Key Takeaways
- • Capital B raised €7.6 million from Blockstream CEO Adam Back through a private placement of 13.18 million shares with warrants, priced at €0.58 per unit—a 15.4% premium to the prior day's closing price.
- • The placement could fund the purchase of up to 376 additional Bitcoin, bringing Capital B's total holdings from 3,145 BTC to a potential 3,521 BTC if fully deployed.
- • Full exercise of warrants attached to the placement could generate an additional €49.4 million in capital for the European Bitcoin treasury company.
- • Adam Back's ownership stake is expected to increase to 17.77% following issuance of the new shares, before accounting for potential warrant exercises.
- • Net proceeds of approximately €7.3 million will be deployed primarily to expand Capital B's Bitcoin reserve holdings as a long-term strategic asset, continuing the company's focus on increasing BTC per fully diluted share.
Summary
Capital B, a Paris-listed Bitcoin treasury company, announced on September 2, 2026, that it has secured €7.6 million in new capital from Adam Back, CEO of Blockstream and a prominent figure in cryptocurrency development, through a strategically structured private placement. The transaction involved Back subscribing to 13.18 million shares accompanied by four warrants per share at a subscription price of €0.58 per unit, representing a 15.4% premium to Capital B's September 1 closing share price.
The financing will generate gross proceeds of €7.64 million, with net proceeds estimated at approximately €7.3 million after transaction fees and expenses. Capital B intends to deploy these funds primarily toward expanding its Bitcoin holdings on its balance sheet, maintaining its strategic focus on accumulating BTC as a long-term reserve asset. Combined with the company's ongoing operational activities, the new capital could support the acquisition of up to 376 additional Bitcoin, potentially increasing total holdings to 3,521 BTC from the current level of 3,145 BTC.
Back's investment significantly strengthens his position in Capital B, with his ownership stake expected to rise to 17.77% following the issuance of the newly subscribed shares, before accounting for the impact of warrant exercises. The attached warrants represent a secondary value opportunity for the investor: full exercise of all warrants issued in this transaction could generate an additional €49.4 million in capital for the company, providing further firepower for Bitcoin purchases at potentially higher valuations.
This placement follows another private placement executed days earlier under identical €0.58 subscription terms, underscoring Capital B's aggressive capital-raising strategy to expand its digital asset treasury. The company's Bitcoin acquisition pace has remained consistent, most recently purchasing five BTC for €280,000 in August, which brought holdings from 3,140 BTC to 3,145 BTC. Capital B's strategy aligns with broader institutional adoption of Bitcoin as a corporate treasury reserve asset, similar to other publicly listed vehicles focused on cryptocurrency accumulation.
The financing will generate gross proceeds of €7.64 million, with net proceeds estimated at approximately €7.3 million after transaction fees and expenses. Capital B intends to deploy these funds primarily toward expanding its Bitcoin holdings on its balance sheet, maintaining its strategic focus on accumulating BTC as a long-term reserve asset. Combined with the company's ongoing operational activities, the new capital could support the acquisition of up to 376 additional Bitcoin, potentially increasing total holdings to 3,521 BTC from the current level of 3,145 BTC.
Back's investment significantly strengthens his position in Capital B, with his ownership stake expected to rise to 17.77% following the issuance of the newly subscribed shares, before accounting for the impact of warrant exercises. The attached warrants represent a secondary value opportunity for the investor: full exercise of all warrants issued in this transaction could generate an additional €49.4 million in capital for the company, providing further firepower for Bitcoin purchases at potentially higher valuations.
This placement follows another private placement executed days earlier under identical €0.58 subscription terms, underscoring Capital B's aggressive capital-raising strategy to expand its digital asset treasury. The company's Bitcoin acquisition pace has remained consistent, most recently purchasing five BTC for €280,000 in August, which brought holdings from 3,140 BTC to 3,145 BTC. Capital B's strategy aligns with broader institutional adoption of Bitcoin as a corporate treasury reserve asset, similar to other publicly listed vehicles focused on cryptocurrency accumulation.
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