Adam Back Invests Another $8.8 Million in Capital B as Bitcoin Treasury Firm Targets 3,521 BTC

Blockstream co-founder and CEO Adam Back has increased his exposure to French bitcoin treasury company Capital B, committing €7.6 million ($8.8 million) through a private share placement struck at a 15.4% premium to the company’s Sept. 1 closing price. Capital B said the proceeds, combined with ongoing operations, could support the acquisition of 376 additional bitcoin, lifting its potential treasury from 3,145 BTC to 3,521 BTC. Back Expands Stake in Capital B’s Bitcoin Treasury French bitcoin treasury company Capital B announced the private placement on Wednesday. The transaction is built around 13.18 million newly issued shares priced at €0.58 ($0.67) each. According to the company, every share carries four warrants, a structure that could deliver significantly more capital if the warrants are exercised. The full warrant package includes 52.7 million warrants. If all are exercised, Capital B would receive an additional €49.4 million ($57 million) and issue the corresponding shares. The company can trigger an accelerated exercise period if its 20-day volume-weighted average price exceeds 130% of the applicable warrant exercise price for 20 consecutive trading days. The terms break down as follows: 13.18 million shares issued at €0.58 ($0.67) each Four warrants attached to every share Two warrants exercisable at €0.75 ($0.87) One warrant exercisable at €0.98 ($1.13) One warrant exercisable at €1.27 ($1.47) Each warrant matures in five years The placement is expected to close Sept. 3 at the earliest. Capital B noted that completion could be delayed by a few days for technical reasons. After fees and transaction expenses, the company expects net proceeds of about €7.3 million ($8.5 million). Capital B’s Bitcoin Holdings Could Climb to 3,521 BTC Capital B said the proceeds and ongoing operations could fund the acquisition of 376 additional BTC. That would take its potential bitcoin holdings from 3,145 BTC to 3,521 BTC. Funding Round Term Reported Figure Strategic Position Private placement investment €7.6 million ($8.8 million) Back is the sole investor in this tranche Share issue price €0.58 ($0.67) per share 15.4% premium to Sept. 1 close Warrants attached to each share Four per share Exercise prices: €0.75, €0.98 and €1.27 Potential warrant proceeds €49.4 million ($57 million) Based on all 52.7 million warrants being exercised Expected net proceeds €7.3 million ($8.5 million) Could fund purchase of 376 BTC Potential bitcoin holdings 3,521 BTC Up from 3,145 BTC Capital B was ranked 26th among 198 public companies tracked by Bitcoin Treasuries as of Sept. 2. The company continues to operate as a bitcoin treasury vehicle based in France, using capital raised from investors to accumulate bitcoin on its balance sheet. Adam Back’s Ownership Position After the Placement Back’s stake in Capital B will rise to 17.77% on an ordinary basis following the issuance, up from 14.82% before the transaction. If all of the placement’s warrants are exercised, his ordinary-basis stake could reach 27.8%. This is not Back’s first Capital B investment. In May, Capital B announced a €15.2 million ($18 million) raise that included participation from Back and asset manager TOBAM. At the time, the company said the proceeds and ongoing operations could support the acquisition of 182 BTC, taking its holdings to 3,125 BTC. Wednesday’s deal builds on that momentum and pushes the firm toward the 3,521 BTC target. Market Context and Bitcoin Price Snapshot Bitcoin was trading near $77,000 on Wednesday, after moving between $76,800 and $81,600 over the previous week, according to The Block’s BTC price data. The price move came alongside a busy stretch for bitcoin treasury companies in Europe and the United States. Capital B also said in June that it was exploring a digital credit instrument for the European market modeled on Strategy’s STRC and Strive’s SATA. That project, if brought to market, would expand the firm’s role beyond bitcoin accumulation and into structured digital credit products. No formal launch has been announced, and the company has not provided further public details on the timeline. The latest placement underscores the growing willingness of prominent crypto figures to fund bitcoin treasury companies through structured equity and warrant deals. For Adam Back, the investment deepens his existing relationship with Capital B at a time when European public-market vehicles are increasingly looking to bitcoin as a reserve asset. What Is Capital B? Capital B is a French public company that operates as a bitcoin treasury firm. It raises capital from investors and uses those funds, along with ongoing operations, to buy and hold bitcoin on its balance sheet. How Much Did Adam Back Invest in Capital B? Adam Back invested €7.6 million ($8.8 million) in a private share placement announced Wednesday. The deal was priced at €0.58 ($0.67) per share, a 15.4% premium to the Sept. 1 closing price. How Many Bitcoin Could Capital B Acquire with the New Proceeds? Capital B said the net proceeds of about €7.3 million ($8.5 million), combined with ongoing operations, could fund the acquisition of 376 additional BTC. That would raise its potential holdings from 3,145 BTC to 3,521 BTC. What Warrants Are Attached to the Capital B Placement? Every newly issued share includes four warrants. Two are exercisable at €0.75 ($0.87), one at €0.98 ($1.13), and one at €1.27 ($1.47), with each warrant maturing in five years. If all 52.7 million warrants are exercised, Capital B would receive €49.4 million ($57 million). What Other Bitcoin Treasury Projects Is Capital B Exploring? In June, Capital B said it was exploring a digital credit instrument for the European market modeled on Strategy’s STRC and Strive’s SATA. The company has not yet announced a formal launch or further public details.