TL;DR
- Capital B raised €7.6 million ($8.8M) from Adam Back, CEO of Blockstream, to expand its bitcoin treasury.
- The firm issued 13,181,030 shares at €0.58 each, with four warrants per share, as part of a €21 million round.
- With the purchase of up to 376 BTC, Capital B would reach 3,521 BTC and become the second-largest European bitcoin treasury.
Capital B, a bitcoin treasury firm, received €7.6 million ($8.8 million) from Adam Back, Bitcoin developer and CEO of Blockstream, to strengthen its holdings of the cryptocurrency. The transaction was formalized through the issuance of 13,181,030 shares at €0.58 per unit, each accompanied by four warrants, according to a filing submitted recently.
The funds raised will be used to purchase up to 376 BTC, which would bring the company’s total holdings to 3,521 BTC, equivalent to $269.5 million at the current value of BTC. According to data from Bitcoin Treasuries, that figure would place the company as the second-largest bitcoin treasury among European public companies, behind the German firm Bitcoin Group SE, which holds approximately 3,605 BTC.
Capital B Climbs Among European Holdings
The collaboration with Back is part of a larger financing round totaling €21 million that also brought in strategic investor TOBAM through the issuance of 36,219,070 additional shares. Each new share includes four five-year warrants granting investors the option to acquire more shares in the future. If all warrants were exercised, the company would issue another 144.9 million shares and raise an additional €135.8 million, bringing the total gross potential of the transaction to €156.8 million.
The structure, however, exposes Capital B shareholders to considerable dilution: anyone who held 1% of the firm before the placement would retain 0.90% after it, and 0.65% if all warrants are exercised.
The firm last reported holdings of 3,145 BTC acquired for €284.2 million, at an average of €90,352 per unit, with a current market value of €214 million ($248 million). Its shares were trading at €0.485 in the last report, recording a 2.1% decline on the day, in line with a broad pullback in crypto assets. Bitcoin is trading below $77,000, down nearly 1.8% over the last 24 hours.
Capital B plans to consolidate every 10 existing shares into one on September 8, with warrant ratios and exercise prices to be adjusted proportionally.
