Capital B has secured €7.6 million from strategic investor Adam Back through a new private placement, with proceeds earmarked primarily to expand its Bitcoin treasury. The company issued 13,181,030 shares carrying four warrants each at €0.58 per unit, generating gross proceeds of €7.64 million and expected net proceeds of about €7.3 million after fees and transaction costs.
The subscription price represented a 15.4% premium to Capital B’s closing share price on Sept. 1. Combined with ongoing operations, the capital could fund the purchase of 376 BTC, potentially lifting the company’s total holdings from 3,145 BTC to 3,521 BTC. In August, Capital B bought five Bitcoin for €280,000 at an average price of €55,882 each, bringing its aggregate acquisition cost for the strategic Bitcoin reserve to €284.2 million.
The financing uses shares with attached subscription warrants, known as ABSA. Each of the 13.18 million shares carries four warrants split across three tranches: two Warrants 2026-06 with a €0.75 exercise price, one Warrant 2026-07 at €0.98, and one Warrant 2026-08 at €1.27, all with five-year maturities. If every warrant is exercised, Capital B could receive another €49.43 million, consisting of €19.77 million from the 2026-06 warrants, €12.92 million from the 2026-07 warrants, and €16.74 million from the 2026-08 warrants.
Adam Back’s stake is set to increase after the new shares are issued. Before the transaction he held 54.3 million shares, or 14.82% of ordinary share capital and 12.31% on a diluted basis. After issuance his position will rise to about 67.49 million shares, representing 17.77% ordinary ownership and 14.76% diluted. Full warrant exercise would bring his stake to 27.80% on an ordinary basis and 23.36% diluted. Blockstream Capital Partners is expected to hold 18.91% after the initial share issuance, while public and institutional investors would account for 53.43%.
The latest placement follows a €21 million private placement announced on Aug. 28 with the same €0.58 per unit terms, in which Adam Back and French asset manager TOBAM subscribed. Capital B said that financing and its operating resources could fund 270 BTC, potentially increasing its holdings to 3,415 BTC, with full warrant exercise generating up to €135.8 million. A similar structure was used in May for a €15.2 million placement, part of which funded a 192 BTC acquisition worth €13 million.
Closing of the latest private placement is expected from Sept. 3, with new ordinary shares to be admitted to trading on Euronext Growth Paris. Separately, Capital B is preparing a 10-for-1 reverse stock split scheduled for Sept. 8, after which the adjusted warrant exercise prices will be €7.50, €9.80, and €12.70.
