Capital B Shareholders Greenlight Up to $120B Bitcoin Financing Capacity

France-listed Bitcoin treasury firm Capital B said shareholders have approved a large authorization package to fund additional Bitcoin purchases, with the company targeting a balance-sheet expansion of up to 105 billion euros. The approvals—passed during a general meeting held on Wednesday—give Capital B flexibility to issue both new equity and credit instruments tied to its longer-term accumulation plan.

According to Capital B, more than 95% of shareholders backed measures that could include up to 5 billion euros in capital increases (potentially up to 125 billion new shares at the company’s current nominal value) and the issuance of up to 100 billion euros in credit instruments. In its announcement, the company said the goal of the financing is to “accelerate its Bitcoin accumulation strategy,” specifically by increasing the number of Bitcoin per fully diluted share over time.

Key takeaways

• Capital B received shareholder approval for up to 105 billion euros in combined funding capacity to support future Bitcoin purchases.
• Over 95% of voters approved capital increases totaling up to 5 billion euros and authorizations for up to 100 billion euros in credit instruments.
• Management frames the plan as a way to raise Bitcoin per fully diluted share over time, even if it implies heavy potential dilution.
• Capital B also changed its corporate name from The Blockchain Group to Capital B to match its 2025 commercial branding.

Shareholders authorize large-scale equity and credit issuance

Capital B said its Wednesday general meeting covered authorizations to expand funding sources for its treasury strategy. The company reported 300.65 million total shares with voting rights at the meeting.

Under the motion approved by shareholders, Capital B can carry out capital increases up to 5 billion euros. At the current nominal value, the company estimates this could translate into as many as 125 billion new shares. Capital B also received approval to issue credit instruments up to 100 billion euros, giving it another channel to raise funds without immediately relying solely on equity financing.

The company’s statement emphasized the purpose of the authorization rather than a fixed near-term purchase plan: to “accelerate” its Bitcoin accumulation strategy and increase Bitcoin holdings on a per-share basis after considering full dilution.

However, investors should note the potential dilution mechanics. If all authorized new shares are issued, Capital B said existing shareholders would be diluted to about 0.24% of the company’s ownership. That dynamic highlights why the credit authorization matters as well: it offers Capital B an additional financing lever while the company pursues its accumulation approach.

Corporate name alignment and what it signals

Beyond fundraising authority, shareholders also approved a change in the company’s name from The Blockchain Group to Capital B. Capital B said the move is intended to align the corporate name with its commercial brand adopted in 2025.

While a name change may not directly affect Bitcoin treasury economics, it can be relevant for long-term investor communication—especially for companies that increasingly market themselves around a specific brand identity tied to a treasury thesis.

Capital B’s position among European Bitcoin treasuries

Capital B described itself as Europe’s second-largest Bitcoin treasury company. It currently holds 3,139 BTC, which—based on figures cited in the source coverage—puts the holding at roughly $200 million. The ranking is supported by Bitcoin Treasuries data, which places Germany-based Bitcoin Group SE ahead with 3,604 Bitcoin valued at approximately $230 million.

The difference in holdings between the two companies remains relatively modest when viewed in percentage terms, but authorization scales like the one Capital B received can matter for how quickly a treasury firm’s portfolio growth translates into per-share metrics.

Capital B has previously raised equity to support its Bitcoin strategy. The source coverage notes that the company said it has raised about $325 million in capital to date, following a $17.8 million raise involving strategic investors. That earlier funding included Blockstream CEO Adam Back and Paris-based asset manager TOBAM, according to the report.

Against that backdrop, Wednesday’s shareholder approvals extend the company’s runway for capital deployment, potentially enabling more frequent or larger Bitcoin acquisitions—provided the firm decides to pull the trigger on the authorized issuances.

Different treasury strategies: accumulation vs. monetization

Capital B’s decision stands in contrast to other European crypto treasury firms that have moved in the opposite direction—either reducing exposure or actively monetizing holdings rather than adding more.

For example, France-based semiconductor company Sequans Communications said on May 28 that it had concluded a previously announced crypto treasury strategy. It reported holding 658 Bitcoin and said it would “monetize remaining holdings over time,” a step that reportedly contributed to a share price increase of about 14.5% in the period following its announcement.

The difference between these approaches underscores a broader debate inside the listed-crypto category: whether Bitcoin treasury companies should primarily accumulate and aim to transform holdings into a long-duration per-share thesis, or whether they should treat Bitcoin exposure more dynamically—potentially balancing liquidity needs, risk management, and investor demand.

What remains uncertain for Capital B is execution. The approvals provide up to 105 billion euros in authorization capacity, but the company did not outline a specific purchase schedule or specify how much of that capacity would be used immediately. Traders and long-term shareholders may therefore want to watch the company’s subsequent financing steps and any disclosures tied to actual issuance timing and Bitcoin acquisition plans.

With Capital B’s authorized funding package now in place, the next key question is how the firm intends to balance equity dilution risk against credit-based financing—and whether its stated aim of increasing Bitcoin per fully diluted share translates into measurable changes in portfolio growth during the coming reporting periods.