Capital B proposes €5 billion stock issuance to fatten Bitcoin treasury

Capital B has sought shareholder approval to authorize up to €5 billion in new equity issuance and €116 billion in credit instruments as the French Bitcoin treasury company pushes for additional capital to expand its Bitcoin holdings.

According to Alexandre Laizet, Capital B’s board director of Bitcoin Strategy, the proposal would allow the company to issue up to 125 billion new shares at current nominal value alongside a large pool of debt and credit instruments.

Laizet unveiled the proposal in a Monday X post, and shareholders have until June 17 to vote ahead of the company’s combined general meeting.

“We are submitting to your approval a new delegation of authority to the Board of Directors allowing the establishment of a maximum capacity of 5 billion euros in nominal amount of capital increases (e.g., for reference and based on the current nominal value of the Company’s shares of €0.04, a maximum of 125 billion shares), and 100 billion euros in nominal amount for the issuance of credit instruments, to accelerate its Bitcoin accumulation strategy, focused on increasing the number of bitcoin per fully diluted share over time.” – Alexandre Laizet.

Coming just weeks after a series of fundraising rounds backed by institutional investors, the proposal would significantly expand Capital B’s ability to raise funds for future Bitcoin purchases. Company disclosures show Capital B has already raised about $325 million in capital to support its treasury strategy.

Capital B has already completed a €15.2 million ($17.8 million) private placement earlier in May, that included participation from Blockstream CEO Adam Back and Paris-based asset manager TOBAM. 

Subsequently, it used part of those proceeds to acquire 192 BTC worth about €13 million ($15.1 million), lifting its Bitcoin treasury to 3,135 BTC at the time.

A separate announcement on Monday disclosed another purchase of 4 BTC, bringing the company’s total holdings to 3,139 BTC.

Operating under the name The Blockchain Group before its July 2025 rebrand, Capital B has centered its business around increasing the amount of Bitcoin held per fully diluted share over time.

Corporate filings from the May fundraising round showed that Capital B issued more than 23 million shares with attached warrants to institutional investors across the U.S., Europe and other jurisdictions. The company said the warrants, if fully exercised, could generate an additional €99.1 million through the issuance of more than 92 million new shares.

Adam Back’s ownership would reportedly rise to 13.43% on an ordinary basis following the placement, while Blockstream Capital Partners, advised by Back, would hold 14.42%. TOBAM’s stake was projected to increase to 4.20%.

Capital B expands while some treasury firms reduce exposure

While Capital B is seeking authority to access substantially more capital, several publicly traded Bitcoin treasury companies have recently moved in the opposite direction.

Last week, France-based semiconductor company Sequans Communications said it had ended its digital asset treasury strategy and would return its focus to Internet of Things semiconductor operations. The company disclosed that it held 658 BTC worth roughly $48 million and planned to monetize the remaining holdings over time. Sequans shares rose about 14.5% in morning trading following the announcement.

Elsewhere, Strategy reported on Monday that it had sold 32 BTC to fund distributions tied to its preferred stock program. The sale represented the company’s first reported Bitcoin disposal since a tax-loss transaction in 2022 and renewed investor scrutiny of preferred stock structures that rely on recurring dividend payments.

Earlier this year, Nasdaq-listed Nakamoto disclosed an actively managed Bitcoin derivatives strategy designed to generate income from market volatility while hedging part of its Bitcoin reserves. A March 30 filing from the company also showed that it had sold 284 BTC, worth approximately $20 million at the time.