What changed

Capital B's general meeting on June 17, 2026 approved up to EUR 5 billion in nominal capital increases and up to EUR 100 billion in nominal credit instruments to back its Bitcoin treasury strategy Source. BTC AB opened a preference-share rights issue testing investor demand, with a subscription period from June 16 to June 30, 2026 Bitcoin News. As context, Capital B holds about 3,139 BTC as of June 2026, and BTC AB's baseline holdings are 171.33 BTC, illustrating the scale of each entity's treasury position in this European pilot CryptoSlate. Assetify notes that the use of hybrid equity and credit structures is part of a broader shift in crypto-treasury finance toward instruments that blend debt-like and equity-like features.

Where uncertainty remains

The turning point now is how these financing tools will affect Bitcoin per share versus dilution and debt risk, a question explicitly raised in the approved framework discussions Source. BTC AB's rights issue itself tests investor demand: up to 195,078 Class A preference shares at SEK 120.00 per share, targeting gross proceeds of about SEK 23.4 million, with legally binding subscription undertakings of around SEK 6.4 million and non-binding management intentions of SEK 2.4 million Bitcoin News. If successful, the instrument could support larger treasury accumulations, but the long-run impact on Bitcoin-per-share metrics versus dilution or credit risk remains an open question Bitcoin News.