Key Takeaways
- • Capital B raised €7.6 million ($8.8 million) from Blockstream CEO Adam Back through an equity issuance of 13.18 million shares at €0.58 per share, each with four attached warrants.
- • The company plans to deploy capital to acquire up to 376 BTC, which would bring total treasury holdings to 3,521 BTC ($269.5 million at current prices), positioning Capital B as Europe's second-largest bitcoin treasury among publicly listed companies behind Bitcoin Group SE (3,605 BTC).
- • Capital B's existing holdings of 3,145 BTC were acquired at an average cost of €90,352 per coin; current market valuation stands at €214 million, reflecting unrealized gains from initial deployment at €284.2 million total acquisition cost.
- • The Euronext Growth Paris-listed firm's strategic accumulation strategy targets 1% of total bitcoin supply by 2033, aligning with a long-term treasury thesis similar to other corporate bitcoin holders.
- • Adam Back's investment signals institutional confidence from a prominent crypto developer and cypherpunk cited in Bitcoin's original 2008 white paper, adding credibility to Capital B's treasury accumulation model.
Summary
Capital B, a Paris-listed cryptocurrency treasury firm trading on Euronext Growth under ticker ALCPB, has secured €7.6 million ($8.8 million) in capital from Adam Back, CEO of Bitcoin developer Blockstream and a foundational figure in cryptography. The raise was structured as an equity issuance of 13,181,030 shares priced at €0.58 per share, with each share carrying four attached warrants, according to regulatory filings dated Wednesday.
The company intends to deploy the newly raised capital to purchase up to 376 bitcoin, which would increase its total treasury holdings from the current 3,145 BTC to approximately 3,521 BTC. At prevailing market prices around $77,140 per bitcoin, the enlarged position would represent approximately $269.5 million in aggregate bitcoin holdings. This accumulation would position Capital B as the second-largest bitcoin treasury among Europe-listed public companies, behind only German-listed Bitcoin Group SE, which holds 3,605 BTC according to Bitcoin Treasuries tracking.
Capital B's existing bitcoin treasury was acquired at a weighted average cost of €90,352 per coin, for a total deployment of €284.2 million. The current market value of these holdings stands at €214 million ($248 million), reflecting the cryptocurrency's price volatility over the period since acquisition. The company's stated objective is to accumulate 1% of Bitcoin's total circulating supply by 2033, positioning it as a long-term institutional bitcoin holder similar to other corporate treasury strategies that have emerged in the institutional investment space.
Adam Back's participation in the raise carries strategic significance beyond capital provision. Back is recognized as an early cypherpunk and cryptographer cited in Bitcoin's original 2008 white paper, lending validation to Capital B's treasury accumulation thesis from a developer-investor with deep technical credibility. At the time of the announcement, Capital B shares traded at €0.485, down 2.1% on the day amid broader cryptocurrency price weakness, while bitcoin itself declined approximately 1.8% in the 24-hour period preceding the filing.
The company intends to deploy the newly raised capital to purchase up to 376 bitcoin, which would increase its total treasury holdings from the current 3,145 BTC to approximately 3,521 BTC. At prevailing market prices around $77,140 per bitcoin, the enlarged position would represent approximately $269.5 million in aggregate bitcoin holdings. This accumulation would position Capital B as the second-largest bitcoin treasury among Europe-listed public companies, behind only German-listed Bitcoin Group SE, which holds 3,605 BTC according to Bitcoin Treasuries tracking.
Capital B's existing bitcoin treasury was acquired at a weighted average cost of €90,352 per coin, for a total deployment of €284.2 million. The current market value of these holdings stands at €214 million ($248 million), reflecting the cryptocurrency's price volatility over the period since acquisition. The company's stated objective is to accumulate 1% of Bitcoin's total circulating supply by 2033, positioning it as a long-term institutional bitcoin holder similar to other corporate treasury strategies that have emerged in the institutional investment space.
Adam Back's participation in the raise carries strategic significance beyond capital provision. Back is recognized as an early cypherpunk and cryptographer cited in Bitcoin's original 2008 white paper, lending validation to Capital B's treasury accumulation thesis from a developer-investor with deep technical credibility. At the time of the announcement, Capital B shares traded at €0.485, down 2.1% on the day amid broader cryptocurrency price weakness, while bitcoin itself declined approximately 1.8% in the 24-hour period preceding the filing.
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