Capital B Targets 3,415 BTC Holdings With €21 Million Private Placement

The issuance involves 36.2 million shares priced at €0.58 per unit, each bundled with four subscription warrants. This pricing reflects a 6.45% discount against the Euronext Growth Paris-listed stock's closing value on August 27. Maxim Group served as the sole placement agent for the transaction, which is scheduled to close on August 31. Beyond the initial capital injection, the company faces a complex financial roadmap involving a one-for-ten reverse stock split set for September 8, 2026. This corporate action will adjust the exercise prices of the warrants to €7.50, €9.80, and €12.70 respectively, effectively recalibrating the company's equity structure.

While the current raise provides immediate liquidity, the long-term potential rests on the warrants. If fully exercised, these instruments could generate up to €135.8 million, though such an outcome depends on future share price performance and investor appetite. Existing shareholders should note the dilution effect: non-participating investors could see their ownership stakes decrease, with the company estimating a drop from an initial 1% to approximately 0.65% if all warrants are eventually executed. Adam Back’s stake is projected to rise to 14.82%, while TOBAM’s position will reach 3.29% following the closure.