Capital B secures €7.6 million from Adam Back to boost Bitcoin treasury

Capital B announced a €7.6 million private placement with Bitcoin pioneer Adam Back. The funding is earmarked for buying additional Bitcoin, potentially raising the company’s reserve to 3,521 BTC.

Deal structure and proceeds

Back subscribed to 13,181,030 shares, each bundled with four warrants, at €0.58 per unit. Gross proceeds total €7.64 million, with net proceeds of roughly €7.3 million after fees. The subscription price represented a 15.4 % premium to the prior day’s closing price.

Potential additional capital

If all warrants are exercised, Capital B could receive an extra €49.43 million. The warrants are split into three tranches with exercise prices of €0.75, €0.98 and €1.27, each maturing in five years.

Impact on Bitcoin holdings

The €7.6 million, combined with ongoing operations, is expected to fund the purchase of 376 BTC. This would increase the company’s Bitcoin reserve from the current 3,145 BTC to a potential 3,521 BTC.

Effect on ownership stakes

Back’s stake is set to rise to 17.77 % of ordinary shares after the new issuance, and could reach 27.80 % if all warrants are exercised. Blockstream Capital Partners would hold 18.91 % and public/institutional investors 53.43 % after the share issue.

Related financing history

Capital B previously raised €21 million on Aug. 28 and €15.2 million in May, both using similar share‑plus‑warrant structures. Those rounds funded earlier Bitcoin purchases, including a 192 BTC acquisition worth €13 million.

Upcoming corporate actions

A 10‑for‑1 reverse stock split is scheduled for Sept. 8, consolidating ten existing shares into one new share. Post‑split, warrant exercise prices will be adjusted proportionally.