Paris-based Capital B, a publicly listed company on the pan-European growth market, announced that Adam Back, CEO of Blockstream, has subscribed to a private placement totaling €7.645 million (approximately $8.8 million) gross, with a net amount of about €7.3 million, to purchase up to 376 additional bitcoins.

The company issued 13,181,030 shares at €0.58 each, each accompanied by four five-year warrants: two with an exercise price of €0.75, one at €0.98, and one at €1.27. The issue price represents a 15.4% premium over the closing price on September 1. If all warrants are exercised, an additional €49.4 million could be raised, resulting in the issuance of 52.72 million shares, increasing Back's common stock ownership from approximately 14.8% to 27.8%. If the average stock price exceeds the exercise price by 130% for 20 consecutive days, accelerated exercise may be enforced.

Capital B currently holds 3,145 bitcoins, with a total acquisition cost of €284.2 million, averaging €90,352 per bitcoin; the current value of the holdings is approximately €214 million, reflecting an unrealized loss of about €70 million. After the proposed increase, the holdings would be approximately 3,521 bitcoins, valued at about $269.5 million at that time, making it the second-largest bitcoin treasury among European publicly listed companies, following Germany's Bitcoin Group SE, which holds 3,605 bitcoins. A 10-for-1 stock consolidation will take place on September 8, with the warrant exercise ratio adjusted accordingly.

This arrangement is consistent with the €21 million private placement announced on August 28, which included institutions like TOBAM, issuing 36,219,000 shares with a net amount of approximately €19.9 million, allowing for the purchase of an estimated 270 bitcoins. If all warrants from this round are exercised, approximately 144.9 million shares will be issued, raising €135.8 million, theoretically diluting a 1% shareholder to 0.65%. Back has reportedly purchased over 25 million shares in the past two weeks. Maxim Group is acting as the placement agent.

The company, formerly known as The Blockchain Group, plans to launch a bitcoin treasury strategy in November 2024, targeting 15,000 bitcoins by the end of 2027 and 210,000 bitcoins by 2033, which would represent about 1% of the total supply. Back, who introduced Hashcash, which was referenced in the Bitcoin white paper, has previously invested in the company multiple times, including approximately €2.2 million in 2025 and €1.1 million in warrants in May 2026. Blockstream Capital Partners remains a separate major shareholder.

In market mechanics, buyers aim to exchange euro equity for bitcoin exposure through crypto fundamentalism, while sellers are publicly listed companies using premium share issuance and tiered warrants to exchange for bitcoin. The driving force is the treasury competition rather than operational cash flow: equity financing to buy bitcoin, followed by locking in further purchases with warrants. Funds flow from stock subscription accounts into spot bitcoin, making the number of bitcoins per share a performance metric. Beneficiaries include strategic shareholders who gain cheap bullish leverage and the market selling bitcoin to the treasury, while pressured parties include existing shareholders who do not wish to participate and face dilution, as well as those whose average cost exceeds the market price.

Source: Public Information