Capital B Raises $18M To Add More BTC Into Bitcoin Treasury
Highlights
- Capital B raised nearly $18 million from a private share placement with Adam Back and TOBAM.
- The funds raised may be used to purchase additional 182 BTC, the France-listed company said.
- Capital B now owns 2943 BTC valued at almost $237 million.
France’s Bitcoin treasury firm Capital B has concluded a private placement to raise €15.2 million ($17.8 million) to expand its bitcoin holdings, including New Zealand-based entrepreneur Adam Back and Paris-based asset manager TOBAM.
Capital B Moves To Buy More BTC With Latest Fundraising
The company said the new financing, and its current operating cash flow, will help it acquire an additional 182 BTC at current Bitcoin price. It’s just days after Capital B secured another $1.3 million in financing with Back.
The filing revealed that each share sold in the offering contained four subscription warrants valued at $0.78 per share. Should investors exercise all the warrants, Capital B will receive an additional $116.5 million, in the form of nearly 92 million shares.
Capital B’s board director in charge of Bitcoin strategy, Alexandre Laizet, revealed the conditions of the warrant structure, as well as the possible follow-on raise. The company has branded the financing as part of a ramp up of its Bitcoin holdings amid several public companies taking more defensive approaches to their treasury.
Capital B currently holds 2943 BTC which is worth about $237 million at current market rates. According to Bitcoin Treasuries data, the company is the world’s 25th largest corporate Bitcoin holder. Furthermore, it is the second largest Bitcoin treasury company in Europe after Bitcoin Group SE.
What Are Other Bitcoin Treasury Companies Doing?
In other divisions of the industry, Nakamoto established a Bitcoin derivatives strategy in April that they actively managed to make a profit and limit volatility on the downside. Meanwhile, the SEC filing said Genius Group has sold its remaining 84 BTC treasury since. In February, it executed such a move to raise approximately $5.7 million to ease an $8.5 million debt obligation.
However, alongside Capital B, Strategy has also ramped up BTC buying as it still leads the race. Michael Saylor’s Strategy holds nearly $67 billion worth of Bitcoin. Moreover, it’s worth noting that the firm acquired $43 million in BTC on Monday, May 11.
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