In a financial shindig worthy of a Regency ball, Capital B has rustled up no less than €15.2 million ($17.8 million) from a coterie of institutional investors, including the esteemed Blockstream CEO, Adam Back, and the ever-astute French asset manager, TOBAM. One might say it’s the talk of the town-or at least the cryptocurrency circuit.
- Capital B, with the panache of a seasoned host, has charmed €15.2 million from investors, including Adam Back and TOBAM, who now sip champagne from the same flute.
- The company, with a dash of optimism, estimates the latest largesse could swell its bitcoin hoard to 3,125 BTC-though one suspects the squirrels in the garden have more discretion.
- Warrants, those delightful tickets to financial folly, could unlock another €99.1 million. If exercised, they might also trigger a mild existential crisis among shareholders.
According to the May 11 press release, which read like a script for a farce, Capital B issued 23 million shares with attached warrants at €0.66 per ABSA, a figure as precise as a guess in a fog. The offering, reserved for institutional investors across the U.S., Europe, and “other jurisdictions” (read: places where the legal advice was slightly hand-wavy), was subscribed by global investors. Maxim Group, ever the eager footman, acted as lead placement agent, while Marex, with the enthusiasm of a dog with a bone, served as co-manager.
The net proceeds, after fees, are expected to amount to €14.4 million ($17 million), a sum that would make a Rothschild blush. These funds, combined with the company’s existing operations, could presumably purchase another 182 BTC, raising its total holdings to 3,125 BTC. One wonders if the company has considered investing in a tea-cozy to keep its digital coins warm.
Each share, with the generosity of a monarch, comes adorned with four warrants split across three exercise price levels. Capital B, with the confidence of a man who’s just won a bet, claims that if all warrants are exercised, it could secure an additional €99.1 million. This would involve the issuance of over 92 million new shares-a figure so staggering it might require a second mortgage on the family estate.
Adam Back, the latest addition to the party, has grown his position steadily, much like a well-tended vine. Earlier in May, he subscribed to 10 million warrants worth €1.1 million ($1.28 million), each carrying a share purchase right at €0.84. One suspects he’s already planning the next round of cocktails.
Post-raising, Capital B boasts that Back will control 13.43% of the company, while Blockstream Capital Partners, his shadowy alter ego, will hold 14.42%. TOBAM, ever the understudy, will rise to 4.20%. Meanwhile, existing shareholders, much to their chagrin, will find their stakes diluted like a poorly stirred martini.
The company, which once operated as The Blockchain Group-a name as forgettable as a Tuesday-rebranded to Capital B in July 2025 after restructuring around a bitcoin treasury model. Its strategy, as clear as a marmalade stain on a white shirt, is to increase the amount of bitcoin held per fully diluted share over time. A noble pursuit, if one ignores the faint smell of desperation.
Recent disclosures from listed bitcoin treasury firms have shown a hodgepodge of approaches to balance sheet management. While Capital B and the UK’s Connecting Excellence Group have raised capital with Back’s blessing, Nasdaq-listed Nakamoto has taken to derivatives, a move as risky as a toddler with a lit match. Meanwhile, Genius Group, in a moment of fiscal clarity, liquidated its entire bitcoin treasury to repay debt-a decision as bold as burning the family silverware.
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2026-05-11 11:24