Bitcoin News Today: Capital B Raises €11.5M to Boost Bitcoin Holdings by 160 BTC

Capital B, Europe’s first listed Bitcoin treasury company, has raised €11.5 million ($13.3 million) through a mix of equity and convertible bonds, sourced from TOBAM Bitcoin Alpha Fund [1]. This capital infusion aims to expand the firm’s Bitcoin treasury strategy, which has already delivered exceptional returns of 2,275% from November 2024 to July 2025 [2]. The funding will enable the acquisition of approximately 160 additional Bitcoin, increasing its total holdings to 2,173 BTC.

The financing structure includes a €5 million equity raise at €2.90 per share and €6.5 million in convertible bonds through its Luxembourg-based subsidiary, The Blockchain Group Luxembourg SA [1]. The bonds carry a five-year maturity and conversion prices ranging between €3.66 and €4.75 per share. Notably, 95% of the proceeds will be allocated directly toward Bitcoin acquisition, emphasizing Capital B’s focus on aggressive BTC accumulation over traditional financial returns [1].

A key performance metric for Capital B is its sats-per-share ratio, which has surged from 15 in November 2024 to 1,933 by July 2025 [2]. This metric reflects the company’s strategic focus on increasing Bitcoin exposure relative to share dilution from capital raises. TOBAM’s involvement also gives it potential ownership of up to 4.47% on a fully diluted basis, further solidifying the partnership’s impact on Capital B’s growth trajectory [1].

The company’s dual-tranche convertible bond structure provides flexibility for both Capital B and TOBAM. The first tranche converts at €3.6557 per share, 130% of the July 31 volume-weighted average price. A second optional tranche of €13 million can be activated within three months at higher conversion prices, ensuring continued Bitcoin accumulation per diluted share [1].

This move by Capital B comes amid a broader trend of corporate Bitcoin adoption. Companies such as MicroStrategy and Metaplanet have significantly expanded their Bitcoin holdings through equity financing and bond redemptions [1]. MicroStrategy, for instance, recently added 21,021 BTC for $2.46 billion, increasing its total holdings to 628,791 BTC, while Metaplanet added 463 BTC to reach a total of 17,595 coins [2].

However, the rapid growth of corporate Bitcoin treasuries has attracted scrutiny. Arthur Hayes, CIO of Maelstrom Fund, warned that Bitcoin could fall back to $100,000 due to macroeconomic headwinds, having trimmed $13.3 million in cryptocurrency holdings [2]. Meanwhile, VanEck’s Matthew Sigel criticized at-the-market programs for becoming dilutive as stock prices approach Bitcoin’s net asset value, suggesting the trend may be unsustainable [2].

Despite these concerns, the number of firms holding Bitcoin continues to grow. Over 287 companies now collectively hold more than 3.64 million Bitcoin [2]. Capital B’s strategy reflects the increasing confidence in Bitcoin as a corporate treasury asset, particularly in an environment where traditional returns are outperformed by the cryptocurrency’s volatility and yield potential.

The Luxembourg-based structure of Capital B’s operations ensures regulatory compliance in Europe while maintaining a focused approach on Bitcoin accumulation [1]. The use of zero-coupon bonds provides cost-effective financing compared to traditional debt, allowing the company to preserve equity upside through conversion features [1].

As the corporate Bitcoin wave continues to accelerate, Capital B’s treasury strategy remains firmly aligned with the goal of maximizing Bitcoin per share, rather than traditional dividends or stock buybacks [1]. The company’s performance to date—highlighted by a 2,275% return—underscores the potential of this approach, especially in a market where Bitcoin’s price movements outpace broader equity returns [2].

Sources:

[1] Capital B

[2] Cryptonews