Europe’s first Bitcoin Treasury Company Capital B has announced a €1.1 million capital raise backed by leading cryptographer and CEO of Blockstream Adam Back. The funding, secured through the issuance of share subscription warrants, is part of a broader move aimed at accelerating the firm’s long-term Bitcoin treasury strategy and optimizing its capital structure.
According to the company’s press release, the warrants (BSA 2026-02) were fully subscribed by Back, reinforcing his continued support for the firm’s Bitcoin-focused corporate treasury model.
Strategic Bitcoin warrants
The company issued 10 million warrants at €0.11 each, raising a total of €1.1 million. Each warrant grants the right to subscribe to one ordinary share, with a maturity date set for May 2, 2029.
The exercise price is structured at the higher of €0.84 or a valuation tied to the company’s Bitcoin holdings per share, reflecting its “mNAV 1.1” metric—a key indicator in its treasury strategy.
The move aligns with Capital B’s objective of increasing the number of Bitcoin per fully diluted share over time, positioning itself as one of Europe’s first publicly listed Bitcoin treasury companies.
Convertible bond terms revised
Alongside the capital raise, Capital B confirmed significant amendments to its OCA B-04 convertible bonds, also subscribed by Adam Back.
Key changes include:
- Conversion price reduced from €5.174 to €2.59 per share
- Removal of share price conditions for conversion by the holder
- Addition of warrants (BSA OC) upon conversion, with a two-year maturity
The convertible bonds, originally valued at €5.04 million and subscribed in Bitcoin, carry a 0% coupon and can be redeemed in Bitcoin, Euros, or shares, further tightening the link between Capital B’s equity and the performance of the underlying digital asset.
Strengthening the Bitcoin treasury
The latest financial maneuvering builds on Capital B’s ongoing Bitcoin treasury strategy. In the last week of April 2026, it expanded its Bitcoin reserves to 2,943 BTC following a €0.4 million purchase—highlighting its ongoing accumulation strategy. The company has consistently emphasized increasing Bitcoin per share as a core metric, rather than focusing solely on traditional financial indicators.
By aligning equity instruments with Bitcoin-linked valuation metrics and enhancing investor incentives, the firm is positioning itself to scale its holdings while navigating market volatility.
As institutional interest in Bitcoin treasury strategies grows globally, Capital B’s evolving structure reflects a broader shift toward integrating digital assets directly into corporate balance sheets.
Meanwhile, Bitcoin was currently trading around $79,883.08, up by 1.97% over the last 24 hours, according to data from CoinMarketCap.
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