Capital B has announced a private placement of 36,219,070 shares with attached warrants at €0.58 per unit, targeting about €21.01 million in gross proceeds and an estimated €19.9 million after fees to help buy roughly 270 Bitcoin. Combined with operating funds, the company said the raise could lift its treasury from 3,145 BTC confirmed on August 17 toward a potential 3,415 BTC, with holdings valued around $244.3 million near the announcement. Closing was expected from August 31 at the earliest, so neither the shares nor the planned Bitcoin purchase was complete when the deal was announced. On the diluted bases in Capital B’s August 28 materials, Bitcoin backing stood near 7.4725 BTC per million shares before the placement and about 7.4711 afterward—a drop of roughly 0.02%, leaving the immediate transaction effectively flat versus the firm’s aim of raising Bitcoin per diluted share over time. Each new share carries four five-year warrants; full exercise would create 144,876,280 more shares and a further €135.82 million. If every new warrant were exercised and no additional Bitcoin were tied to those proceeds, the potential 3,415 BTC would equal about 5.6730 BTC per million shares across 601,973,171 diluted shares, 24.1% below the pre-placement ratio. The Euronext Growth-listed French company, which bills itself as Europe’s first bitcoin treasury firm, said the fundraising was backed by Blockstream’s Adam Back and asset manager TOBAM, with Back’s direct shareholding set to rise from 39.65 million to 54.30 million shares and TOBAM’s from about 9.49 million to 12.08 million. Capital B has made 31 Bitcoin purchases since November 5, 2024, reported a 2.1% year-to-date Bitcoin yield increase in 2026, and aims to reach 15,000 BTC by the end of 2027. Around the announcement its stock traded near €0.57 after an 8.06% drop on the prior session, while Bitcoin traded near $77,672.