Adam Back Puts €7.6 Million Into Capital B to Buy More Bitcoin

Adam Back has committed €7.6 million to the Capital B Bitcoin treasury, a move intended to fund the acquisition of 376 additional coins. The Paris-based company, which trades on Euronext Growth Paris under the ticker $BTC, priced the new shares at €0.58 apiece, a level 15.4% above its Tuesday closing price.

Net proceeds from the issuance are expected to reach approximately €7.3 million after fees are deducted. When combined with ongoing operations, this capital injection could increase the company's total holdings to 3,521 BTC. Capital B describes itself as Europe's first Bitcoin Treasury Company, with a stated objective of increasing the amount of bitcoin per fully diluted share rather than focusing solely on raw coin count. Back, who co-founded Blockstream and currently leads the Bitcoin infrastructure firm, subscribed to the shares at a premium to the market price, matching terms established by Capital B on August 28.

The capital raise occurs while Bitcoin trades near $76,577, representing a 1.66% decline over the past day. Prices fell below $77,000 on Tuesday amid renewed US strikes near the Strait of Hormuz. This development stands in contrast to the cautious stance of larger peers; MicroStrategy, for instance, ended a 10-week pause in its own purchases only last week.

Each new share issued includes four warrants with five-year maturities. Two warrants carry a strike price of €0.75, one is set at €0.98, and one at €1.27. If all warrants are exercised in full, the company would create 52,724,120 shares and raise an additional €49.4 million. This potential expansion would elevate Back's ordinary stake from 14.82% to 27.80%, while his fully diluted holding would reach 23.36%.

Capital B also detailed the dilution impact on existing shareholders. The company retains the option to force an accelerated exercise window if the 20-day average price exceeds 130% of a tranche strike price.

A 10-for-1 reverse split is scheduled for September 8 and will rescale all warrant ratios. The placement is expected to close by September 3 at the earliest. Other treasury companies are pursuing similar market tactics; a Solana vehicle priced a preferred stock offering last week. Capital B's next disclosure will indicate whether the planned purchase of 376 coins has been completed.