Capital B is raising €7.6 million from Bitcoin investor Adam Back as the Paris-listed company steps up efforts to expand its Bitcoin treasury.
In its September 2 press release, the company said that Back subscribed to 13.18 million shares bundled with four warrants each at €0.58 per unit. The placement is expected to generate about €7.6 million in gross proceeds and €7.3 million after fees and transaction-related expenses.
Capital B said the funds, together with its ongoing operations, could support the purchase of 376 additional BTC. If completed, the acquisitions would take the company’s potential total Bitcoin holdings to 3,521 BTC.
Back increases his Capital B stake
Back is already a major shareholder in Capital B. Before the latest placement, he held about 54.3 million shares, representing 14.82% of the company’s ordinary share capital.
As per the press release, his stake will increase to about 67.5 million shares, or 17.77%, following the new issuance. If all the warrants issued in the latest transaction are exercised, Back’s holding could rise to about 120.2 million shares, giving him a 27.8% stake on an ordinary basis.
The latest financing follows another ABSA operation announced by Capital B on August 28, which was carried out under the same conditions.
Four warrants accompany each share
As per the disclosures in the release, each share-and-warrant unit, known as an ABSA, includes four warrants: two 2026-06 warrants, one 2026-07 warrant and one 2026-08 warrant. The initial exercise prices are €0.75 for the 2026-06 warrants, €0.98 for the 2026-07 warrants and €1.27 for the 2026-08 warrants. Each warrant has a five-year maturity.
The transaction includes 52.7 million warrants in total. If all are exercised, Capital B would receive an additional €49.4 million and issue 52.7 million new shares. The company may also accelerate the exercise period for a warrant tranche if its shares maintain a volume-weighted average price above 130% of the relevant exercise price for 20 consecutive trading days.
The release also states that Capital B is scheduled to complete a 10-for-1 reverse stock split on September 8. Following the split, the warrant exercise prices will be adjusted to €7.50, €9.80 and €12.70 for the 2026-06, 2026-07 and 2026-08 warrants, respectively. The new shares from the placement are expected to be admitted to trading on Euronext Growth Paris after the transaction closes.
Bitcoin strategy and funding capacity
The latest financing forms part of Capital B’s broader strategy of increasing the amount of Bitcoin held per fully diluted share.
The company reached 2,943 BTC in April after several purchases during the month. In May, it raised €1.1 million from Adam Back to support its Bitcoin strategy. In June, Capital B also secured authorization for up to €105 billion in financing, providing additional capacity for its long-term Bitcoin treasury plans.
Meanwhile, Bitcoin is currently trading at around $76,788, according to CoinGecko, with BTC up 22.3% over the past month. The €0.58 subscription price represents a 15.4% premium to Capital B’s September 1 closing price.
The company also has 327.1 million outstanding warrants, representing about €320.4 million in potential additional capital if exercised. In addition, its €82.4 million of outstanding Bitcoin-denominated convertible bonds could result in the issuance of 88.7 million shares.
These instruments provide potential future funding but could also increase the company’s share count if exercised.
Shareholder structure
Following the latest issuance, Capital B’s total ordinary share count will increase to about 379.7 million shares.
The press release notes that Blockstream Capital Partners will remain the company’s largest shareholder with an 18.91% stake, while Adam Back will become the second-largest shareholder with 17.77%. Executives will hold 5.59%, followed by TOBAM at 3.18%. UTXO will hold 1.12%, while public and institutional shareholders will account for 53.43%.
On a diluted basis, including certain convertible bonds and other instruments, Blockstream Capital Partners would hold 31.89% and Back 14.76% immediately after the placement. If all the new warrants are exercised, Back’s ordinary stake could reach 27.8%, while Blockstream’s stake would fall to 16.61% on that basis.
Capital B describes itself as a Bitcoin Treasury Company listed on Euronext Growth Paris, with additional businesses covering data intelligence, artificial intelligence and decentralized technology consulting and development.
The private placement is expected to close on September 3 at the earliest, although Capital B said technical reasons could delay completion by several days.
The 10-for-1 reverse stock split is scheduled for September 8. Investors will then be watching whether Capital B uses the new funds to acquire the targeted 376 BTC and whether its share price reaches the levels required for accelerated warrant exercises.
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