Capital B Secures $24.5M Through Strategic Private Placement
TL;DR
- Capital B raised €21.0 million ($24.5 million) through a private placement of shares at €0.58 per ABSA, with participation from Adam Back and TOBAM.
- If all issued warrants are exercised, the French company could receive up to an additional €135.8 million ($158 million) through 144.8 million ordinary shares.
- With the proceeds, Capital B plans to acquire 270 BTC and raise its total reserves to 3,415 BTC, valued at under $249 million.
The French Bitcoin treasury company Capital B announced the closing of a private share placement for €21.0 million ($24.5 million), in a transaction that included the participation of the CEO of Blockstream, Adam Back, and asset manager TOBAM. The transaction was carried out at €0.58 per ABSA —a composite security consisting of one share plus four subscription warrants— with no preferential subscription rights for existing shareholders.
The warrant mechanism opens the door to a more than considerable additional funding. If all issued instruments were exercised, the company would receive up to €135.8 million ($158 million) more through the issuance of 144,876,280 ordinary shares. Capital B reserves the right to activate an accelerated exercise period if the volume-weighted average price of its shares over the previous 20 trading days exceeds 130% of the exercise price of the corresponding warrant tranche.
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