Image credit: Unsplash
Capital B has raised €1.1 million, or about $1.3 million, from Blockstream CEO Adam Back to speed up its Bitcoin treasury strategy.
The Euronext Growth Paris-listed company said Back subscribed to 10 million share subscription warrants at €0.11 each. The proceeds will support Capital B’s plan to increase the amount of Bitcoin held per fully diluted share over time.
Back Receives New Warrant Package
Each warrant gives Back the right to subscribe to one ordinary Capital B share. The warrants mature on May 2, 2029, and carry an exercise price equal to the higher of €0.84 or the company’s “mNAV 1.1” value per share.
Capital B defines mNAV 1.1 as 1.1 times the euro value of the Bitcoin it holds per share on a fully diluted basis. That links the exercise price to the company’s Bitcoin treasury value, not just its share price. The company said the warrant purchase lifts Back’s fully diluted stake to about 9.97%.
Convertible Bond Terms Adjusted
Capital B also changed the terms of B-04 convertible bonds previously subscribed by Back.
The company lowered the conversion price from €5.174 to €2.59 per share. It also removed the share-price condition for conversion, which means the bonds can now be converted at any time by the holder at the new price.
The revised bonds will also grant one additional share subscription warrant for each converted bond. Those new warrants will have a two-year term, adding another incentive for conversion into equity.
Capital B Expands Bitcoin Treasury Model
Capital B describes itself as Europe’s first Bitcoin Treasury Company. The company is listed on Euronext Growth Paris and has subsidiaries focused on data intelligence, artificial intelligence, decentralized technology consulting and corporate treasury.
The company has been steadily adding Bitcoin to its balance sheet. Its Euronext press release history shows repeated Bitcoin acquisition updates through 2026. Capital B’s April 27 press release said it held 2,943 BTC after a 6 BTC purchase.
Bitcoin Treasury Firms Keep Raising Capital
The deal adds to a wider trend of listed companies raising equity-linked capital to support Bitcoin treasury strategies.
For Capital B, the financing is small compared with larger Bitcoin treasury companies, but the structure is important. By using warrants and revised convertible terms, the company is trying to raise capital while keeping its strategy tied to growth in Bitcoin per share.
For Back, the investment deepens his role in the corporate Bitcoin treasury space beyond commentary and infrastructure. His backing gives Capital B additional support as it expands its Bitcoin treasury strategy.
