Capital B 私募 1,520 萬歐元加碼 BTC：Adam Back 領投

The “Bitcoin Treasury Company” Capital B, listed on Euronext Growth Paris by Bitcoin treasury company Capital B, announced the completion of a €15.2 million (about $17.8 million) private placement capital increase, led by Blockstream CEO Adam Back and French asset management firm TOBAM. According to Capital B’s announcement, the raised funds will be used to buy another 182 bitcoins, bringing its total holdings to 3,125 BTC.

Private placement terms: issuing 23.03 million shares, €0.66 per share, with a 1.51% premium

This private placement adopts an “ordinary shares with subscription rights attached (ABSA)” structure, issuing 23,038,844 shares at €0.66 each, a 1.51% premium versus the closing price on May 8. The net proceeds are about €14.4 million, and all proceeds are earmarked for “strengthening the stock of bitcoins held on Capital B’s balance sheet.”

Based on net proceeds divided by the current market price of bitcoin, Capital B estimates it can purchase 182 BTC. Adding its existing holdings of about 2,943 BTC, the potential total holdings would reach 3,125 BTC, representing Capital B’s largest single expansion since it transitioned into a bitcoin treasury company.

Adam Back holds 13.43%, TOBAM joins as a strategic investor

This fundraising also affects Capital B’s shareholder structure. After the subscription is completed, Adam Back will hold 40.15M ordinary shares, or 13.43% (previously 13.62%). If he exercises all subscription rights in the future, he will hold 50.44M shares, or about 12.90% of equity. Adam Back is the CEO of Blockstream, a foundational infrastructure company for the Bitcoin protocol layer, and he is participating in this round as a “strategic investor.”

Another strategic investor, TOBAM, is a long-established French quantitative asset management firm that has previously managed bitcoin-related investment products. TOBAM’s participation means Capital B has moved from “support by individual investors” to a stage of “institutional capital endorsement.”

Capital B had already carried out a small capital increase of €1.1 million on May 4, with Adam Back subscribing alone to the B-04 series convertible bonds and adjusting the conversion price. Just a week later, it launched a private placement more than ten times larger again, reflecting a clear acceleration in the company’s pace to push its bitcoin treasury strategy in the European market.

An expansion attempt of the “Strategy model” in Europe

Capital B’s strategy logic is similar to Strategy (formerly MicroStrategy)’s dual-identity strategy: its main business revenues serve as the basis for cash flow, and then it continues to build BTC positions through capital market operations (capital increases, convertible bonds, and ordinary shares with subscription rights attached). Capital B also uses an “ABSA” structure that includes future subscription options, which aligns with the logic of Strategy’s use of tools such as STRC and STRF.

The key difference is scale. Strategy holds 810k BTC with a market value of $66 billion; even after completing this expansion, Capital B’s potential holdings of 3,125 BTC with a market value of about $250 million would still be only 0.4% of Strategy’s size. But as Europe’s first listed bitcoin treasury company, each capital increase and BTC purchase by Capital B remains an important indicator to see whether the “Strategy model” can be replicated outside the United States.

Events to watch next include: when Capital B actually places orders to buy the 182 BTC and at what average price, whether Adam Back will further exercise subscription rights to raise his stake, and whether other listed European companies will follow and adopt the same strategy.

This article “Capital B private placement adds another €15.2 million to increase its BTC holdings: Adam Back leads the round” first appeared on 鏈新聞 ABMedia.