Capital B shareholders voted on June 17 to authorize up to €5 billion in nominal capital increases and €100 billion in nominal credit instruments linked to its Bitcoin treasury strategy, giving management a big new financing menu before any specific issuance is priced. The same week, BTC AB opened the subscription period for a Class A preference-share rights issue that could raise about SEK 23.4 million before costs, tying its own raise to the same goal of increasing Bitcoin per fully diluted share.
What Capital B shareholders approved
The resolution passed at the annual meeting gives Capital B authority to issue new shares up to €5 billion and borrow up to €100 billion in credit instruments. The wording of the proposal describes increasing Bitcoin per fully diluted share as an objective, not a commitment — a distinction that gives the board flexibility. Actual financing will depend on later terms and market conditions. Shareholder risks flagged in the filing include dilution, credit capacity, preference dividends, and redemption terms that could outweigh benefits from added Bitcoin.
BTC AB's rights issue details
BTC AB's subscription period runs from June 16 through June 30, with trading in subscription rights on Spotlight Stock Market through June 25. The company has already secured subscription undertakings totaling about SEK 6.4 million, roughly 27.2% of the rights issue, plus non-binding intentions from all board members and certain management members. The outcome is expected around July 2, with first trading in the new preference shares estimated around July 20. If fully subscribed, the raise would net about SEK 23.4 million before costs — a much smaller number than Capital B's authorization, but still aimed at the same strategy.
Both moves come as a growing number of European firms seek to fund Bitcoin purchases through equity and debt markets. Last week, Blockchain Group won approval for an $11 billion raise to execute aggressive Bitcoin acquisitions, building on a €300 million plan announced June 9. The pattern is clear: companies are using shareholder approvals for large financing authorities, then executing smaller, more targeted raises as opportunities arise. Capital B's authorization might never be fully used — but it gives the company room to move fast when the market looks right.
BTC AB expects to announce the rights issue outcome around July 2. For Capital B, the next concrete step is deciding whether and how to tap its newly approved financing menu. Neither company has signaled a specific Bitcoin purchase yet.
