Adam Back Puts €7.6 Million Into Capital B to Buy More Bitcoin

Adam Back has put €7.6 million into the Capital B Bitcoin treasury, funding the purchase of 376 more coins.

Capital B sits in Puteaux, a business district west of Paris, and trades on Euronext Growth Paris. It priced the new shares at €0.58 apiece. That level sits 15.4% above Tuesday’s close.

Why the Capital B Bitcoin Treasury Wants 3,521 Coins

Net proceeds should reach roughly €7.3 million once fees clear. Together with ongoing operations, that sum could lift holdings to 3,521 BTC.

🟠 Capital B announces a €7.6 million capital raise with strategic investor Adam Back to accelerate its Bitcoin Treasury Company strategy⚡️Full Press Release (EN): https://t.co/aCL9WZuSGaFull Press Release (FR): https://t.co/uB3vvq666cBTC Strategy (EN):…

— Capital B (@_ALCPB) September 2, 2026

Capital B calls itself Europe’s first Bitcoin Treasury Company. Its stated goal is more bitcoin per fully diluted share, rather than a bigger raw coin count. Back co-founded Blockstream and now runs the Bitcoin infrastructure firm.

The raise arrives with Bitcoin trading near $76,577, down 1.66% in a day. Renewed US strikes near the Strait of Hormuz pushed it below $77,000 on Tuesday.

However, Back subscribed above the market price, matching the terms Capital B set on August 28. Meanwhile, larger peers have turned cautious. MicroStrategy ended a 10-week pause only last week.

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Warrants Could Lift Back’s Ordinary Stake to 27.8%

Each new share arrives with four warrants. Two carry a €0.75 strike, one €0.98, and one €1.27, all maturing in five years.

Full exercise would create 52,724,120 shares and raise a further €49.4 million. Back’s ordinary stake would then climb from 14.82% to 27.80%. On a fully diluted basis, it reaches 23.36%.

Capital B also disclosed the dilution effect. A holder with 1% before the issuance moves to 0.97% on an ordinary basis. That figure falls to 0.85% if every new warrant converts.

Capital B can also force the pace. It may open an accelerated exercise window whenever the 20-day average price beats 130% of a tranche strike.

A 10-for-1 reverse split lands September 8 and will rescale every warrant ratio. The placement closes September 3 at the earliest.

Other treasury companies are tapping markets on similar terms. A Solana vehicle priced a preferred stock offering last week. Capital B’s next disclosure should show whether the 376 coins actually landed.