Capital B Secures $13.3 Million via Convertible Bonds to Enhance Bitcoin Treasury Approach

French Bitcoin treasury firm Capital B secured €11.5 million ($13.3 million) via a mix of equity and convertible bonds from TOBAM Bitcoin Alpha Fund to enhance its cryptocurrency assets.

The deal encompasses a €5 million capital increase at €2.90 per share and €6.5 million in convertible bonds through its Luxembourg subsidiary, The Blockchain Group Luxembourg SA.

TOBAM Partnership Drives 2,275% Strategy Returns

Capital B announces a capital increase and a convertible bonds issuance for an amount of ~€11.5 million with TOBAM BITCOIN ALPHA FUND to pursue its Bitcoin Treasury Company strategy
Full Press Release (EN): https://t.co/w9CKirG4j8
Full Press Release (FR):… pic.twitter.com/kdIlME04xd

— Capital B (@_ALCPB) August 4, 2025

This funding could enable Capital B to acquire around 160 additional Bitcoin, potentially increasing total holdings to 2,173 BTC as Europe’s inaugural publicly listed Bitcoin treasury company.

The convertible bonds have a five-year maturity with conversion prices ranging from €3.66 to €4.75 per share, with 95% of the proceeds allocated for Bitcoin purchases.

Capital B’s ALTBG strategy component achieved remarkable returns of 2,275% from November 2024 to July 2025, significantly surpassing Bitcoin’s 58% increase during the same timeframe.

The company’s sats per share metric rose from 15 in November 2024 to 1,933 by July 2025, following several capital raises and strategic alliances.

This transaction aligns with the growing trend of corporate Bitcoin adoption worldwide, as MicroStrategy acquired 21,021 BTC for $2.46 billion at $117,256 per coin, raising total holdings to 628,791 BTC.

Strategy has acquired 21,021 BTC for ~$2.46 billion at ~$117,256 per bitcoin and has achieved BTC Yield of 25.0% YTD 2025. As of 7/29/2025, we hodl 628,791 $BTC acquired for ~$46.08 billion at ~$73,277 per bitcoin. $MSTR $STRK $STRF $STRD $STRC https://t.co/PEQQGfvkYe

— Michael Saylor (@saylor) July 29, 2025

Treasury Strategy Aiming for Aggressive BTC Accumulation

Capital B’s convertible bond structure offers flexibility for both the company and TOBAM Bitcoin Alpha Fund through dual-tranche issuance. The initial tranche of €6.5 million converts at €3.6557 per share, representing 130% of the volume-weighted average price as of July 31.

An additional optional tranche valued at €13 million can be activated within three months at elevated conversion prices aimed at ensuring a favorable BTC yield. The conversion rate is set at either a 30% premium to the first tranche price or a minimum price to support Bitcoin accumulation per diluted share.

TOBAM gained significant influence through this transaction, with potential ownership reaching 4.47% on a fully diluted basis. This partnership builds on earlier collaborations, including OCA B-02 and OCA A-03 agreements that have contributed to Capital B’s growth trajectory.

The Luxembourg subsidiary structure facilitates compliance with European regulations while concentrating on Bitcoin treasury operations.

Zero-coupon bonds offer cost-effective financing compared to conventional debt instruments while retaining equity upside through conversion options.

Source: Capital B

Capital B’s strategy focuses on increasing Bitcoin-per-share rather than dividends or traditional returns.

The company monitors sats per share as a crucial performance indicator, assessing Bitcoin accumulation in relation to share dilution from capital raises.

Corporate Bitcoin Adoption Accelerates Amid Market Fluctuations

MicroStrategy initiated a $4.2 billion at-the-market equity program for STRC preferred shares following record quarterly results.

Net income soared to $2.3 billion, propelled by unrealized Bitcoin gains as BTC surpassed $110,000 during Q2 2025. The company also raised $10.5 billion in gross proceeds over four months through various share classes and ATM facilities.

Moreover, Bitcoin holdings valued at approximately $69.4 billion contribute significantly to balance-sheet appreciation during crypto market surges.

In a similar vein, Metaplanet filed for $3.6 billion in preferred stock funding while adding 463 Bitcoin to achieve a total of 17,595 coins worth $1.78 billion.

The Japanese firm recorded a 430.2% year-to-date BTC yield through aggressive accumulation financed by equity issuances and bond redemptions.

European adoption progressed as Smarter Web Company exceeded 2,000 Bitcoin holdings after acquiring 225 BTC for £19.9 million.

The London-listed firm achieved a staggering 49,198% year-to-date BTC yield under its “10 Year Plan” treasury strategy. However, skepticism arose as Bitcoin ETFs experienced $643 million in net outflows last week, concluding a seven-week inflow streak.

Maelstrom Fund CIO @CryptoHayes has cautioned that Bitcoin may decline to $100,000 amid a series of macroeconomic challenges.#Hayes #Bitcoinhttps://t.co/9cjWV5SoYS

— Cryptonews.com (@cryptonews) August 3, 2025

Maelstrom Fund CIO Arthur Hayes indicated that Bitcoin could fall back to $100,000 due to macroeconomic pressures, having reduced $13.3 million in cryptocurrency holdings.

Additionally, VanEck’s Matthew Sigel criticized at-the-market programs that become dilutive when stock prices near Bitcoin’s net asset value. He characterized the expanding treasury strategy as an unsustainable bubble.

Despite scrutiny regarding the sustainability of corporate treasury strategies, over 287 firms currently hold more than 3.64 million Bitcoin collectively.

Source: BitcoinTreasuries

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