Blockstream CEO Adam Back has made a significant personal investment of €1.1 million ($1.28 million) in Capital B, a publicly traded European firm that strategically accumulates Bitcoin. This investment signals growing confidence in corporate Bitcoin treasury strategies, a model pioneered by companies like MicroStrategy.
Investment Details and Bond Structure
According to a Monday announcement, Back subscribed to 10 million warrants priced at €0.11 each, with every warrant granting the right to purchase a new share at an exercise price of €0.84. The company also lowered the conversion price of bonds held by Back by approximately 50%, from €5.174 to €2.59 per share. Upon conversion, Back will receive additional share purchase rights with a two-year maturity. Existing share price conditions have been removed, allowing him to convert the bonds into stock at his discretion.
Impact on Capital B's Position and Market Reaction
The investment increases Back's stake in Capital B to 9.97% on a fully diluted basis. The company's stock rose more than 6.5% on Monday following the announcement, although it remains down over 16% since the start of 2026. Bitcointreasuries.net data places Capital B as the 25th-largest corporate Bitcoin holder, with 2,943 BTC valued at roughly $234 million.
Broader Context of Corporate Bitcoin Strategies
Capital B and UK-based Connecting Excellence Group were the only Bitcoin treasury firms in Europe to raise capital over the past month, according to available disclosures. Connecting Excellence Group raised $794,000 on April 23, also with backing from Back. Meanwhile, other companies have taken a more defensive approach. On April 24, Nasdaq-listed Nakamoto launched an actively managed derivatives program to hedge downside exposure on its Bitcoin holdings. In a March 30 SEC filing, Nakamoto disclosed the sale of 284 BTC, making it the largest treasury firm this year to report trimming its holdings. Genius Group liquidated its entire Bitcoin treasury of 84 BTC in February to repay a debt obligation.
