Capital B raised €7.6 million from strategic investor Adam Back through a private placement announced Sept. 2, a deal that could fund 376 more Bitcoin and lift its treasury to 3,521 BTC. Full exercise of the attached warrants could bring Capital B another €49.43 million.
Capital B said Back subscribed to 13,181,030 shares carrying four warrants each at €0.58 per unit, generating gross proceeds of €7.64 million. The subscription price represented a 15.4% premium to the company's Sept. 1 closing share price.
Net proceeds are expected to reach approximately €7.3 million after fees and transaction expenses. Capital B plans to use the funds to add Bitcoin to its balance sheet as a long-term reserve asset, continuing a strategy focused on increasing BTC held per fully diluted share.
Capital B could add 376 Bitcoin after Adam Back investment
Proceeds from the new placement, combined with Capital B's ongoing operations, could support the purchase of 376 BTC, potentially increasing the company's holdings to 3,521 BTC. Capital B currently holds 3,145 BTC after buying five Bitcoin for €280,000 in August, acquired at an average price of €55,882 each.
The Sept. 2 financing consists of shares with attached subscription warrants, or ABSA. Each share carries two Warrants 2026-06 with a €0.75 exercise price, one Warrant 2026-07 at €0.98 and one Warrant 2026-08 at €1.27, all with five-year maturities.
Full warrant exercise could add another €49.43 million
If Back exercises every warrant from the transaction, Capital B would receive another €49.43 million. The 26.36 million Warrants 2026-06 could generate €19.77 million, while the 13.18 million Warrants 2026-07 and the same number of Warrants 2026-08 could add €12.92 million and €16.74 million respectively.
The structure follows an €21 million private placement Capital B announced Aug. 28, subscribed by institutional investors including Back and French asset manager TOBAM at the same €0.58 per unit. That round could fund 270 BTC, potentially lifting holdings from 3,145 BTC to 3,415 BTC.
Back's stake set to rise past 17%
Back already held 54.3 million Capital B shares before the latest transaction, representing 14.82% of ordinary share capital. Once the new shares are issued, his position will increase to approximately 67.49 million shares, or 17.77% on an ordinary basis.
Closing of the placement is expected from Sept. 3, though Capital B said technical requirements could delay completion by several days. The company is separately preparing a 10-for-1 reverse stock split scheduled for Sept. 8, after which each warrant will entitle its holder to one-tenth of a new share.
Source: Capital B, via Actusnews (press release)
Trading involves risk.
Risk Disclaimer
