Capital B raises €21 million to expand Bitcoin treasury

Capital B, a French company listed on Euronext Growth, has raised €21 million ($24 million) through a private placement to expand its Bitcoin reserves. The funding round was backed by Blockstream founder Adam Back and the Paris-based asset manager TOBAM.

The company sold 36,219,070 shares at €0.58 each, representing a 6.45% discount to its recent closing price. Net proceeds are expected to reach approximately €19.9 million after fees. Capital B intends to use the capital to accelerate its strategy as a Bitcoin treasury company, potentially purchasing an additional 270 BTC.

Capital B currently holds 3,145 bitcoins, valued at over $245 million. The firm aims to follow a corporate treasury model similar to US-based companies by using capital raises to accumulate Bitcoin as a primary reserve asset.