Adam Back injects €7.6M into Capital B for additional Bitcoin purchases

Adam Back has invested €7.6 million in the Capital B Bitcoin treasury, financing the acquisition of an additional 376 coins.

Based in Puteaux, a business district west of Paris, Capital B is listed on Euronext Growth Paris. The new shares were priced at €0.58 each, 15.4% higher than Tuesday's closing price.

Why Capital B's Bitcoin Treasury Aims for 3,521 Coins

After deducting fees, net proceeds are expected to be around €7.3 million. Combined with existing operations, this amount could bring total holdings to 3,521 BTC.

🟠 Capital B announces a €7.6 million capital raise with strategic investor Adam Back to accelerate its Bitcoin Treasury Company strategy⚡️

Full Press Release (EN): https://t.co/aCL9WZuSGa

Full Press Release (FR): https://t.co/uB3vvq666c

BTC Strategy (EN):…

— Capital B (@_ALCPB) September 2, 2026

Capital B describes itself as Europe's first Bitcoin Treasury Company. Its objective is to increase bitcoin per fully diluted share, not just the total coin count. Back, who co-founded Blockstream, currently leads the Bitcoin infrastructure firm.

The capital raise comes as Bitcoin trades around $76,577, dropping 1.66% in the last 24 hours. Fresh US strikes near the Strait of Hormuz drove the price below $77,000 on Tuesday.

Back subscribed at a price above the market rate, consistent with the terms established by Capital B on August 28. In contrast, larger competitors have become more cautious. MicroStrategy, for instance, only ended a 10-week pause last week.

Warrants May Increase Back's Ordinary Stake to 27.8%

Each new share is accompanied by four warrants. Two have a strike price of €0.75, one at €0.98, and one at €1.27, all expiring in five years.

If all warrants are exercised, 52,724,120 new shares would be issued, raising an additional €49.4 million. Back's ordinary stake would increase from 14.82% to 27.80%. On a fully diluted basis, it would stand at 23.36%.

Capital B also revealed the dilution impact. A shareholder with a 1% stake before the issuance would see it reduced to 0.97% on an ordinary basis. If all warrants are converted, that share would drop to 0.85%.

Capital B also has the ability to accelerate the process. It can open an accelerated exercise period if the 20-day average price exceeds 130% of a tranche's strike price.

A 10-for-1 reverse stock split is scheduled for September 8 and will adjust all warrant ratios. The placement will close no earlier than September 3.

Other treasury firms are also accessing markets under similar conditions. A Solana-focused vehicle completed a preferred stock offering last week. Capital B's upcoming disclosure should confirm whether the 376 coins were indeed acquired.