French bitcoin treasury firm Capital B has secured €7.6 million ($8.8 million) through a private placement of shares to investor Adam Back, valuing the deal at a 15.4% premium to its Sept. 2 closing price. The transaction involves the issuance of 13.18 million shares and warrants that could unlock an additional €49.4 million ($57 million) if exercised, according to the firm’s disclosure.
Proceeds from the placement will fund the acquisition of 376 bitcoin, boosting Capital B’s total holdings to 3,521 BTC. The company’s share price stood at €0.58 ($0.67) per share, with four warrants attached to each share, exercisable at €0.75 ($0.87), €0.98 ($1.13), and €1.27 ($1.47). Net proceeds, after fees, amount to €7.3 million ($8.5 million).
Adam Back’s stake in Capital B could rise to 27.8% on an ordinary basis if all warrants are exercised. This follows a €15.2 million ($18 million) raise in May 2026, underscoring the firm’s ongoing strategy to expand its bitcoin reserves. The placement’s completion may be delayed slightly due to technical reasons, though no immediate obstacles have been identified.
The exercise of warrants remains conditional and not guaranteed, with the potential upside dependent on future market conditions. Capital B has not disclosed plans for the warrants beyond their inclusion in the placement terms.
Written by Rebecca Shaw
Industry Desk
