Capital B seeks approval to expand bitcoin holdings

Capital B is asking its shareholders to approve financing authorizations of up to $122 billion to expand its bitcoin-focused treasury strategy, in what would be one of the most aggressive corporate bets on the asset to date.

According to board member Alexandre Laizet, the French publicly listed company plans to seek approval for:

• a capital increase of up to 5 billion euros (about $5.8 billion) via existing shares
• authorization to issue up to 100 billion euros (about $116 billion) in credit instruments

Shareholders can vote online ahead of the company’s joint general meeting on June 17, where the proposal will be put to a formal vote.

Not an immediate purchase, but a long-term toolkit

Laizet said on social media that the move is part of Capital B’s broader treasury strategy to accelerate the accumulation of bitcoin reserves over time.

The proposed package is not a commitment to immediately deploy 122 billion dollars. Instead, it is designed as a large “financial toolkit” that would give management the flexibility to:

• raise equity up to the 5 billion euro ceiling
• issue up to 100 billion euros in various credit instruments
• use these financing options, when and if conditions allow, to increase the company’s bitcoin holdings

The goal, according to Laizet, is to grow the amount of bitcoin held per fully diluted share, using both equity and potentially significant leverage.

Current bitcoin holdings and past raises

Capital B has already begun building a sizable bitcoin position:

• it previously bought 192 bitcoins for $15.2 million
• it later added 4 more bitcoins
• these purchases brought total holdings to 3,139 bitcoins after the latest acquisitions

Earlier financing activity includes:

• a 15.2 million euro raise from global institutional and strategic participants, including Adam Back and asset manager TOBAM, earmarked for bitcoin purchases
• a 3 million euro raise through warrant issuance, of which $3.11 million was used to acquire 44 bitcoins

Before the most recent additions, the company held 2,888 bitcoins.

An aggressive corporate bitcoin strategy

The new financing proposal marks a dramatic escalation in scale. The potential 122 billion dollars in combined equity and credit authorizations would dwarf Capital B’s earlier rounds, such as the 15.2 million euro raise that brought in figures like Back and TOBAM.

If approved, the authorization would:

• deepen Capital B’s commitment to a bitcoin-centric treasury model
• allow the board to deploy both equity and substantial debt to acquire a highly volatile digital asset
• set a possible reference point for how other European corporations might structure large-scale digital asset exposure

High potential risk and signal to the market

The structure, particularly the heavy use of possible credit instruments, introduces a higher level of financial risk:

• credit instruments imply the use of borrowed funds to buy bitcoin
• the success of this approach depends entirely on bitcoin’s long-term performance
• any downturn in bitcoin’s price could be magnified by leverage

A vote in favor would signal strong confidence in bitcoin’s long-term appreciation and in Capital B’s strategy. A rejection would suggest shareholders prefer a more conservative approach to balance sheet management.

June 17 vote in focus

The joint general meeting on June 17 now becomes a key event:

• shareholders will vote on whether to grant the board this broad authorization
• the outcome will be watched as a real-time gauge of appetite for aggressive, debt-enabled corporate exposure to bitcoin

The decision could influence how other listed companies in Europe think about digital asset treasury strategies.

Broader market backdrop: mixed institutional flows

Capital B’s move comes during a period of conflicting signals from larger, regulated bitcoin products:

• in early May, U.S. spot bitcoin ETFs recorded over $1 billion in inflows in a single week
• by the final week of May, flows reversed, with about $1.4 billion in outflows

This push-and-pull suggests:

• some large entities are reducing risk
• others are still seeking to expand their bitcoin exposure

Since launch, U.S. spot bitcoin ETFs have seen cumulative inflows of about $58.72 billion as of May 2026, indicating continuing, if uneven, adoption among a broad base of market participants.

Against this backdrop of volatile institutional flows and ongoing price discovery, Capital B’s proposed authorization stands out as a high-conviction, high-risk bet on bitcoin’s long-term trajectory.