Capital B, Europe’s first listed Bitcoin treasury company, bought 192 more Bitcoin after completing new funding.
Capital B, the Euronext Growth Paris-listed company formerly known as The Blockchain Group, bought another 192 BTC▼$61,311.00 for about $15.1 million after completing several capital raises.
The company, which calls itself Europe‘s first Bitcoin treasury company, said in a Monday press release that its total holdings rose to 3,135 BTC. The latest Bitcoin purchase was made at an average price of about $79,000 per BTC.
According to Capital B, the entire Bitcoin stack was valued at around $330 million based on a price per BTC of around $105,300. However, the company’s document also showed a Bitcoin net asset value of about $248.4 million, meaning the market value of the stack was below its cost basis at the reporting date.
Yet, Capital B shares didn’t get any boost from the latest purchase. Data from Google Finance shows the stock at €0.60, down over 5% on the day.
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Adam Back and TOBAM Funding
The purchase followed the final completion of three funding steps. Earlier in May, Capital B raised about $994,000 through an at-the-market style share sale with TOBAM.
It also raised about $1.3 million through warrants subscribed by Bitcoin developer Adam Back. Additionally, the company brought in about $17.7 million through a private placement backed by institutional investors, including Back and TOBAM.
The deal also leaves more potential funding on the table. If all warrants tied to the private placement are exercised, they could bring in another $115.3 million, according to the company.
Capital B also said its year-to-date BTC Yield reached 1.82%, with a BTC Gain of 51.3 BTC and a BTC € Gain of about $4.1 million. On its website, Capital B shows a nearer-term target of 15,000 BTC by the end of 2027, while its longer-term ambition is to accumulate 1% of Bitcoin’s total supply by 2033.
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