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French Bitcoin (CRYPTO: $BTC) treasury company Capital B ($ALCPB) has raised €21 million (worth around $24.5 million) through a private placement as it looks to expand its Bitcoin reserves.
In a Friday announcement, the company said that it issued 36.2 million shares bundled with four subscription warrants, known as ABSAs, at €0.58 each. The financing attracted institutional investors, including Bitcoin advocate and Blockstream CEO Adam Back and asset manager TOBAM. Maxim Group acted as the sole placement agent.
Capital B said the net proceeds are expected to reach about €19.9 million after fees and transaction costs.
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The company plans to use the funds primarily to buy Bitcoin, with the new capital and ongoing operations expected to support the purchase of 270 BTC. That would bring its potential holdings to 3,415 BTC.
The deal also gives investors warrants that could provide Capital B with another €135.8 million if exercised in full. The warrants cover 144.9 million shares and carry exercise prices of €0.75, €0.98 and €1.27. The company can accelerate the exercise period if its shares maintain a volume-weighted average price above 130% of the relevant exercise price for 20 consecutive trading days.
In June, company shareholders approved a resolution allowing the company to pursue up to €5 billion in capital increases through the issuance of additional shares and debt instruments.
Yesterday, Singapore-based education technology company Genius Group also announced plans to raise $1.2 billion to expand its AI and Bitcoin treasuries, initially raising $12.5 million through perpetual preferred securities. The company targets $800 million for its AI Treasury and $827 million for its Bitcoin Treasury.
The continued interest in Bitcoin treasuries comes even as more than $80 billion has been wiped off the value of companies that adopted Bitcoin treasury strategies, according to an FT analysis of the 50 largest corporate Bitcoin holders.
Source: finance.yahoo.com