French BTC treasury firm Capital B raises $18 million from Adam Back, others

Capital B, a France-based bitcoin treasury company, announced Monday that it has raised 15.2 million euros ($17.8 million) to accelerate its bitcoin accumulation strategy.

According to its press release, the company raised the funds through a private placement of 23 million ABSA shares, with four share subscription warrants attached to each share, priced at 0.66 euros per share.

"In the event that all warrants issued in connection with this transaction were to be exercised, this would result in an additional capital increase of €99.1 million ($116.6 million) through the issuance of 92,155,376 additional ordinary shares," the company said.

The firm plans to use the net proceeds, estimated at 14.4 million euros ($17 million), to strengthen its bitcoin treasury. It stated that the funds, together with ongoing operations, could support the acquisition of 182 BTC, bringing Capital B's total to 3,125 BTC.

Capital B said global investors participated in the latest capital raise, including Blockstream CEO and bitcoin pioneer Adam Back, and French asset management company TOBAM.  

Following the transaction, Adam Back is set to hold 13.43% stake in the company on an ordinary basis, while TOBAM will hold 4.20%. Blockstream Capital Partners, advised by Back, would have 14.42% stake in the firm, down from 15.63% before the raise.

The private placement is expected to close on May 13 at the earliest, the press release said.

Originally known as The Blockchain Group, Capital B rebranded in July 2025 to focus on its bitcoin treasury strategy.