Capital B Raises $1.28M From Adam Back to Expand Bitcoin Treasury

TLDR

• Capital B raises $1.28M from Adam Back to expand its Bitcoin treasury plan
• Adam Back deepens Capital B stake through new Bitcoin treasury warrant deal
• Capital B shares rise after Adam Back backs fresh Bitcoin treasury funding
• Capital B adjusts bond terms as Adam Back expands Bitcoin treasury exposure
• Adam Back’s warrant deal gives Capital B new funds for Bitcoin accumulation

Capital B secured €1.1 million, or $1.28 million, from Adam Back through a new warrant issuance. The deal gives the Blockstream CEO deeper exposure to the French-listed Bitcoin treasury company. It also supports Capital B’s plan to expand its Bitcoin holdings during a weaker market phase.

Capital B Expands Bitcoin Treasury Funding

Capital B issued 10 million share subscription warrants to Back at €0.11 each. Each warrant gives him the right to buy one new share at an exercise price of €0.84. The final exercise price also depends on the company’s Bitcoin-backed mNAV level.

The company said the exercise price matches 130% of the recent five-day VWAP, or mNAV 1.1 per share. That mNAV figure links the share value to Bitcoin held by the company on a fully diluted basis. The structure connects future equity conversion with Capital B’s Bitcoin treasury performance.

Back already ranks among the company’s largest strategic backers. After the new issuance, he holds more than 39.5 million shares on a fully diluted basis. That equals 9.97% of Capital B’s share capital under the expanded structure.

Adam Back Deepens Bitcoin Treasury Exposure

Adam Back remains one of Bitcoin’s best-known cryptographers. He created Hashcash, the proof-of-work system cited in the Bitcoin white paper. Besides, his latest Capital B deal extends his support for European Bitcoin treasury companies.

Back also supported Connecting Excellence Group’s $794,000 capital raise on April 23. That deal made XCE one of only two European Bitcoin treasury companies to raise capital last month. Hence, his recent activity shows continued interest in listed Bitcoin accumulation models.

Capital B said the fresh funds will help advance its Bitcoin treasury strategy. The company holds 2,943 BTC, currently worth about $234 million. That position makes Capital B the 25th largest Bitcoin treasury company, based on Bitcointreasuries.net data.

Shares Rise After Warrant Announcement

Capital B shares rose more than 6.5% after the warrant issuance announcement on Monday. The stock remains down more than 16% since the start of 2026. The move still showed a positive market reaction to fresh funding from a known Bitcoin figure.

The company also revised terms tied to OCA B-04 convertible bonds subscribed by Back. It cut the conversion price from €5.174 to €2.59 per share. Conversion now gives holders one warrant for each converted bond.

The amended terms also removed the share price condition for holder conversion. As a result, Back can convert the bonds at any time before maturity. Capital B said the changes reflect current market conditions and strengthen the conversion incentive.

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