Capital B disclosed that on 28 August it had announced the completion of a targeted increase of Euro21 million for institutional investors, including the co-founder of Blockstream, Adam Back, and the Paris Asset Management Corporation, TOBAM. The company states that net fund-raising after deduction of costs amounts to approximately Euro9.9 million, mainly for the continued purchase of bitcoin and balance sheet support.
The funds support about 270 bitcoins.
According to the company, this financing, if combined with existing operating resources, could support the addition of up to 270 bitcoin warehouses. However, this portion of the purchase has not yet taken place and will still need to be confirmed by the company upon completion of the transaction.
If fully implemented, the bitcoin holding warehouse of Capital B would increase from 3145 to approximately 3415. At the same time, the company indicated that the distribution was expected to be completed as early as 31 August, but that the technology process could lead to a short delay.
- The total amount raised is 21 million euros.
- Net fund-raising is expected to be around Euro9.9 million.
- Potential addition of approximately 270 bitcoins
Credit recognition counterpart funds not implemented
In addition to the confirmed fund-raising, Capital B may receive €135.8 million after full ownership. According to the disclosures, a total of 144,876,280 equity certificates were attached to the present exercise, but this amount is not part of the recognized financing.
According to the company, the acceleration period would be open for 20 trading days and the unused shareholding certificate would expire after that date. Therefore, the availability of this part of the potential funds remains dependent on the investor ' s choice and the price conditions at that time.
Implementation of the reverse dismantling unit on 8 September
Capital B disclosed that, after the completion of the transaction, Adam Back ' s shareholding share was expected to rise from 12 per cent to 14.82 per cent and TOBAM from 2.87 per cent to 3.29 per cent. The shareholding ratio of Blockstream Capital Partners will decrease from 21.74 per cent to 19.59 per cent.
The company also indicated that it would implement a reverse split of 1 to 10 on 8 September and that the associated shareholding ratios would be adjusted in tandem. The distribution is expected to be completed before the stock is dismantled.
Capital B had previously expanded the Bitcoin Treasury in a similar way. In May of this year, the company completed a distribution of €15.2 million and bought a portion of it for €13 million in bitcoin, adding 192 bitcoins.
Additional information:The securities are sold only to buyers and accredited investors of some United States eligible institutions and are conducted under an exemption registration arrangement and do not constitute public distribution in the United States; Maxim Group acts as an exclusive distributor in the transaction, but does not assume the responsibility for the sale.