Bitcoin
Adam Back Invests €7.6 Million in Capital B to Fund Additional Bitcoin Purchases
Blockstream CEO Adam Back has committed €7.6 million to French-listed treasury company Capital B to support its acquisition of 376 Bitcoin.
Adam Back, co-founder and chief executive of Blockstream, has invested €7.6 million into Capital B, a company listed on Euronext Growth Paris and headquartered in Puteaux. After accounting for fees, net proceeds of roughly €7.3 million will be used to purchase 376 additional Bitcoin, potentially lifting the company's total treasury holdings to 3,521 coins.
Capital B, which describes itself as Europe's first Bitcoin Treasury Company, issued the new shares at €0.58 each, representing a 15.4% premium over the previous closing price. The strategic capital raise took place while Bitcoin traded around $76,577, down 1.66% on the day following geopolitical developments near the Strait of Hormuz.
The investment package includes four warrants per share maturing in five years, with exercise prices set at €0.75, €0.98, and €1.27. If fully exercised, the warrants would generate an additional €49.4 million, increasing Back’s ordinary holding from 14.82% to 27.80%, or 23.36% on a fully diluted basis. Capital B also scheduled a 10-for-1 reverse stock split for September 8, with the private placement set to close on September 3 at the earliest.
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