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French Bitcoin treasury company Capital B has raised €7.6 million ($8.8 million) from Bitcoin investor and Blockstream CEO Adam Back as it looks to expand its cryptocurrency holdings. The latest private placement strengthens Capital B’s strategy of accumulating Bitcoin while continuing to build its broader digital-asset and technology operations.
The funding comes through the issuance of approximately 13.18 million shares, bundled with four subscription warrants per share, at €0.58 per unit. The issue price represented a 15.4% premium to Capital B’s closing share price on September 1, suggesting Back agreed to invest at a price above the company’s recent market valuation.
Capital B Targets 376 More Bitcoin
Capital B said the proceeds from the transaction, combined with cash generated through its ongoing operations, could enable the company to acquire approximately 376 additional BTC.
If the planned purchases are completed, Capital B’s Bitcoin holdings could increase from 3,145 BTC to approximately 3,521 BTC. The company ranked 26th among 198 public companies tracked by Bitcoin Treasuries as of September 2.
The company has been building its Bitcoin treasury through a series of capital raises. In May, Capital B announced another €15.2 million fundraising involving Adam Back and asset manager TOBAM. That transaction was also intended to support additional Bitcoin purchases.
Adam Back Increases His Stake
The latest investment also gives Back a larger position in Capital B. His ordinary ownership is expected to increase from approximately 14.82% to 17.77% following the new share issuance.
The attached warrants could provide Capital B with substantially more capital in the future. If all 52.7 million warrants are exercised, the company could receive another €49.4 million ($57 million). Under that scenario, Back’s ordinary stake could rise to approximately 27.8%.
The warrants have exercise prices ranging from €0.75 to €1.27 and have five-year maturities. Capital B also has the ability to trigger an accelerated exercise period if its share price meets specified conditions.
Bitcoin Treasury Strategy Gains Momentum
Capital B’s latest move reflects the growing trend of publicly listed companies using equity markets to build Bitcoin reserves. Rather than holding Bitcoin only as a corporate cash alternative, these companies increasingly position cryptocurrency accumulation as a central part of their long-term strategy.
Capital B says its objective is not simply to increase the number of Bitcoin it owns, but to increase the amount of Bitcoin per fully diluted share over time. That distinction is important because repeated equity issuance can increase Bitcoin holdings while also diluting existing shareholders.
The latest transaction is expected to close no earlier than September 3, subject to final technical procedures. Capital B has also announced a 10-for-1 reverse stock split, scheduled for September 8.
With Bitcoin treasury companies continuing to attract capital, Capital B’s ability to convert fresh financing into additional BTC—and do so without excessive shareholder dilution—will likely remain a key measure of the strategy’s success.
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