Capital B raises $24.5M for its Bitcoin treasury amid market uncertainty with BlockStream’s Adam Back chipping in
The French Bitcoin treasury firm’s private placement drew support from Adam Back and TOBAM, with warrant exercises potentially unlocking another $158 million.
Capital B, a French Bitcoin treasury firm, successfully raised €21.0 million ($24.5 million) through a private share placement on August 28. The fundraise was led by Adam Back, CEO of the Bitcoin-centric blockchain development firm and renowned cypherpunk, alongside asset manager TOBAM. The shares were sold at €0.58 each, bundled with four share-subscription warrants, without pre-emption rights.
If all the warrants were to be exercised, Capital B would receive an additional €135.8 million ($158 million) from the issuance of 144,876,280 ordinary shares. The company has the option to expedite the warrant exercise period if the shares' volume-weighted average price over the past 20 trading days surpasses 130% of the exercise price for the relevant warrant tranche.
Capital B intends to utilize the funds to acquire 270 BTC, increasing its total holdings to 3,415 BTC, making it the 29th largest publicly traded Bitcoin treasury company with assets worth $249 million. While it remains behind the leading Bitcoin treasury company, Strategy, which holds 843,775 BTC worth nearly $67 billion, Capital B's expansion is notable.
In June, Capital B submitted a proposal to the board of directors, seeking to authorize capital increases up to €5 billion ($5.8 billion) via 125 billion shares and $116 billion in credit instruments. The resolution passed with an overwhelming 99.34% approval.
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