Blockchain Capital Plans to Raise $700 Million for Two New Funds

Capital B, a French company listed on Euronext Growth Paris, has adopted a Bitcoin treasury strategy built on repeated equity raises and cryptocurrency purchases. The model aims to increase Bitcoin exposure per share, but leaves investors sensitive to swings in the token, the company’s continued access to capital and dilution from newly issued shares and warrants. Blockstream CEO Adam Back and asset manager TOBAM have emerged as key strategic backers.

Capital B said on Aug. 28 that it completed a €21 million ($24.5 million) private placement involving Back and TOBAM. It planned to buy 270 Bitcoin and lift holdings to 3,415 BTC, while full exercise of the attached warrants could provide about $158 million more. On Sept. 2, the company announced a separate €7.64 million ($8.8 million) placement fully subscribed by Back. Together with operating cash, that funding could support purchases of as many as 376 BTC and raise its treasury target to 3,521 BTC.

Capital B, formerly The Blockchain Group, is a French public company listed on Euronext Growth Paris that holds Bitcoin as a long-term treasury reserve. It aims to increase its fully diluted Bitcoin holdings per share. Continued investment from Blockstream CEO Adam Back signals institutional support for the strategy, though the issuance of new shares and warrants also carries dilution risk.

On May 4, 2026, Capital B issued 10 million BSA 2026-02 warrants, all subscribed by Back at €0.11 each, raising €1.1 million, or about $1.28 million. The warrants expire on May 2, 2029. On May 11, the company raised a further €15.2 million from Back and institutions including TOBAM, with the proceeds earmarked mainly for additional Bitcoin purchases.