French Bitcoin treasury company Capital B announced that it raised €21.0 million worth $24.5 million through private share placement. According to an Aug. 28 announcement, the fundraise was conducted at €0.58 per ABSA, one share bundled with four share-subscription warrants, without pre-emptive subscription rights.
The raise saw the participation of legendary cypherpunk and Bitcoin-centric blockchain development firm CEO Adam Back as well as asset manager TOBAM. If all the issued warrants were to be exercised, Capital B would see a further €135.8 million worth $158 million capital injection through the issuance of 144,876,280 ordinary shares.
Source: capitalb.com
Capital B plans to use the proceeds of the raise to acquire 270 Bitcoin (BTC), raising its total holdings to 3,415 BTC. According to CoinMarketCap data, the company is currently the 29th largest publicly traded Bitcoin treasury company with 3,139 BTC in worth under $249 million in its coffers, behind Bitcoin Group SE with its 3,605 BTC worth under $286 million.
While sizable, Capital B’s Bitcoin holdings pale in comparison to the first and largest Bitcoin treasury companyStrategy with its 843,775 BTC worth nearly $67 billion at the time of writing.
The news follows Capital B submitting a proposal to the board of directors seeking to allow the establishment of up to 5 billion euros worth $5.8 billion in capital increase through 125 billion shares at current nominal value and $116 billion in credit instruments back in early June.
The resolution passed with 162,486,459 votes, 99.34%, in favour, while smaller treasury companies were selling their holdings instead.
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