Capital B Raises $24.5M for Bitcoin Treasury, Adam Back Backs Round

French Bitcoin treasury company Capital B has closed a €21.0 million ($24.5 million) private share placement to expand its BTC reserves, the firm announced on August 28. The raise was priced at €0.58 per ABSA, a unit bundling one ordinary share with four share-subscription warrants, and was conducted without pre-emptive subscription rights. The round drew participation from Blockstream CEO Adam Back, one of Bitcoin's most prominent cypherpunk figures, alongside Paris-based asset manager TOBAM.

Capital B disclosed that if all issued warrants are exercised, the company would receive an additional €135.8 million ($158 million) through the issuance of 144,876,280 new ordinary shares. The company has also built in an acceleration clause: management can trigger an early warrant exercise window if the volume-weighted average price of its shares over 20 trading days exceeds 130% of the exercise price for a given warrant tranche. The structure gives Capital B a path to scale its treasury significantly if market conditions cooperate.

Proceeds from the raise will fund the acquisition of 270 BTC, lifting the company's total holdings to 3,415 BTC. According to CoinMarketCap, Capital B currently ranks as the 29th largest publicly traded Bitcoin treasury company, with 3,139 BTC worth under $249 million, trailing Germany's Bitcoin Group SE, which holds 3,605 BTC valued at roughly $286 million. The placement comes on the heels of a June board proposal that passed with 99.34% shareholder approval, authorizing up to €5 billion in capital increases across 125 billion shares and $116 billion in credit instruments.

While Capital B's accumulation is meaningful within the European Bitcoin treasury landscape, it remains a fraction of the segment leader. Strategy, the original and largest corporate Bitcoin holder, controls 843,775 BTC worth nearly $67 billion at current prices. Capital B's latest raise nonetheless positions it as a notable European counterpart in a corporate treasury trend that has accelerated despite ongoing market uncertainty.