Adam Back Joins $18M Funding Round for French BTC Treasury Firm Capital B

Capital B secured €15.2M to expand BTC reserves, with Adam Back and TOBAM increasing their ownership stake.

French-listed Capital B has now secured $18 million from investors, including Bitcoin pioneer Adam Back and asset manager TOBAM. Funds from the raise will support additional bitcoin purchases and strengthen the company’s long-term treasury strategy. Capital B said the latest financing could help push its total bitcoin holdings to roughly 3,125 BTC.

Capital B Targets More BTC Purchases After €15.2M Funding Round

Paris-listed Capital B recently announced that it has raised €15.2 million to support its ongoing BTC accumulation strategy. According to a release, the firm structured the raise through shares bundled with four share subscription warrants. 

Investors subscribed at €0.66 per unit, resulting in gross proceeds of €15.2 million before fees and expenses. Management estimated net proceeds near €14.4 million.

Company filings show the deal included 23 million new shares tied to warrants across three pricing levels. Two warrants carry an exercise price of €0.86, while the remaining tranches are set at €1.12 and €1.46. 

Investors can exercise the warrants over the next five years. Full conversion of all warrants could bring Capital B an additional €99.1 million in funding.

In addition, the firm included an accelerated exercise provision linked to its share performance. Warrant holders may be required to convert if the company’s stock trades above 130% of a tranche’s exercise price for 20 consecutive trading sessions. Warrants left unused after that period would expire.

Pricing for the offering matched the company’s average volume-weighted share price over the previous five trading sessions. Offer terms also represented a 1.51% premium to Capital B’s closing share price on May 8.

Institutional Investors Rally Behind Capital B’s Bitcoin-Focused Growth Strategy

Institutional participation came largely from U.S. and European qualified investors. Investment bank Maxim Group acted as lead placement agent, while Marex served as co-manager.

Ownership filings also show Adam Back increased his stake after the transaction. His ordinary share ownership rose to 13.43% from 13.62% before dilution adjustments. TOBAM also increased its position to 4.2% of the outstanding ordinary shares.

Capital B continues positioning itself as Europe’s first bitcoin treasury company. Its strategy centers on increasing bitcoin holdings per fully diluted share over time. Alongside treasury operations, the group maintains subsidiaries focused on artificial intelligence, decentralized technologies, and data intelligence services.

Shares issued through the placement will trade on Euronext Growth Paris under ticker ALCPB. Warrants themselves will not be listed on public markets. Closing for the transaction is expected around May 13, subject to technical settlement procedures.

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