Key Takeaways:
Capital B shareholders authorized up to $120.4 billion in new financing capacity, giving the French Bitcoin treasury company one of the largest corporate accumulation mandates in Europe.
"The scale of this authorization shows how far listed firms are willing to go in using public-market structures to expand Bitcoin exposure," the company said in a statement following the vote.
More than 95% of shareholders backed authorizations for up to €5 billion in capital increases and up to €100 billion in credit instruments, according to the company. Capital B currently holds 3,139 Bitcoin valued at about $200 million, making it Europe's second-largest Bitcoin treasury company behind Germany's Bitcoin Group SE, which holds 3,604 Bitcoin. The firm has raised about $325 million in capital to date, including a $17.8 million round from strategic investors such as Blockstream CEO Adam Back and Paris-based asset manager TOBAM.
The mandate does not commit the company to raise the full amount immediately but gives management optionality to issue shares, debt or other credit instruments over time. The investment case now hinges on whether each financing round improves Bitcoin per fully diluted share — the central metric for shareholders evaluating the company less as a traditional operating business and more as a listed Bitcoin accumulation vehicle.
The capital increase authorization carries significant dilution risk. Capital B reported 300.65 million shares with voting rights at its general meeting. If the full €5 billion equity authorization were exercised at the current nominal value, the company could issue as many as 125 billion new shares, leaving existing shareholders with about 0.24% of the company's ownership. Capital B shares were little changed after the announcement, suggesting the market did not immediately treat the authorization as a dilution shock.
The fundraising initiative contrasts with moves by some treasury companies to reduce their Bitcoin exposure. On May 28, France-based semiconductor company Sequans Communications said it had concluded its previously announced crypto treasury strategy. The company held 658 Bitcoin and said it would monetize remaining holdings over time, a decision followed by a share price increase of about 14.5%.
Shareholders also approved changing the company's name from The Blockchain Group to Capital B, aligning the corporate name with the commercial brand adopted in 2025. The rebrand reinforces the company's narrower identity as a Bitcoin treasury business rather than a broader blockchain-focused firm.
This article is for informational purposes only and does not constitute investment advice.
