Capital B revealed that on August 28, the company announced the completion of a private placement of 21 million euros aimed at institutional investors. The participants included Blockstream, co-founder Adam Back, and the Paris-based asset management firm TOBAM. The company stated that after deducting fees, the net proceeds amounted to approximately 19.9 million euros, which will mainly be used to continue purchasing Bitcoin and to support its balance sheet.
The funds can support approximately 270 Bitcoins.
According to the company, if this financing is used in conjunction with existing operational resources, it could support an additional holding of approximately 270 Bitcoins. However, this purchase has not yet occurred and still needs to be confirmed by the company after the transaction is completed.
If all subsequent steps are carried out, the Bitcoin holdings of Capital B will increase from 3,145 to approximately 3,415 coins. The company also stated that this allocation is expected to be completed by August 31 at the earliest, but technical processes may lead to a brief delay.
- The total amount of funds raised this time is 21 million euros.
- The expected net fundraising is approximately 19.9 million euros.
- Potential new holdings of approximately 270 Bitcoin
The funds corresponding to the warrants have not been secured.
In addition to the confirmed fundraising, Capital B may also receive an additional 135.8 million euros after all warrants are exercised. According to the disclosure, a total of 144,876,280 warrants are attached this time, but this amount does not constitute part of the confirmed financing.
The company stated that a 20-trading-day accelerated exercise period will be available, and the warrants that are not exercised by the end of this period will become invalid. Therefore, whether this potential capital will actually be received depends on the investors' choices and the price conditions at that time.
Reverse stock split to be implemented on September 8th
Capital B disclosed that after the completion of this transaction, Adam Back's shareholding in common stocks is expected to increase from 12% to 14.82%, while TOBAM's shareholding will rise from 2.87% to 3.29%. Blockstream Capital Partners's shareholding, on the other hand, is expected to decrease from 21.74% to 19.59%.
The company also stated that on September 8th, a reverse stock split of 1 to 10 will be implemented, and the proportion of related warrants will also be adjusted accordingly. This placement is expected to be completed before the stock split.
Capital B Has previously expanded its Bitcoin treasury in a similar manner. In May of this year, the company completed a institutional placement of 15.2 million euros and used part of that funds to buy 13 million euros worth of Bitcoin, adding 192 more Bitcoins to its portfolio.
Additional information:This securities offering is limited to certain qualified institutional buyers and recognized investors in the United States, and is conducted under an exemption from registration requirements; Maxim Group acts as the exclusive placement agent in the transaction, but does not assume any underwriting responsibilities.
