TL;DR:
- Capital B raised 1.1 million euros, about $1.28 million, through warrants subscribed by Adam Back to support its Bitcoin treasury strategy.
- Back now holds more than 39.5 million shares, or 9.97% fully diluted, reinforcing Capital B’s public Bitcoin treasury identity.
- Shares rose more than 6.5%, while Capital B’s 2,943 BTC position contrasts with peers using derivatives or asset sales to manage risk during a volatile period for treasury firms overall.
Capital B has secured fresh backing from Adam Back, adding another layer of conviction to Europe’s still thin Bitcoin treasury race. The French-listed company raised 1.1 million euros, or about $1.28 million, through a warrant issuance subscribed by the Blockstream CEO. Back took 10 million warrants at $0.13 each, giving him the right to buy future shares at $0.98 apiece. The striking part is strategic capital arriving during treasury-sector stress, when some Bitcoin-heavy companies are no longer accumulating confidently, but trying to manage volatility and balance sheet exposure across public market cycles this year.
Adam Back Doubles Down on Capital B’s Bitcoin Strategy
The financing is small by headline standards, yet meaningful because of who supplied it and what it signals. Back, known as the inventor of Hashcash, the proof-of-work system cited in the Bitcoin white paper, was already one of Capital B’s largest strategic investors. After the new subscription, he holds more than 39.5 million shares, equal to 9.97% of the company on a fully diluted basis. For Capital B, Back’s expanded exposure functions like direct reputational leverage, reinforcing its identity as a public Bitcoin treasury vehicle rather than a conventional listed company with passive crypto exposure.
Capital B said the new funds will help accelerate its Bitcoin treasury strategy, and shareholders treated the announcement as constructive. The stock rose more than 6.5% on Monday, even though it remains down over 16% since the start of 2026. The company currently holds 2,943 BTC, valued at about $234 million, making it the 25th-largest Bitcoin treasury company by reported holdings. That contrast makes the market response cautiously bullish, because investors rewarded fresh Bitcoin-aligned financing while still pricing in the pressure that has weighed on treasury equities this year across Europe despite broader market uncertainty.
The raise also highlights a widening split in the treasury-company playbook. Capital B and the UK-based Connecting Excellence Group were the only Bitcoin treasury firms to raise capital in Europe over the past month, with Back also supporting XCE’s $794,000 raise on April 23. Elsewhere, Nakamoto launched a managed Bitcoin derivatives program to generate recurring income and hedge downside risk, after selling 284 BTC worth about $20 million, while Genius Group liquidated 84 BTC for about $5.7 million to repay debt. For now, Capital B is still leaning into accumulation, while peers increasingly optimize survival instead.
