Capital B raises €1.1M from Adam Back, expands Bitcoin strategy

Capital B raised €1.1M from Adam Back via 10M warrants, boosting his stake to 9.97%. The deal ties share value to Bitcoin holdings and supports Capital B’s Bitcoin strategy.

Capital B, a French-listed Bitcoin treasury company, has raised €1.1 million ($1.28 million) through a fully subscribed warrant issuance by Adam Back. The company issued 10 million share subscription warrants at €0.11 each, allowing the purchase of one new share at an exercise price of €0.84. The final price is linked to Capital B’s Bitcoin-backed modified net asset value (mNAV), set at 130% of the recent five-day volume-weighted average price or mNAV 1.1 per share. This structure directly ties equity conversion to the company’s Bitcoin treasury performance. Following the transaction, Adam Back’s stake in Capital B increased to over 39.5 million shares, representing 9.97% of the company on a fully diluted basis. The capital raise supports Capital B’s ongoing Bitcoin accumulation strategy amid current market conditions. Additionally, the company adjusted its convertible bond terms to enhance conversion flexibility. After the announcement, Capital B’s stock price rose by over 6.5%, though it remains down more than 16% since the start of 2024.