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Capital B plans €21 million raise to buy about 270 more Bitcoin
The private placement includes warrants that, if fully exercised, could cut the company’s displayed Bitcoin backing per diluted share by about 24.1%.
Capital B, a Bitcoin treasury company, plans to raise €21 million via a private placement of 36,219,070 shares with attached warrants, using the proceeds plus operating funds to buy another 270 Bitcoin. Closing is expected on Aug. 31 at the earliest, meaning neither the shares nor the planned Bitcoin purchase was complete when the deal was announced, CryptoSlate reports.
The company set the unit price at €0.58 and estimated gross proceeds of €21.01 million, with about €19.9 million after fees. Capital B said the immediate transaction would leave its stated Bitcoin backing per diluted share almost unchanged, with a post-placement calculation around 7.4711 BTC per million shares versus about 7.4725 BTC per million shares before the placement, a decrease of roughly 0.02%.
However, Capital B’s deal adds a contingent dilution layer through warrants attached to each new share. CryptoSlate reports that, before any reverse split adjustment, each new share carries two warrants exercisable at €0.75, €0.98, and €1.27, and full exercise would add 144,876,280 more shares and provide another €135.82 million.
Under a full-warrant exercise scenario where no additional Bitcoin is attributed to those proceeds, Capital B says the proposed 270 BTC would be spread across 601,973,171 displayed diluted shares, implying about 5.6730 BTC per million shares, or 24.1% below the pre-placement ratio. The warrants are five-year and contingent on investors choosing to exercise them, so the related shares and cash are not yet received.
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