Institutional Investors Fuel Capital B’s Bitcoin Ambition with Record Capital Raise

Capital B, the Paris-listed Bitcoin Treasury Company, has raised €58.1 million through a private placement to institutional investors, significantly surpassing its initial target of €50 million. The successful capital increase, executed at €1.55 per share, underscores strong investor confidence in the firm’s strategic focus on Bitcoin accumulation. Cantor Fitzgerald Europe and TP ICAP Europe SA served as coordinators and bookrunners for the deal, which attracted participation from over 35 institutions across 10 countries, including both traditional finance and Bitcoin-native investors. Alexandre Laizet, Board Member and Director of Bitcoin Strategy at Capital B, emphasized the institutionalization of the company’s approach, with notable participants such as Blockchain.com and TOBAM reinforcing the transaction.

The capital raise will be used to strengthen Capital B’s balance sheet and accelerate the acquisition of Bitcoin as a long-term reserve asset. The company expects to use the funds to increase its Bitcoin holdings by approximately 500 additional BTC, bringing its total holdings to 2,749 BTC. This move aligns with its broader strategy of increasing Bitcoin per fully diluted share over time, aiming to generate long-term value for shareholders. The transaction was completed at a 9.1% discount to the volume-weighted average price (VWAP) of the five trading days prior to the placement and a 9.4% discount to the closing price on September 12, 2025.

Following the capital increase, the company’s share capital has expanded from 175.6 million to 213.1 million shares. The dilution effect is reflected in the reduced equity stake for existing shareholders, with a pre-placement 1% stake reduced to 0.82% on a non-diluted basis and 0.90% on a fully diluted basis. The capital increase has also improved the company’s equity per share, rising from €0.56 to €0.74 on an undiluted basis, while maintaining the same on a fully diluted basis. These figures highlight the positive financial impact of the fundraising on the company’s equity structure and overall balance sheet strength.

Capital B’s Bitcoin Treasury strategy is not without risks. The company has highlighted key exposures, including Bitcoin’s price volatility, liquidity constraints, regulatory uncertainties, and cybersecurity vulnerabilities. The regulatory environment for digital assets remains dynamic, and changes in laws or enforcement actions could impact the company’s operations and asset valuations. Operational risks, such as the security of digital wallets and private keys, also pose a threat to the long-term integrity of its Bitcoin holdings. Investors are urged to consider these factors when evaluating the company’s strategy.

Beyond the immediate capital raise, Capital B continues to expand its operational footprint in data intelligence, artificial intelligence, and decentralized technology. The company’s Bitcoin Treasury model is gaining traction in Europe, where it is viewed as a pioneer in corporate adoption of digital assets. With the private placement now complete and new shares set to begin trading on Euronext Growth in Paris, Capital B is positioned to continue executing its Bitcoin accumulation strategy while maintaining a balanced focus on technological development and shareholder value.