Capital B, listed on Euronext Growth Paris under the ticker ALCPB.PA, announced the capital raise on May 11, 2026. The offering priced 23,038,844 shares at €0.66 per unit, a 1.51% premium to the company's May 8 closing price. After fees and transaction costs, the company expects to net approximately €14.4 million, which it plans to deploy directly into Bitcoin. Settlement is expected around May 13. Maxim Group LLC led the transaction as lead manager, with Marex S.A. acting as co-manager.

The raise lifts Capital B's projected holdings to 3,125 BTC, up from 2,943 BTC held before the announcement. At current Bitcoin prices near $80,865, those pre-raise holdings were worth approximately $237.7 million. The company ranks 25th among publicly listed companies globally by Bitcoin held, according to BitcoinTreasuries.net.

A Warrant Structure With Significant Upside

Each share in the offering came attached to four subscription warrants under an ABSA structure (from the French action à bons de souscription d'actions, an instrument that bundles shares with attached warrants into a single unit), with exercise prices staggered at €0.86, €1.12, and €1.46 per share across the four warrants. If all warrants are eventually exercised, Capital B could raise an additional €99.1 million in follow-on capital, potentially funding hundreds more Bitcoin purchases. The structure mirrors the convertible instruments that Strategy (formerly MicroStrategy) has used to accelerate its own Bitcoin accumulation. Strategy currently holds 818,334 BTC, roughly 3.9% of Bitcoin's 21 million total capped supply.

Who Is Backing Capital B

Adam Back, the CEO of Blockstream and the inventor of Hashcash (the proof-of-work system Satoshi Nakamoto cited in the original Bitcoin whitepaper), has been building exposure to European Bitcoin treasury equities. He participated in a separate €1.1 million warrant deal with Capital B just one week before this raise, on May 4. Following that earlier transaction, Blockstream Capital Partners held 38.11% of Capital B on a fully diluted basis, with Back personally holding 9.97%. He also invested £585,000 in UK-listed XCE (Connecting Excellence Group) in April 2026.

Speaking to CoinDesk days before this raise was announced, Back described the pace of institutional Bitcoin adoption as deliberate rather than explosive. "Institutional adoption is very slow. So the ETFs got bought, but when BlackRock is saying they recommend 2% to 4% allocation in their general stock portfolio, the fund managers haven't done that yet. A build-up could take a year, even 18 months. Some of that stuff is just starting to happen, and I think there's a tailwind." He added that recurring buyers combined with new institutional and wealth management entrants "will eventually overwhelm the sellers."

TOBAM, a Paris-based asset manager with approximately $9 billion under management, also participated as a strategic investor. The firm operates a Bitcoin Treasury Opportunities Fund, a fund-of-funds that invests in listed Bitcoin treasury companies including Capital B and Strategy, as well as a Global Blockchain Equity UCITS ETF. Its continued backing adds regulated, institutional weight to the round.

Capital B's Trajectory

Capital B was originally called The Blockchain Group. It formally adopted a Bitcoin treasury strategy in November 2024, modeling itself explicitly on Strategy's approach of holding Bitcoin as the core corporate asset. The company rebranded to Capital B in July 2025 and simultaneously announced a new subsidiary in Abu Dhabi, signaling international expansion. Its stated long-term target is to accumulate 1% of Bitcoin's total supply (approximately 210,000 BTC) by 2033. The company reported a BTC Yield of 1,656.1% year-to-date as of a September 2025 company disclosure filed with Euronext; that figure reflects performance through the disclosure date rather than a full calendar year.

The current raise follows a sequence of capital events over recent months. In April, the company executed a €2.3 million Bitcoin purchase, followed by a 12-BTC purchase the week of April 20. The May 4 €1.1 million warrant deal with Back immediately preceded the current offering. Between March and May 2026, Capital B has completed at least five distinct capital events, and the cadence itself reflects a deliberate, continuous accumulation strategy rather than isolated opportunistic buys.

Why Emerging Markets Should Pay Attention

Bitcoin's spot ETF market saw $2.44 billion in inflows during April 2026, the strongest monthly figure since October 2025, according to on-chain data from BitcoinX. Whale wallets holding more than 1,000 BTC grew by 142 addresses over the prior six months. Emerging markets are increasingly central to this momentum: users from Africa, South Asia, and Southeast Asia now account for approximately 77% of Binance's user base, up from 49% in 2020.

Against that backdrop, Capital B's equity-wrapper model carries direct relevance for institutions in Africa and South Asia. In those regions, regulatory frameworks for direct Bitcoin custody remain underdeveloped, and tax treatment of crypto gains is often punitive. India, for example, imposes a 30% flat tax on crypto gains plus a 1% tax deducted at source on transactions. A publicly listed company that holds Bitcoin as a treasury asset operates under a different legal structure than a crypto service provider, allowing pension funds, family offices, and asset managers to gain exposure through standard equity markets without triggering those regimes directly.

South Africa's Africa Bitcoin Corporation, listed on the JSE AltX, holds 4.55 BTC as of early 2026 and has set a target of 21,000 BTC by 2030. The gap between that and Capital B's 3,125 BTC reflects how far African Bitcoin treasury vehicles still need to travel. No South Asian publicly listed Bitcoin treasury company had been identified at the time of publication, making that region a potential future market for this model rather than a current peer. Back's visible endorsement of a non-US, MiCA-adjacent Bitcoin treasury structure offers a non-American precedent that institutions in those markets may find useful as they build their own frameworks for regulated Bitcoin exposure.

France's MiCA compliance framework has been fully in effect since December 30, 2024, and a law passed in April 2025 permits Bitcoin to be used as collateral under French law. Capital B's regulated structure is becoming more sophisticated at precisely the moment when global institutional interest is accelerating. If warrant-based capital raise mechanisms like this one migrate to emerging market exchanges in the next cycle, the Capital B model will have served as an early template worth studying now.