Adam Back backs Capital B €15.2M raise targeting 3,125 BTC

Capital B raised €15.2 million in a private placement backed by Blockstream founder Adam Back and asset manager TOBAM, the company announced. The Paris-listed firm priced the new shares at €0.66 each, a 1.51% premium to its May 8 closing price.

Each share was issued with four attached warrants in bundled units: two Warrants 2026-03 exercisable at €0.86, one Warrant 2026-04 at €1.12 and one Warrant 2026-05 at €1.46. If all warrants are exercised at those prices, Capital B could issue 92,155,376 new shares and raise up to €99.1 million in additional capital.

Capital B said the €15.2 million, together with ongoing operations, could fund the purchase of roughly 182 more Bitcoin. That would increase the company’s potential holdings from about 2,943 BTC at the end of April to approximately 3,125 BTC.

Adam Back expanded his stake earlier in May by subscribing to €1.1 million in warrants on May 4, bringing his fully diluted interest to about 9.97%. TOBAM participated as a strategic institutional investor in the placement.

The firm adopted a Bitcoin standard in November 2024 and has been building reserves primarily through equity and warrant issuance. Capital B is listed in Paris and ranks among the 25 largest corporate holders of Bitcoin.

The company can trigger an accelerated warrant exercise window if the volume-weighted average price remains at least 30% above the relevant strike price for 20 consecutive trading days. That mechanism could speed conversion of warrants into cash and shares if the market conditions are met.

If all warrants are exercised at the stated prices, the resulting proceeds and share count would alter the company’s capital structure. The transaction documents and regulatory filings detail the pricing, warrant terms and potential dilutive impact.