Adam Back Invests €7.6 Million Into Capital B, Targeting 3,521 BTC

Capital B raises €7.6 million from Adam Back at a premium, enough — with operating cash — to add 376 bitcoin and take the French treasury toward 3,521 BTC.

Adam Back subscribed the whole thing. Capital B, Europe’s first listed Bitcoin treasury company, announced a €7.6 million private placement on September 2. Gross proceeds of €7,644,997.40. Net, after fees, about €7.3 million. One investor.

The price was €0.58 per unit. That is a 15.4% premium to Monday’s close, not a discount to get the deal done. Each unit is one share plus four five-year warrants: two at €0.75, one at €0.98, one at €1.27. If Back exercises every warrant from this issue, Capital B takes in another €49.4 million.

Back’s own comment was shorter than the press release. He said he bought more than 25 million ALCPB shares between this week and last week. “Let’s go.” Last week was the €21 million raise with TOBAM. This week is him alone.

What the money buys

Capital B holds 3,145 bitcoin. Last disclosed add was five coins in mid-August for €0.28 million. Year-to-date BTC Yield sits at 2.14%. Acquisition cost on the stack is about €284.2 million, or €90,352 a coin.

The company says this placement, together with ongoing operations, could fund 376 more bitcoin. Potential holdings: 3,521 BTC. That number is capacity, not a completed purchase.

The stated goal is bitcoin per fully diluted share. That is the metric the capital structure is built around.

The structure

13,181,030 shares. Four warrants attached to each. A 10-for-1 reverse split already scheduled for September 8 will restate the warrant math — the €0.75 strike becomes €7.50, and so on.

The company can force accelerated exercise if the 20-day VWAP holds above 130% of a given strike.

Alexandre Laizet, board director of Bitcoin strategy, said that with this raise and instruments already in place, potential additional capital-raising tools now total about €320 million at higher pricing levels. That is the warrant-and-facility stack, not cash in the bank.

Back’s position

Before this issue Back held about 14.82% on an ordinary basis — roughly 54.3 million shares. After issuance that rises to about 17.77%. If every warrant from this placement is exercised, the ordinary stake can reach about 27.8%.

Blockstream Capital Partners sits separately on the register and remains a large holder. TOBAM, UTXO Management, executives, and the public float make up the rest.

This is not a first check. Back put in about €2.2 million in August 2025. He took a €1.1 million warrant package in May 2026 and joined the €15.2 million round the same month. He came back for the €21 million raise on August 28. Four days later he subscribed this one in full.

The next filing that matters is the one that shows whether the coins actually moved. Until then, the story is simple enough. Capital B is still selling paper to buy bitcoin, and Adam Back is still the buyer.