Capital B secures approval for $120 billion Bitcoin treasury plan
Shareholders of French company Capital B have approved a major expansion of its financing program, allowing the firm to raise up to €105 billion (about $120 billion) to further increase its Bitcoin reserves. The capital will be raised through share issuances and debt instruments.
At the company's annual general meeting, more than 95% of shareholders voted in favor of increasing the authorized share capital to €5 billion ($5.7 billion) and authorizing the issuance of up to €100 billion ($114.7 billion) in debt securities, according to a recent company press release.
Largest funding authorization to date
Capital B has been authorized to issue up to 125 billion new shares. The company said the move will accelerate the execution of its Bitcoin accumulation strategy and increase Bitcoin exposure on a fully diluted per-share basis.Shareholders also approved the company's rebranding from The Blockchain Group to Capital B, completing the transition to the name it has used since 2025.
At the time of the meeting, the company had approximately 300.65 million voting shares outstanding.
Share issuance will dilute existing holders
If Capital B fully utilizes the approved authorization and issues all 125 billion new shares, current shareholders' ownership stakes would be diluted to approximately 0.24% of the company's share capital.Despite the potential dilution, management believes the financing framework will provide the resources needed to continue expanding the company's crypto treasury over the long term.
The company emphasized that its primary objective remains increasing the effectiveness of its Bitcoin strategy on a fully diluted per-share basis.
Capital B strengthens its position among corporate Bitcoin holders
According to industry data, Capital B is Europe's second-largest publicly traded corporate Bitcoin holder, with 3,139 BTC worth approximately $200 million on its balance sheet.Since launching its Bitcoin strategy, the company has raised about $325 million. Participants in its latest funding round included Blockstream CEO Adam Back and French asset manager TOBAM.
Capital B's approach differs from that of several other public companies. For example, French semiconductor manufacturer Sequans Communications, which adopted a Bitcoin treasury strategy in 2025, recently announced the sale of its remaining 658 BTC as part of a broader review of its corporate strategy.
Earlier, shares of Avalanche Treasury surged 40% following the company's Nasdaq debut. The firm plans to build a corporate AVAX treasury worth more than $1 billion.
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