According to the announcement, the firm sold 23,038,844 units, each comprising one ordinary share and four share subscription warrants, at €0.66 per unit. The company trades on Euronext Growth Paris under the ticker ALCPB and on the U.S. OTC market as CPTLF.

Net proceeds after fees total approximately €14.4 million. Capital B plans to use the funds to buy roughly 182 additional bitcoin, pushing its total holdings from 2,943 BTC to approximately 3,125 BTC.

Maxim Group LLC led the placement as lead agent, with Marex S.A. serving as co-manager. Closing is expected on or around May 13, 2026. The pricing was set at the five-day volume-weighted average price ahead of the deal, representing a 1.51% premium to Capital B’s closing share price on May 8, 2026.

Each unit carries four attached warrants exercisable over five years at escalating prices: two Warrant 2026-03 tranches at €0.86, one Warrant 2026-04 at €1.12, and one Warrant 2026-05 at €1.46. If all warrants are exercised, the company could raise an additional €99.1 million through 92,155,376 new shares.

The company can accelerate warrant exercise at its discretion if its 20-day VWAP exceeds 130% of the relevant exercise price for any tranche.

Adam Back, inventor of Hashcash and CEO of Blockstream, participated in the round. Following the transaction, Back holds approximately 13.43% of Capital B on an ordinary share basis. Blockstream Capital Partners, which Back advises, holds about 14.42%. TOBAM, a French quantitative asset manager with a crypto focus, holds approximately 4.2% post-transaction.

Back also subscribed to a separate €1.1 million warrant transaction in early May 2026, reflecting continued confidence in the company’s direction.

Capital B rebranded and pivoted to a bitcoin treasury company strategy in late 2024. The firm structures its operations around a single long-term goal: increasing the amount of bitcoin held per fully diluted share over time.

The company has an intermediate target of 15,000 BTC by the end of 2027 and a long-term goal of accumulating approximately 210,000 BTC, equal to 1% of Bitcoin’s total supply, by 2033. It funds purchases through equity raises, convertible instruments, and at-the-market (ATM) programs, without relying on operational cash flow alone.

Capital B maintains subsidiaries focused on data intelligence, AI, and decentralized technology consulting. The company’s average acquisition cost across its current holdings sits at approximately €92,000 per bitcoin.

Shares are admitted to trading on Euronext Growth Paris under ISIN FR0011053636. The new shares issued through the ABSA will trade on the same line as existing shares upon closing.

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