Capital B Buys 192 BTC (~€13M) After €17.15M Raise, Treasury Climbs to 3,135 BTC

Capital B has expanded its bitcoin treasury with a purchase of 192 BTC, valued at about €13 million ($15.1 million), following a series of capital increases that brought in roughly €17.15 million (€20 million). The France-based company said the acquisition follows three financing steps announced last week and aligns with its plan to allocate proceeds to bitcoin. Key figures - Latest purchase: 192 BTC for ~€13 million ($15.1 million) - Total holdings after the purchase: 3,135 BTC - Treasury cost basis: about $330 million, implying an average purchase price of $105,270 per BTC How the financing was structured Capital B said nearly €15.2 million was raised through a private placement involving more than 23 million ABSA shares, each issued with four attached share subscription warrants. Previously disclosed institutional participants included Blockstream CEO Adam Back and French asset manager TOBAM. Additional components included: - €850,000 raised under an ATM-style capital increase agreement with TOBAM - €1.1 million raised through the issuance of share subscription warrants subscribed by Adam Back Placement mechanics and warrants The institutional placement was marketed to investors across the U.S., Europe and other jurisdictions, with Maxim Group acting as lead placement agent and Marex as co-manager. Each new share carried four warrants across three strike levels: - Warrant 202603 (two instruments): €0.86 per share - Warrant 202604: €1.12 per share - Warrant 202605: €1.46 per share Capital B said full exercise of the warrants could generate around €99.1 million by issuing more than 92 million additional shares. Ownership impact After the placement, Capital B projected Adam Back's ordinary stake would rise to 13.43%. Blockstream Capital Partners (advised by Back) was projected at 14.42%, while TOBAM was expected to increase to 4.20%. Strategy backdrop Capital B, formerly The Blockchain Group prior to a July 2025 rebrand, has repositioned around a bitcoin-treasury strategy. The company says it aims to steadily increase bitcoin held per fully diluted share, and the latest deployment of newly raised funds into BTC reflects that approach.