Blockstream CEO Adam Back subscribed to a €7.6 million private placement in Capital B, buying 13,181,030 shares at €0.58 each with four attached warrants. The funding could let the Euronext Growth Paris-listed treasury firm add 376 bitcoin, taking its total to 3,521 BTC.
Capital B raised €7.6 million ($8.8 million) from Bitcoin developer Adam Back to buy up to 376 bitcoin, the Paris-listed treasury firm said Wednesday.
The private placement, announced Sept. 2, is part of a strategy "focused on increasing the number of bitcoin per fully diluted share over time," the Euronext Growth Paris-listed company said in a filing. Back, CEO of Blockstream and an early cypherpunk cited in Bitcoin's 2008 white paper, subscribed to the full tranche at the same terms as a €21 million ABSA operation announced Aug. 28 that also included asset manager TOBAM.
Capital B issued 13,181,030 new shares at €0.58 apiece, a 15.4 percent premium to the Sept. 1 close, each carrying four five-year warrants with exercise prices stepping from €0.75 to €1.27. If every warrant is exercised, the company would issue another 52.7 million shares and collect €49.4 million. The structure dilutes existing holders: a 1 percent stake before the placement falls to 0.97 percent afterward, and to 0.85 percent if all warrants are exercised.
The proceeds, combined with ongoing operations, could fund the purchase of as many as 376 bitcoin, lifting Capital B's holdings to 3,521 BTC ($269.5 million) — the second-largest bitcoin treasury among Europe-listed public companies, behind Germany's Bitcoin Group SE with 3,605 BTC, according to Bitcoin Treasuries. Back's personal stake would rise to 17.77 percent after the placement, and to 27.8 percent if all warrants are exercised, though Blockstream Capital Partners remains the largest holder at 18.91 percent.
Capital B last reported holding 3,145 BTC acquired for €284.2 million, an average of €90,352 each, now worth about €214 million ($248 million). The company plans to consolidate every 10 existing shares into one on Sept. 8, with warrant ratios and exercise prices adjusted proportionately.
Back's personal capital behind a listed treasury vehicle adds weight to a corporate model that has spread since Strategy began accumulating bitcoin in 2020, giving European issuers a template for holding the asset on their balance sheets. Capital B's Paris shares traded at 48.5 euro cents at midday Wednesday, down 2.1 percent, as bitcoin slipped below $77,000, a drop of nearly 1.8 percent in 24 hours.
This article is for informational purposes only and does not constitute investment advice.
