Key Highlights
- Blockstream CEO Adam Back invests €1.1M in Capital B via warrant issuance
- Transaction increases Back’s ownership to 9.97% on fully diluted basis
- Capital B stock climbs over 6.5% following investment announcement
- Company modifies convertible bond terms to enhance conversion flexibility
- Fresh capital supports Bitcoin accumulation strategy amid market conditions
Capital B, the French-listed Bitcoin treasury firm, has closed a €1.1 million ($1.28 million) investment from Adam Back, CEO of Blockstream. The transaction, structured through warrant issuance, strengthens the company’s financial position as it pursues aggressive Bitcoin accumulation amid current market dynamics.
Strategic Warrant Structure Supports Treasury Growth
The investment involves 10 million share subscription warrants issued to Back at €0.11 per warrant. Each instrument grants the holder rights to purchase one newly issued share at €0.84, with the final price determined by Capital B‘s Bitcoin-backed modified net asset value (mNAV).
According to company disclosures, the exercise price represents 130% of the recent five-day volume-weighted average price, calculated at mNAV 1.1 per share. This mechanism directly ties potential equity dilution to the firm’s underlying Bitcoin treasury performance, creating alignment between warrant holders and Bitcoin appreciation.
Following this transaction, Back’s position has grown substantially. He now controls over 39.5 million shares on a fully diluted basis, representing 9.97% of the company’s expanded capital structure. This positions him among Capital B’s most significant strategic stakeholders.
Bitcoin Pioneer Expands European Treasury Investments
Adam Back brings significant credibility to Bitcoin treasury investments. As the inventor of Hashcash—the proof-of-work mechanism referenced in Satoshi Nakamoto’s original Bitcoin whitepaper—Back remains a respected figure in cryptocurrency circles.
His Capital B investment follows a similar move in late April, when Back participated in Connecting Excellence Group’s $794,000 funding round. That transaction positioned XCE as one of just two European Bitcoin treasury firms to secure capital last month, highlighting Back’s focused strategy on this emerging investment category.
Capital B plans to deploy the new capital toward its core Bitcoin accumulation mandate. The company currently maintains a treasury of 2,943 BTC, valued at approximately $234 million at current prices. This position ranks Capital B as the 25th largest publicly traded Bitcoin treasury globally, according to Bitcointreasuries.net tracking data.
Market Response and Revised Bond Terms
Capital B’s stock price surged more than 6.5% on Monday following the warrant announcement. Despite remaining down over 16% year-to-date through 2026, the positive market reaction demonstrates investor confidence in strategic backing from prominent Bitcoin figures.
Concurrent with the warrant deal, Capital B restructured terms governing its OCA B-04 convertible bonds previously subscribed by Back. The conversion price dropped from €5.174 to €2.59 per share, substantially lowering the threshold for conversion into equity.
Under the revised structure, bondholders receive one additional warrant for each converted bond. The company also eliminated the share price condition that previously restricted conversion timing. Back can now convert his bond holdings at will prior to maturity, providing enhanced liquidity and flexibility. Management cited current market realities as motivation for these adjustments, aiming to strengthen conversion incentives during volatile market conditions.
