- Capital B raised €7.6 million ($8.8 million) from strategic investor Adam Back through a private share placement.
- The company said the proceeds, alongside ongoing operations, could fund the purchase of another 376 BTC, potentially increasing its holdings to 3,521 BTC.
- If all attached warrants are exercised, Capital B could raise another €49.4 million ($57 million), while Back’s stake could increase to 27.8%.
French bitcoin treasury company Capital B has raised €7.6 million ($8.8 million) from Adam Back as it continues expanding its Bitcoin holdings.
The private placement consists of 13.18 million new shares priced at €0.58 ($0.67) each, representing a 15.4% premium to Capital B’s Sept. 1 closing price.
Each share includes four warrants, resulting in approximately 52.7 million warrants. Two can be exercised at €0.75, one at €0.98 and another at €1.27, with all of them carrying five-year maturities.
Capital B expects to receive approximately €7.3 million ($8.5 million) in net proceeds after transaction costs.
Capital B Could Add Another 376 BTC
Capital B said the new funding, combined with ongoing operations, could support the acquisition of approximately 376 additional Bitcoin.
That would increase the company’s potential holdings from 3,145 BTC to 3,521 BTC.
As of Sept. 2, Capital B ranked 26th among 198 public companies tracked by Bitcoin Treasuries.
The latest transaction follows another €15.2 million ($18 million) raise announced in May, which included participation from Back and asset manager TOBAM.
At the time, Capital B said those funds and its operations could support the purchase of another 182 BTC.
Warrants Could Bring Another $57 Million
The attached warrants could provide Capital B with significantly more capital in the future.
If all 52.7 million warrants are exercised, the company would receive an additional €49.4 million, or approximately $57 million, while issuing corresponding new shares.
Capital B can also accelerate the warrant exercise period if its 20-day volume-weighted average share price remains above 130% of the applicable exercise price for 20 consecutive trading days.
The latest placement is expected to close as early as Sept. 3, although the company said technical factors could delay completion by several days.
Adam Back Expands Capital B Stake
The investment will also significantly increase Back’s ownership of Capital B.
His ordinary stake is expected to rise from 14.82% to 17.77% following the new share issuance.
If every warrant included in the placement is eventually exercised, Back’s stake could increase further to 27.8%.
Capital B has also been exploring additional ways to finance its Bitcoin strategy. In June, the company revealed it was developing a digital credit instrument for the European market modeled on Strategy’s STRC and Strive’s SATA.
Bitcoin was trading near $77,000 on Wednesday after moving between approximately $76,800 and $81,600 over the previous week.
