Capital B asks shareholders to ok up to €5B equity raise as it piles on more Bitcoin
Capital B — the Paris-based firm that rebranded from The Blockchain Group in July 2025 and runs a Bitcoin-treasury strategy — has asked shareholders to authorize a large new funding package that would dramatically expand its firepower to buy Bitcoin.
Board director Alexandre Laizet said in a Monday X post that the company is seeking approval for up to €5 billion in new share issuance (at the company’s current €0.04 nominal share price, that equates to as many as 125 billion new shares) along with a very large envelope for debt and credit instruments to accelerate purchases. Laizet said the aim is to increase the number of Bitcoin held per fully diluted share over time. Shareholders have until June 17 to vote ahead of the company’s combined general meeting.
The filings and Laizet’s post refer to up to €5 billion of fresh capital and a separate, much larger authorization for credit instruments — the precise figure for the latter varies in disclosures (Laizet’s post cites €100 billion; some reports have mentioned €116 billion). Either way, the move would give Capital B a far bigger toolbox to raise funds for future BTC buys.
Recent fundraising and buys
- Capital B has already raised roughly $325 million to support its treasury strategy, the company says.
- In early May it completed a €15.2 million private placement that included participation from Blockstream CEO Adam Back and Paris asset manager TOBAM.
- Part of that placement funded a purchase of 192 BTC (about €13 million), bringing the company’s holdings to 3,135 BTC at the time. A separate disclosure on Monday recorded a further 4 BTC purchase, bringing the total to 3,139 BTC.
May filings from the placement show Capital B issued more than 23 million shares with attached warrants to institutional investors across the U.S., Europe and elsewhere. If fully exercised, those warrants could generate an additional €99.1 million through issuance of more than 92 million new shares. The placement would lift Adam Back’s ordinary stake to about 13.43%, Blockstream Capital Partners (advised by Back) to 14.42%, and TOBAM to about 4.20%.
Industry backdrop: some treasuries trimming back
Capital B’s push for greater capital access comes as other public companies with Bitcoin treasuries take different paths. France’s Sequans Communications recently said it will wind down its digital-asset treasury strategy, hold and progressively monetize its remaining ~658 BTC (roughly $48 million) and refocus on IoT semiconductors — news that sent Sequans shares up roughly 14.5% in morning trading.
Other listed treasury firms have also moved coins to meet obligations or shift strategy: one company disclosed a sale of 32 BTC to fund preferred-stock distributions (its first reported BTC disposal since a 2022 tax-loss sale), while Nasdaq-listed Nakamoto announced an actively managed Bitcoin derivatives program to generate income and hedging and reported selling 284 BTC earlier in the year (about $20 million at the time).
What this means
If shareholders approve Capital B’s proposed delegations, the company would be positioned to accelerate net Bitcoin accumulation through a mix of equity raises and debt issuance — a bet that increasing the BTC-per-fully-diluted-share metric will deliver value for investors. The proposal will test appetite among its shareholder base for aggressive capital expansion in a market where other public treasuries are either monetizing holdings or experimenting with derivatives and income strategies.
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