On January 27th, French-listed company Capital B announced a plan to raise $356 million through an ATM (At-The-Market) Capital round, implemented in partnership with asset management firm TOBAM. The core objective of this plan is to further expand its Bitcoin holdings, thereby reinforcing its strategy of making BTC a long-term reserve asset on the company's balance sheet.
The adjustment to the ATM plan shows that Capital B is responding more flexibly to current market conditions. Unlike traditional share issuances, the ATM model allows the company to sell shares directly to the market in small tranches, taking advantage of favorable liquidation and share prices, thereby reducing dilution pressure and optimizing the cost of Capital raising. With the partnership of TOBAM – a well-known investment organization in Europe with a positive view of Bitcoin for many years – Capital B is sending a clear signal that they XEM BTC not just as a speculative asset, but as part of a long-term financial strategy.
