Capital B secures €21M to bulk up its Bitcoin treasury, with Adam Back among investors Paris-listed Capital B announced a €21.0 million private placement on Aug. 28 to accelerate its Bitcoin treasury strategy, attracting institutional investors including Blockstream co-founder Adam Back and Paris-based asset manager TOBAM. Deal mechanics and proceeds - The company issued 36,219,070 ordinary shares, each sold with four attached warrants, at €0.58 per unit. Gross proceeds totaled €21,007,060.60; Capital B expects roughly €19.9 million in net proceeds after fees and transaction costs. - The €0.58 subscription price matched the company’s five-day volume-weighted average share price and represented a 6.45% discount to the Aug. 27 closing price. - Maxity/Maxim Group served as sole placement agent on a best-efforts basis and did not underwrite settlement or delivery. Warrant package and potential upside - Each share came with four warrants: two Warrants 2026-06 (exercise price €0.75), one Warrant 2026-07 (€0.98), and one Warrant 2026-08 (€1.27). All warrant classes have five-year terms. - Warrants are not being admitted to public trading, but any ordinary shares issued on exercise would be listed. - If all 144,876,280 warrants were exercised, Capital B could receive up to about €135.8 million in additional cash. That amount is not part of the current confirmed raise and may never be realized—exercise depends on future share prices and investor decisions. - Capital B may force an accelerated exercise window if its 20-day VWAP exceeds 130% of a warrant’s exercise price; accelerated windows would remain open for 20 trading days, after which unused warrants would expire. Reverse split and adjusted exercise prices - The company will carry out a 10-for-1 reverse stock split on Sept. 8 (one new share for every ten existing shares). The split does not change the company’s market value alone but will change how warrants convert. - Post-split, each warrant will represent one-tenth of a share, making the effective exercise prices per new share €7.50, €9.80 and €12.70 for the three warrant tranches. Impact on Bitcoin treasury and shareholders - With roughly €19.9 million of net proceeds and existing operating resources, Capital B said the financing “could enable” the purchase of about 270 BTC. If completed in full, that would lift holdings from 3,145 BTC to approximately 3,415 BTC (the additional purchase has not yet occurred and would require a separate confirmation). - Shareholders will see dilution if they do not participate. A holder with 1% before the placement would drop to about 0.90% after the share issuance and to roughly 0.65% if all warrants are later exercised. - The placement reshuffles ownership stakes: Adam Back’s ordinary stake is expected to rise from 12% to 14.82% after closing; TOBAM would increase from 2.87% to 3.29%; Blockstream Capital Partners’ proportional stake would fall from 21.74% to 19.59%. Context and timeline - Capital B reported holding 3,145 BTC as of Aug. 17, after a recent purchase of five BTC for €280,000. The company completed a similar €15.2 million institutional placement in May and used part of that capital to buy 192 BTC for about €13 million. - Shareholders granted broad financing authority in June, and Capital B has also expanded its debt capacity to support its treasury strategy. - The current placement is expected to close on Aug. 31 at the earliest, though technical steps could delay settlement. Any Bitcoin purchases would occur after closing and be separately announced. - The securities were offered to selected U.S. qualified institutional buyers and accredited investors under registration exemptions; the transaction is not a U.S. public offering and the securities are not registered with the SEC. Why it matters Capital B’s latest placement highlights continued institutional appetite for allocating capital to Bitcoin treasury strategies. With strategic names like Adam Back and established asset managers participating, the raise reinforces the company’s plan to scale its BTC holdings—while the attached warrants create a significant potential funding pathway (and attendant dilution) depending on how market prices evolve. Read more AI-generated news on: undefined/news