Capital B Raises €1.1 Million From Blockstream CEO Adam Back to Expand Bitcoin Treasury

Capital B, the French-listed Bitcoin treasury firm, raised €1.1 million (reported as $1.28 million) through a warrant issuance subscribed by Blockstream CEO Adam Back, extending his backing of the company’s Bitcoin treasury strategy.

“Table of Contents Capital B, the French-listed Bitcoin treasury firm, has closed a €1”

Blockonomi

Cryptonews.net says Capital B raised “1.1 million euros ($1.28 million)” and that Back subscribed to “10 million subscription warrants at 0.11 euros ($0.13) each,” according to a Monday announcement from Capital B.

Blockonomi

MoneyCheck similarly describes the transaction as €1.1 million ($1.28 million) obtained “via a newly structured warrant agreement,” with Capital B issuing “10 million share subscription warrants to Back, priced at €0.11 per warrant.”

Blockonomi also frames the deal as a €1.1 million ($1.28 million) investment structured through warrant issuance, stating that “10 million share subscription warrants” were issued to Back at “€0.11 per warrant.”

The warrant terms described across outlets link the exercise price to Capital B’s Bitcoin-linked valuation metric, with Cryptonews.net saying each warrant gives Back the right to buy one new share at an exercise price of “0.84 euros ($0.98).”

MoneyCheck adds that the “ultimate exercise price will be determined by the company’s Bitcoin-backed modified net asset value (mNAV) metric,” and that the exercise price represents “130% of the trailing five-day volume-weighted average price (VWAP), or alternatively, mNAV 1.1 per share.”

After the announcement, multiple outlets reported a positive market reaction, with Cryptonews.net saying Capital B’s stock price rose by “over 6.5% on Monday,” while Cointelegraph’s repost says the stock rose by “over 6.5% on Monday” and remained “down over 16% since the beginning of 2026.”

Across the coverage, the core mechanics of the warrant deal are presented as a direct linkage between Capital B’s share issuance and its Bitcoin treasury performance through a modified net asset value metric.

Cryptonews.net states that “Each warrant gives Back the right to buy one new share of future company stock at the exercise price of 0.84 euros ($0.98), corresponding to the company’s market net asset value (mNAV) of 1.1 per share.”

Cointelegraph

MEXC’s repost and MoneyCheck both repeat the same structure, with MEXC saying the exercise price matches “130% of the recent five-day VWAP, or mNAV 1.1 per share,” and MoneyCheck describing the exercise price as “130% of the trailing five-day volume-weighted average price (VWAP), or alternatively, mNAV 1.1 per share.”

Blockonomi similarly describes the exercise price as “130% of the recent five-day volume-weighted average price, calculated at mNAV 1.1 per share,” and says the mechanism “directly ties potential equity dilution to the firm’s underlying Bitcoin treasury performance.”

The deal also deepens Back’s stake, with Cryptonews.net saying Back “now holds over 39.5 million shares or 9.97% of Plan B’s shares on a fully diluted basis,” while MoneyCheck says his “total position reaches over 39.5 million shares on a fully diluted basis, representing 9.97% of the company’s total equity.”

Blockonomi likewise reports that “he now controls over 39.5 million shares on a fully diluted basis, representing 9.97%.”

Several outlets also connect the transaction to a broader capital-structure adjustment involving convertible bonds, with MEXC stating that Capital B “revised terms tied to OCA B-04 convertible bonds subscribed by Back” and that it “cut the conversion price from €5.174 to €2.59 per share.”

The warrant proceeds are described by Capital B as fuel for accelerating its Bitcoin treasury strategy, with multiple outlets quoting the company’s stated intent to use the new funds to expand Bitcoin exposure.

“Capital B has secured fresh backing from Blockstream CEO Adam Back through a 1”

crypto.news

Cryptonews.net says Capital B’s said the new capital will be used to “accelerate” its Bitcoin treasury strategy, which was perceived as a positive signal from shareholders, and it ties that to the Monday share-price move.

Cointelegraph’s repost similarly says Capital B said the new capital will be used to “accelerate” its Bitcoin treasury strategy, and it repeats that the stock rose “over 6.5% on Monday” while remaining “down over 16% since the beginning of 2026.”

