Capital B raises $8.8 million from Adam Back to buy 376 bitcoin

Crypto treasury firm Capital B raised 7.6 million euros ($8.8 million) from Adam Back, the CEO of Bitcoin development company Blockstream, to expand its bitcoin holdings.

The company, listed on Euronext Growth Paris, issued 13,181,030 shares with four warrants each at 58 euro cents per share, according to a filing. It plans to use the funds to buy up to 376 bitcoin (BTC), which would increase its total holdings to 3,521 BTC.

Key numbers

• 7.6 million euros ($8.8 million) raised from Adam Back.
• 13,181,030 shares issued at 58 euro cents each, with four warrants per share.
• Planned purchase of up to 376 BTC, bringing total holdings to 3,521 BTC.
• Current bitcoin holdings: 3,145 BTC, originally acquired for 284.2 million euros.

Shareholder impact

The share issuance includes warrants that, if fully exercised, could lead to the issuance of an additional 144.9 million shares. This would raise up to 135.8 million euros, bringing the total potential proceeds to 156.8 million euros. Existing shareholders may face dilution, with a 1% holder’s stake potentially dropping to 0.65% if all warrants are exercised.

Capital B also announced a share consolidation on September 8, where every 10 existing shares will be combined into one, with warrant ratios adjusted accordingly.

Why this matters for bitcoin holdings

If successful, the purchase would make Capital B the second-largest bitcoin treasury among Europe-listed public companies, behind Germany’s Bitcoin Group SE, which holds 3,605 BTC, according to Bitcoin Treasuries data.

Sources

• CoinDesk