Adam Back Invests €7.6 Million in Capital B to Expand Bitcoin Treasury

Adam Back, co‑founder of Blockstream, subscribed to a €7.6 million capital raise by Capital B, a Paris‑based Bitcoin Treasury Company listed on Euronext Growth Paris. The funds are earmarked for the acquisition of an additional 376 bitcoin, bringing the company’s target treasury balance to 3,521 BTC.

Capital B Share Placement Details

The new shares were priced at €0.58 each, a premium of 15.4 % over the previous day’s closing price. Each share carries four warrants with strike prices of €0.75, €0.98 and €1.27, all expiring in five years. Full exercise of the warrants could generate an additional €49.4 million and increase Back’s ordinary stake from 14.82 % to 27.80 % on a fully diluted basis.

Impact on Treasury Holdings

Net proceeds from the placement are expected to be about €7.3 million after fees, which, together with the company’s ongoing operations, should enable the treasury to reach the 3,521 BTC target.

Additional Corporate Actions

• Capital B may open an accelerated warrant‑exercise window when the 20‑day average share price exceeds 130 % of a tranche’s strike price.
• A 10‑for‑1 reverse split is scheduled for September 8, which will adjust the warrant conversion ratios.
• The placement period can close as early as September 3.

Market Context

At the time of the raise, bitcoin was trading near $76,577, down about 1.66 % in a day, after a price dip triggered by geopolitical tensions near the Strait of Hormuz.