Capital B Raises €21 Million for More Bitcoin Amid Warrant Dilution Concerns
Capital B, a company focused on Bitcoin treasury operations, has announced a private placement of shares to raise €21 million. This funding round includes the issuance of 36,219,070 new shares with attached warrants at €0.58 per unit.
The gross proceeds from this transaction are expected to be around €21.01 million, while the net proceeds after fees will be approximately €19.9 million.
Capital B plans to use these funds, combined with existing operating funds, to acquire an additional 270 Bitcoin. This would bring their total treasury holdings to a potential 3,415 BTC, up from 3,145 BTC as of August 17.
The immediate effect on the company's stated measure of Bitcoin backing per diluted share is minimal, decreasing by only 0.02%. However, the exercise of the attached warrants could lead to significant dilution in the long term.