Capital B shareholders greenlight €105B war chest, dilute themselves down to a rounding error 🪙

Shareholders of France-listed Bitcoin treasury company Capital B have approved authorizations allowing the firm to raise up to 105 billion euros ($120.4 billion) to fund future Bitcoin purchases, the company announced Wednesday. More than 95% of shareholders backed the establishment of up to 5 billion euros in capital increases, equivalent to as many as 125 billion new shares at the current nominal value, alongside the issuance of up to 100 billion euros in credit instruments. Capital B said the new capital instruments will "accelerate its Bitcoin accumulation strategy, focused on increasing the number of Bitcoin per fully diluted share over time."

During its general meeting on Wednesday, Capital B reported 300.65 million in total shares with voting rights. If fully exercised, the issuance of 125 billion new shares would reduce existing shareholders to roughly 0.24% of the company's ownership. Shareholders also approved a name change from The Blockchain Group to Capital B, aligning its corporate name with the commercial brand adopted in 2025. The company said it has raised about $325 million in capital to date, following a $17.8 million raise from strategic investors including Blockstream CEO Adam Back and Paris-based asset manager TOBAM.

Capital B is Europe's second-largest Bitcoin treasury company, holding 3,139 BTC, currently valued at $200 million, according to Bitcoin Treasuries data. It ranks behind Germany-based Bitcoin Group SE, which holds 3,604 Bitcoin, currently worth $230 million. Capital B shares were little changed following the announcement, Yahoo Finance data showed.

The fundraising initiative contrasts with moves by some treasury companies to reduce or actively manage their Bitcoin exposure. On May 28, France-based semiconductor company Sequans Communications said it had concluded its previously announced crypto treasury strategy. The company held 658 Bitcoin and said it would "monetize remaining holdings over time," a move that led to a share price increase of about 14.5%.