Capital B, also known as The Blockchain Group, announced a capital increase of 3 million euros on Tuesday and amendments to its existing convertible bonds, as the company moves forward to accelerate its Bitcoin treasury strategy.
The Paris-listed company said the funding includes €2 million raised through share subscription warrants registered by TOBAM and €1 million from UTXO Management. The transaction is organized through the issuance of 27.39 million warrants, each with a value of €0.11 and redeemable for ordinary shares.
According to the company, the proceeds from the promotion may support the acquisition of an additional 36 bitcoins, potentially bringing the total amount to 2,880 BTC. The move is consistent with Capital B’s stated goal of increasing bitcoin exposure per share over time.
Along with the capital increase, the company also announced changes in the conversion rates of three classes of convertible bonds registered by TOBAM.
The conversion price of the A-03 tranche was reduced from €6.24 to €3.12 per share, while the A-04 was adjusted from €5.174 to €2.59, and the A-05 from €3.656 to €1.83.
The revised terms also introduce additional incentives for bondholders. After the conversion, each bond will now provide a share subscription warrant with a two-year maturity. In addition, conversion conditions tied to share price limits have been removed from tranches A-03 and A-04, allowing holders to convert at any time.
The first European Bitcoin Treasury company
Capital B said the changes are aimed at improving flexibility for investors and supporting the execution of their treasury strategy. Capital B has positioned itself as the first “Bitcoin Treasury Company” in Europe, a model focused on accumulating bitcoin as the primary asset of the balance while growing bitcoin with a fully diluted share.
The exercise price of the newly issued warrants will be set at the higher of €1.01 or the company’s bitcoin-pegged metric, referred to as “mNAV 1.1.” This metric shows a 10% premium on each company’s bitcoin share price, calculated on a fully diluted basis.
The operation is carried out under the existing shareholders’ authorization granted at the company’s general meeting of June 2025, which allows the raising of capital without special subscription rights to existing shareholders in favor of certain investors.
Capital B operates across multiple business lines, including data intelligence, artificial intelligence, and decentralized technology consulting, but has begun working on bitcoin mining as a core part of its business strategy.
This announcement reflects a broader trend of companies using bitcoin-focused treasury strategies, using capital markets instruments to increase exposure to bitcoin.
Yesterday, Strategy, led by Michael Saylor, revealed the purchase of an additional 22,337 bitcoins for approximately 1.57 billion dollars.
The acquisition increased the company’s total value to 761,068 BTC, with a combined market value of approximately $50 billion.
Disclaimer: Bitcoin Magazine is owned by Nakamoto Inc. (NASDAQ: ATTENTION). Nakamoto Inc. also owns UTXO Management.
