French firm Capital B, focused on building out a Bitcoin (BTC) treasury, has locked in $24.5 million through a private placement, even as the market stays choppy. The round drew support from Adam Back of Blockstream and investment manager TOBAM. There’s more firepower on the table too: attached warrants could bring in up to $158 million if exercised.

Deal structure and details

The $24.5 million raised will go straight into growing Capital B’s Bitcoin treasury. By going with a private placement, the company was able to close the round without a public listing—sidestepping some of the headaches of a volatile market.

Who’s in the round

Backing Capital B are heavy hitters like Adam Back from Blockstream and TOBAM. Their involvement signals real appetite among crypto-native investors for treasury management strategies anchored in the OG digital asset.

Warrants could boost the war chest

The deal includes a package of warrants that, if exercised, could unlock another $158 million in funding. For Capital B, that means a liquidity reserve without locking in a fixed amount up front—and the flexibility to tap that capital when the timing’s right.