French-listed Bitcoin treasury Capital B said shareholders had approved a large approval package to fund additional Bitcoin purchases and the company was targeting a balance sheet expansion of up to €105 billion. The approval passed at the general meeting on Wednesday gives Capital B the flexibility to issue both new equity and credit products in line with its long-term accumulation plans.
According to Capital B, more than 95% of shareholders supported the move, which could include a capital increase of up to 5 billion euros (potentially up to 125 billion new shares at the company’s current nominal value) and the issuance of credit notes of up to 100 billion euros. In the announcement, the company stated that the goal of the funding is to “accelerate our Bitcoin accumulation strategy,” specifically by increasing the number of Bitcoins per fully diluted share over time.
Key Takeaways
- Capital B has received shareholder approval for a total financing capacity of up to €105 billion to support future Bitcoin purchases.
- More than 95% of voters approved approval for up to €100 billion in capital increases and credit instruments totaling €5 billion.
- Management plans to raise Bitcoin per fully diluted share over time, even though this implies the potential for significant dilution.
- Capital B also changed its name from The Blockchain Group to Capital B in 2025 to align with its commercial brand.
Shareholders authorize large issuances of equity and credit.
Capital B said its general meeting on Wednesday addressed approval to expand funding sources for its financial strategy. The company reported a total of 306.5 million shares with voting rights at the meeting.
Subject to the agreement approved by shareholders, Capital B can carry out a capital increase of up to €5 billion. At current nominal value, the company estimates this could translate into 125 billion new shares. Capital B has also been authorized to issue credit products of up to €100 billion, giving it another channel to raise funds without having to rely solely on immediate equity financing.
The company’s statement emphasized the purpose of the approval rather than a fixed, short-term purchase plan. This means “accelerating” your Bitcoin accumulation strategy and increasing your Bitcoin holdings per share after taking full dilution into account.
However, investors should keep an eye on potential dilution mechanisms. Once all authorized new shares are issued, Capital B said existing shareholders will be diluted to about 0.24% of the company’s shares. This dynamic also highlights why credit approval is important. This provides Capital B with an additional means of raising funds while the company pursues an accumulation approach.
Company Name Sorting and What It Means
In addition to the funding mandate, shareholders also approved changing the company’s name from The Blockchain Group to Capital B. Capital B said the move was to align the company’s name with its commercial brand adopted in 2025.
The name change may not have a direct impact on Bitcoin financial economics, but may be relevant to long-term investor communications. This is especially true for companies that increasingly center their marketing around specific brand identities related to financial topics.
Capital B’s Position Among European Bitcoin Sovereign Bonds
Capital B describes itself as the second largest Bitcoin treasury company in Europe. It currently holds 3,139 BTC, putting its holdings at around $200 million, according to figures cited in the source report. This ranking is supported by Bitcoin Treasury data, which shows Germany-based Bitcoin Group SE holds 3,604 Bitcoins worth about $230 million.
Although the difference in holdings between the two companies is relatively minor in percentage terms, the size of an approval like the one Capital B received could be important to how quickly the financial firm’s portfolio growth translates into per-share metrics.
Capital B previously raised capital to support its Bitcoin strategy. The company said it has raised approximately $325 million in capital to date, following $17.8 million in funding from strategic investors, sources reported. According to the report, initial funding included Blockstream CEO Adam Back and Paris-based asset manager TOBAM.
Against this backdrop, Wednesday’s shareholder approval extends the company’s runway for capital deployment, potentially enabling more frequent or larger Bitcoin acquisitions if the company decides to pull the trigger on an authorized issuance.
Different Financial Strategies: Accumulation vs. Monetization
Capital B’s decision stands in contrast to other European cryptocurrency treasury firms that have moved in the opposite direction, actively monetizing their exposure rather than reducing their exposure or adding to their holdings.
For example, France-based semiconductor company Sequans Communications said on May 28 that it had concluded its previously announced cryptocurrency financial strategy. It reported holding 658 bitcoins and said it “intends to liquidate the remaining holdings over time,” which reportedly contributed to a roughly 14.5% rise in the stock price in the period following the announcement.
The differences in these approaches highlight a broader debate within the listed cryptocurrency category. That is, whether Bitcoin treasury firms should primarily aim to accumulate assets and transition to long-term holdings, or should they handle Bitcoin exposure more dynamically, balancing liquidity needs, risk management and investor demand.
What remains uncertain for Capital B is execution. The authorization provides for up to 105 billion euros of authorized capacity, but the company did not outline a specific purchase timeline or specify how much of that capacity would be used immediately. Therefore, traders and long-term shareholders may want to keep an eye on the company’s subsequent financing stages and any disclosures related to its actual issuance timing and Bitcoin acquisition plans.
Now that Capital B’s approved financing package is in place, the next key questions are how the company will balance credit-based financing and the risk of equity dilution, and whether its stated goal of growing Bitcoin per fully diluted share translates into a measurable change in portfolio growth over future reporting periods.