Adam Back backs Capital B €15.2M raise to reach 3,125 BTC

Capital B, a Paris-listed firm that follows a Bitcoin treasury model, raised €15.2 million in a private placement backed by Blockstream founder Adam Back and asset manager TOBAM. The company said the proceeds will be used to buy Bitcoin and increase its treasury holdings.

The new shares were priced at €0.66 each, a 1.51% premium to the May 8 close. Each share includes four warrants. The company said the fresh capital, together with ongoing operations, could allow it to acquire about 182 additional Bitcoin, taking holdings from roughly 2,943 BTC at the end of April to 3,125 BTC.

Each ABSA share carries two Warrants 2026-03 exercisable at €0.86, one Warrant 2026-04 at €1.12 and one Warrant 2026-05 at €1.46. If all warrants are exercised, Capital B would issue 92,155,376 new shares and could raise up to €99.1 million. The company can open an accelerated warrant exercise window if the volume-weighted average price stays at least 30% above a strike for 20 consecutive trading days.

Adam Back increased his exposure to Capital B earlier in May by subscribing to €1.1 million of warrants on May 4, which the company said pushed his fully diluted stake to about 9.97%. Back is the founder of Blockstream and has participated in other listed Bitcoin treasury arrangements, including a prior commitment of 30,000 BTC to a Cantor Fitzgerald-linked treasury vehicle.

Capital B adopted a Bitcoin standard in November 2024 and has expanded its reserves mainly through share issuances since then. The company reported it already ranks among the 25 largest corporate holders of Bitcoin. The firm said the private placement included global institutional investors and strategic backers.

Market participants will watch whether Capital B can increase its Bitcoin holdings without significantly diluting Bitcoin per share as it raises additional capital and as warrants are exercised.