Adam Back puts €7.6 million into Capital B to buy more bitcoin

Adam Back has put €7.6 million into Capital B's Bitcoin treasury, funding the purchase of 376 more coins, BeInCrypto reports. The Blockstream co-founder subscribed above the market price, a term most treasury-company raises don't ask investors to accept.

• Capital B priced the new shares at €0.58 apiece, a 15.4% premium to Tuesday's close, and expects net proceeds of roughly €7.3 million once fees clear
• Combined with ongoing operations, the raise could lift Capital B's total holdings to 3,521 BTC
• Each new share comes with four warrants, two struck at €0.75, one at €0.98, one at €1.27, all maturing in five years, and full exercise would raise a further €49.4 million
• If every warrant converts, Back's ordinary stake climbs from 14.82% to 27.80%, or 23.36% on a fully diluted basis

Capital B is based in Puteaux, a business district west of Paris, and trades on Euronext Growth Paris. The company calls itself Europe's first Bitcoin Treasury Company, and its stated goal is more bitcoin per fully diluted share rather than a bigger raw coin count. That is why Capital B discloses the dilution math alongside the raise: a shareholder holding 1% of the company before this issuance drops to 0.97% on an ordinary basis, or 0.85% if every warrant eventually converts. Capital B can also force the pace, opening an accelerated exercise window whenever the 20-day average price beats 130% of a tranche's strike. A 10-for-1 reverse split lands September 8 and will rescale every warrant ratio; the placement itself closes September 3 at the earliest.

The raise lands as bitcoin trades near $76,577, down roughly 1.6% on the day. Renewed US strikes near the Strait of Hormuz pushed the price below $77,000 on Tuesday, part of a broader pullback across risk assets Intokened covered this week. Back's willingness to buy above market, even with bitcoin well off its August highs, stands out against the caution elsewhere in the sector: MicroStrategy ended a 10-week pause on its own bitcoin purchases last week, and a Solana treasury vehicle priced its own preferred stock offering on similar terms days earlier.

Two things are still unconfirmed: whether the warrant strikes clear over the next five years, and whether Capital B's next disclosure shows the 376 coins actually landed. Paying above market for a bitcoin treasury raise, in the same week bitcoin dipped on geopolitical risk, is a specific kind of vote of confidence a discounted raise wouldn't have been.

This article is for informational purposes only and does not constitute investment advice.