Cryptonews.net and crypto.news both place Capital B among the largest Bitcoin treasury holders, with Cryptonews.net saying Capital B is the “25th largest Bitcoin treasury firm holding 2,943 $BTC currently worth about $234 million,” and crypto.news stating Capital B is the “25th-largest corporate Bitcoin holder, with 2,943 BTC valued at roughly $234 million.”

The same outlets describe Back’s role as part of a broader pattern of capital raising by Bitcoin treasury companies, with Cryptonews.net stating that “Capital B and the United Kingdom-based Connecting Excellence Group (XCE) were the only Bitcoin treasury companies to raise capital in Europe over the past month.”

Cryptonews.net adds that XCE’s “$794,000 capital raise on April 23 was also backed by Adam Back,” and crypto.news repeats that Connecting Excellence Group raised “$794,000 on April 23, also with backing from Back.”

In contrast to accumulation-focused moves, Cryptonews.net and Cointelegraph describe other treasury firms managing balance-sheet risk through derivatives or asset sales, including Nakamoto’s “actively-managed Bitcoin derivatives program” and Genius Group’s liquidation of “84 $BTC for about $5.7 million.”

Alongside the warrant issuance, the reporting emphasizes that Capital B adjusted terms tied to OCA B-04 convertible bonds previously subscribed by Adam Back, changing both the conversion price and the conditions governing conversion timing.

MEXC says “Capital B also revised terms tied to OCA B-04 convertible bonds subscribed by Back,” and it specifies that “It cut the conversion price from €5.174 to €2.59 per share.”

Cryptonews.net

MoneyCheck describes the same change, stating that “The conversion price decreased from €5.174 to €2.59 per share,” and it adds that “Under the revised structure, bondholders receive one warrant for each converted bond.”

Blockonomi similarly says “the company also revised terms governing its OCA B-04 convertible bonds previously subscribed by Back,” and it reports that “Under the revised structure, bondholders receive one additional warrant for each converted bond.”

MEXC further says the amended terms “removed the share price condition for holder conversion,” and that “Back can convert the bonds at any time before maturity.”

MoneyCheck likewise says the updated terms “eliminated the share price threshold requirement for bondholder conversion,” and that “Back can convert his bonds into equity at his discretion before the maturity date.”

The Crypto Times’ repost adds additional detail about the convertible bonds’ structure, saying the “convertible bonds, originally valued at €5.04 million and subscribed in Bitcoin, carry a 0% coupon and can be redeemed in Bitcoin, Euros, or shares,” and it notes “The latest financial maneuvering builds on Capital B’s ongoing Bitcoin treasury strategy.”

Beyond the immediate warrant deal, the sources place Capital B’s Bitcoin treasury approach within a longer-running strategy aimed at increasing the number of bitcoins per share on a fully diluted basis over time, and they also provide a snapshot of the company’s 2025 financial results.

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Cryptopolitan

Zonebourse Suisse publishes a press release dated “April 30, 2026 at 6:00 PM” stating that Capital B publishes its 2025 annual results, and it says that “As of December 31, 2025” the group adjusted EBITDA excluding Bitcoin Treasury Company costs was “€4.1 million,” including “the ability to raise €278.3 million and to acquire 2,783 BTC during 2025 as part of its strategy.”

https

The same press release reports “Group net income of (€62.2) million,” and it links that loss “mainly related to the impairment of BTC of (€53.9) million given the price as of December 31, 2025, with no cash effect.”

It also states that “Group available cash of €3.5 million, and 59 BTC allocated to its operational needs as of December 31, 2025,” and it describes the annual report’s strategy focus as “increasing the number of bitcoins per share on a fully diluted basis over time.”

Zonebourse Suisse further explains that the €62 million loss is composed of “€54 million related to a provision for BTC impairment given the price as of December 31, 2025, with no cash effect,” and it adds “an impairment of intangible assets of €4.3 million, with no cash effect.”

Separately, Idéal Investisseur ties the fundraising and bond revision to the company’s trading profile, saying Capital B’s stock “became actively listed on the American OTC market under the ticker CPTLF, following FINRA's approval,” and it reports “Capital B gained 5.73%” in a CAC 40 context.

The same Idéal Investisseur piece also notes that “By the end of April, the company had increased its reserve to 2,943 bitcoins,” and it cites an “average acquisition cost” of “€91,924 per BTC.”