Capital B Raises €7.6M From Adam Back For More Bitcoin

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Capital B raised €7.6 million from Adam Back on 2 September 2026, issuing him 13,181,030 shares with four warrants on each unit at €0.58. That price was a 15.4% premium to the 1 September close.

The Puteaux company said the proceeds,“along with ongoing operations”, could enable 376 extra bitcoin and lift holdings from 3,145 BTC to 3,521 BTC. Net proceeds are an estimated €7.3 million. Capital B paid €55,882 a coin for the five bitcoin it bought on 17 August. At that ticket, this placement alone is nearer 130 BTC than 376.

A holder who owned 1% and does not subscribe falls to 0.97% after the new shares are issued, and to 0.85% if every warrant from this placement is exercised. On the company's fully diluted table those figures are 0.78% and 0.70%.

Back's stake after the issue

Back moves from 54,304,870 shares, 14.82% of ordinary capital, to 67,485,900 shares and 17.77%. If he exercises every warrant attached to this placement he holds 120,210,020 shares, 27.80% ordinary and 23.36% diluted.

He is not the only Blockstream-linked name on the register. Back co-founded and runs Blockstream, and after this issue Blockstream Capital Partners holds 71,805,804 shares, 18.91% ordinary. Public and institutional holders fall from 55.35% before the issue to 53.43% after it.

Four warrants a share

Each new share carries two Warrants 2026-06 at €0.75, one Warrant 2026-07 at €0.98 and one Warrant 2026-08 at €1.27. All three classes run five years. Full exercise of the 52,724,120 new warrants would raise a further €49,428,862.50.

If the 20-day volume-weighted average price stays above 130% of a tranche's strike for 20 sessions, Capital B may open a 20-day accelerated window. Warrants left unexercised when that window closes become void.

What sits on the treasury

Group holdings were 3,145 BTC on 17 August 2026, bought for €284.2 million, an average of about €90,400 a coin. CoinDesk put that stack at about €214 million on 2 September.

The stated aim is more bitcoin per fully diluted share. Other claims already sit against that share count. Convertible bonds represent 821 BTC of outstanding debt and 88,730,321 shares if converted. Warrants outstanding after these operations total 327,146,686. Ordinary shares after this issue total 379,706,840.

This is the second placement on the same terms inside a week, after a €21 million issue announced on 28 August that Back took up with TOBAM. CoinDesk said 3,521 BTC would put it second among Europe-listed names, behind Bitcoin Group SE on 3,605 BTC.

Closing from 3 September, split on 8 September

Closing is expected from 3 September 2026 and can slip for technical reasons. The 10-for-1 reverse split announced on 20 July 2026 takes effect on 8 September 2026. After that date each warrant buys one-tenth of a share and the strikes become €7.50, €9.80 and €12.70. Convertible conversion prices adjust at the same time. The new warrants will not be admitted to trading.

This article is for information only. It is not investment advice. Figures come from company disclosures on the dates shown. Holding values move with the bitcoin price.

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