marex S.A. in the role of co-manager. Total projected gross proceeds amount to 15.2 million euros, with an estimated net retention of 14.4 million euros after deducting transaction-related fees. Outside of the United States, the private placement was structured in accordance with Regulation S under the Securities Act, focusing exclusively on qualified institutional buyers to ensure regulatory compliance across international jurisdictions.
The newly issued shares will be subject to the company’s current articles of association and will rank pari passu with preexisting ordinary shares. These securities will carry current dividend rights and will be admitted to trading on the same Euronext Growth Paris exchange line under the ISIN code FR0011053636.
This liquidity injection exposes a divergence in strategies within the public corporate sector. While Capital B maintains an aggressive accumulation policy after capturing $1.3 million a week prior, other entities in the space have opted for liability reduction.
Nakamoto announced on April 24 the implementation of an actively managed derivatives program to generate recurring income and partially hedge its downside exposure. Regulatory filings submitted on March 30 to the United States Securities and Exchange Commission (SEC) confirmed the liquidation of 284 BTC for $20 million.
In a similar asset-shedding approach, Genius Group divested its remaining holdings in February. The sale of 84 BTC generated $5.7 million, which was directly allocated toward the amortization of an $8.5 million debt obligation.
Excluding the operation documented by Capital B, capital raising activity has been concentrated among a few entities. On April 20, Michael Saylor’s firm secured a supplementary $2.5 billion through the issuance of notes and sales of common stock. Three days later, the XCE platform reported an inflow of $794,000.
The financing announcement triggered an immediate movement in the European stock market. The company’s shares registered an intraday increase of 4.3%, stabilizing at the 0.67 euro threshold during Monday’s trading. Data provided by Yahoo Finance indicates that the asset maintains an 11% year-to-date contraction.
The settlement and delivery of the new shares corresponding to the private placement will begin executing on May 13, 2026.
This article is for informational purposes only and does not constitute financial advice.
