TheBlock
French bitcoin treasury company Capital B raised €7.6 million ($8.8 million) from Blockstream CEO Adam Back in a private placement priced at a 15.4% premium to its September 1 close. The placement consists of 13.18 million shares at €0.58 ($0.67) each, with four warrants attached per share, and net proceeds are expected at roughly €7.3 million ($8.5 million) after fees. Capital B says the funds, alongside ongoing operations, could fund the acquisition of 376 additional BTC, lifting its potential holdings from 3,145 BTC to 3,521 BTC.
Why it matters
Back is not a passive check-writer here. His stake rises to 17.77% on an ordinary basis following the issuance, up from 14.82%, and climbs to 27.8% if all 52.7 million warrants issued in the placement are exercised. The warrants carry strike prices of €0.75, €0.98, and €1.27, each with a five-year maturity, and an accelerated-exercise clause if the 20-day VWAP holds above 130% of the relevant strike for 20 straight sessions. That structure effectively prices in multi-year conviction, not a one-quarter allocation.
Capital B sits 26th among 198 public companies tracked by Bitcoin Treasuries as of September 2, and said in June it was exploring a digital credit instrument for the European market modeled on Strategy's STRC and Strive's SATA. The placement extends a €15.2 million raise the company closed in May with Back and asset manager TOBAM, which at the time targeted 182 additional BTC.
Market impact
The incremental buy keeps Capital B firmly in the mid-tier of listed bitcoin treasuries, but the warrants path makes the deal considerably larger in option value than the headline figure suggests. If every warrant is exercised, Capital B would issue the corresponding shares for an additional €49.4 million ($57 million), taking the total potential raise above $65 million against a backdrop of BTC trading near $77,000 on Wednesday.
The wider read is that European listed bitcoin treasuries are still attracting patient, founder-style capital even as the original Strategy playbook matures in the US.
Frequently asked questions
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How much bitcoin will Capital B hold after this raise?
Capital B says the €7.6M ($8.8M) raise plus ongoing operations could fund 376 additional BTC, lifting potential holdings from 3,145 to 3,521 BTC.
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Why did Adam Back invest at a 15.4% premium to Capital B's September 1 close?
Pricing the placement above market signals conviction rather than at-market dilution. The proceeds fund further BTC accumulation, aligning Back with shareholders if the treasury thesis plays out.
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What are the warrant strike prices and how could they expand the raise?
Each of the 13.18M shares carries four warrants at strikes of €0.75, €0.98, and €1.27, each maturing in five years. If all 52.7M warrants are exercised, Capital B would issue the corresponding shares for an additional €49.4M ($57M).
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What is the STRC/SATA-style instrument Capital B is exploring?
Capital B said in June it is exploring a digital credit instrument for the European market modeled on Strategy's STRC and Strive's SATA, yield-bearing preferred-equity wrappers designed to fund ongoing bitcoin accumulation without common-stock dilution.
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How does Capital B rank among public bitcoin treasury companies?
Capital B ranked 26th among 198 public companies tracked by Bitcoin Treasuries as of September 2, with potential holdings of 3,521 BTC after this raise.
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