Capital B, also known as The Blockchain Group, has raised €3 million through a share warrant issuance as it accelerates its Bitcoin treasury strategy. The Paris-listed firm secured €2 million from TOBAM and €1 million from UTXO Management, with proceeds expected to fund additional Bitcoin acquisitions.
The company said the capital raise could enable it to purchase approximately 36 BTC, increasing its total potential holdings to around 2,880 BTC. The move reinforces Capital B’s positioning as one of Europe’s first publicly listed Bitcoin treasury companies, focused on increasing Bitcoin per share over time.
🟠 Capital B announces a €3 million capital raise with TOBAM and UTXO Management, and an adjustment to the conversion price of the A-03, A-04 and A-05 convertible bonds subscribed by TOBAM, to accelerate its Bitcoin Treasury Company strategy ⚡️
Full Press Release (EN):… pic.twitter.com/Svg6KWfRqL
— Capital B (@_ALCPB) March 17, 2026
A Bitcoin treasury strategy is when companies hold Bitcoin as a key reserve asset instead of cash, aiming to hedge against inflation, diversify holdings, and boost long-term value. Popularized by firms like MicroStrategy and Tesla, it involves buying BTC using cash, debt, or equity, offering high growth potential but exposing companies to significant price volatility and regulatory risks.
Warrant issuance and bitcoin accumulation plans
The transaction involves the issuance of more than 27 million share warrants, each priced at €0.11 and convertible into ordinary shares. The warrants carry a maturity date of March 2029 and include an exercise price linked to both market conditions and the company’s Bitcoin net asset value.
Capital B stated that the structure aligns investor participation with its long-term Bitcoin accumulation strategy. The company has increasingly integrated Bitcoin into its treasury operations, viewing the asset as a core reserve component amid evolving financial market dynamics.
Convertible bond adjustments strengthen incentives
Alongside the capital raise, Capital B revised the conversion terms of its outstanding convertible bonds held by TOBAM. Conversion prices for three tranches were reduced by roughly half, while new incentives were introduced, including additional warrants granted upon conversion.
The updated terms also remove certain restrictions, allowing bondholders to convert at any time. The company said the changes reflect current market conditions and are designed to encourage conversion while improving capital structure flexibility.
Capital B noted that its broader strategy remains centered on scaling Bitcoin exposure while leveraging equity and debt instruments to optimize shareholder value, as institutional adoption of Bitcoin treasury models continues to expand globally.
Notably, Capital B recently acquired an additional 58 BTC valued at approximately €5.9 million, bringing its total holdings to 2,013 BTC, now worth more than €183 million.
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