Adam Back invests $8.8 million in Capital B as the firm targets 3,521 BTC

French bitcoin treasury company Capital B announced a private placement that raised €7.6 million ($8.8 million) from crypto pioneer Adam Back. The funding is intended to support the acquisition of additional bitcoin, raising the firm’s potential holdings to 3,521 BTC.

Deal structure

The placement consists of 13.18 million newly issued shares at €0.58 ($0.67) each, each accompanied by four warrants. Two warrants are exercisable at €0.75 ($0.87), one at €0.98 ($1.13), and one at €1.27 ($1.47). All warrants have a five‑year maturity. If every warrant (52.7 million in total) is exercised, Capital B could receive an additional €49.4 million ($57 million) and issue the corresponding shares.

Closing timeline and net proceeds

The transaction is expected to close on September 3 at the earliest, with a possible short delay for technical reasons. After fees and transaction expenses, Capital B anticipates net proceeds of about €7.3 million ($8.5 million).

Impact on bitcoin holdings

Capital B stated that the proceeds, together with ongoing operations, could fund the purchase of 376 BTC, increasing its potential bitcoin balance from 3,145 BTC to 3,521 BTC. The company currently ranks 26th among 198 public companies tracked for bitcoin treasury holdings.

Adam Back’s ownership stake

Following the placement, Back’s ordinary‑basis stake will rise to 17.77 % from 14.82 %. If all warrants are exercised, his stake could reach 27.8 %.

Previous financing and future plans

Capital B previously raised €15.2 million ($18 million) in May, which was also backed by Back and asset manager TOBAM. That earlier capital was earmarked for acquiring 182 BTC, bringing holdings to 3,125 BTC at the time. In June, the firm announced it was exploring a digital credit instrument for the European market, modeled on existing products from Strategy and Strive.

Bitcoin market context

At the time of the announcement, bitcoin was trading near $77,000, having fluctuated between $76,800 and $81,600 over the prior week.