Blockstream CEO Adam Back has invested $8.8 million in France's Capital B, fueling the company's plan to acquire hundreds more bitcoin and challenge for the largest public BTC treasury in Europe
Capital B, a Paris-listed bitcoin treasury company, is set to boost its BTC reserves after securing $8.8 million in new funding from Adam Back, CEO of Blockstream and a well-known figure in the bitcoin development community. The deal, which values Capital B shares at a premium, positions the company to acquire up to 376 additional bitcoin and edge closer to the top spot among Europe's public bitcoin holders.
Deal Structure and Investor Stakes
The private placement involves the issuance of 13.18 million new shares at €0.58 ($0.67) each, a 15.4% premium to the September 1 closing price. Each share comes with four five-year warrants, exercisable at prices ranging from €0.75 to €1.27 ($0.87 to $1.47). If all 52.7 million warrants are exercised, Capital B could raise an additional €49.4 million ($57 million). The company has the right to accelerate warrant exercise if its share price sustains a 30% premium over the warrant price for 20 consecutive trading days. The transaction is expected to close as early as September 3, with net proceeds of about €7.3 million ($8.5 million) after fees.
Adam Back's stake in Capital B will rise from 14.82% to 17.77% following the share issuance, and could reach 27.8% if all warrants are exercised. The placement is part of a broader €21 million financing round that also includes strategic investor TOBAM, with the potential for Capital B to issue up to 144.9 million new shares and raise €135.8 million ($181.7 million) if all warrants are exercised. Existing shareholders will see their ownership diluted, with a 1% pre-placement stake dropping to 0.90% after the share issuance and 0.65% if all new warrants are exercised. Capital B plans a 10-to-1 share consolidation on September 8, adjusting warrant ratios and exercise prices accordingly.
Bitcoin Treasury Expansion
Capital B intends to use the proceeds from this round, along with ongoing operational revenue, to purchase up to 376 more bitcoin. If successful, the company's total holdings would rise from 3,145 BTC to 3,521 BTC. This would make Capital B the second-largest bitcoin treasury among Europe-listed public companies, trailing only Germany's Bitcoin Group SE, which holds 3,605 BTC. According to data from Bitcoin Treasuries, Capital B currently ranks 26th among 198 public companies globally in terms of bitcoin holdings.
As of its last report, Capital B's average acquisition price for its bitcoin was €90,352 (about $104,682) per coin, with current holdings valued at roughly €214 million ($248 million). The company's previous funding round in May 2026, which also included Adam Back and TOBAM, raised €15.2 million ($18 million) and supported the acquisition of 182 BTC. In June 2026, Capital B announced it was exploring a digital credit instrument for the European market, modeled on products like Strategy's STRC and Strive's SATA.
Market Context and Share Performance
Bitcoin traded near $77,000 on September 2, after fluctuating between $76,800 and $81,600 over the prior week. Capital B's shares, listed in Paris, traded at €0.485 ($0.56) around midday Central European Time on Wednesday, down 2.1% for the day. The company's plan to expand its bitcoin treasury comes as competition among public companies for large BTC reserves intensifies, particularly in Europe where regulatory clarity and institutional interest have grown.
Capital B's financing structure, with its mix of premium-priced shares and multi-tiered warrants, is designed to maximize capital inflow while giving investors like Adam Back significant upside if the company's share price and bitcoin holdings appreciate. The dilution risk for existing shareholders is real, but the company is betting that increased bitcoin exposure and strategic backing will outweigh the impact.
For U.S. readers, Capital B's aggressive treasury strategy highlights the evolving landscape for public companies seeking to use bitcoin as a balance-sheet asset. While U.S.-listed firms like MicroStrategy have dominated headlines, European companies are now leveraging creative financing and strategic partnerships to compete for bitcoin leadership. The structure of these deals-combining equity, warrants, and operational revenue-reflects both the appetite for bitcoin exposure and the complexities of raising capital in a volatile market.
According to data from Bitcoin Treasuries, as of September 2, 2026, Capital B's 3,145 BTC holding placed it just outside the global top 25 among public companies. If the planned acquisition of 376 BTC is completed, Capital B would surpass several U.S. and international firms, narrowing the gap with Europe's largest public bitcoin treasuries. The company's average purchase price remains well above current spot levels, underscoring the long-term nature of its strategy and the risks associated with market timing.
Public companies that hold bitcoin on their balance sheets face unique risks and opportunities. Unlike traditional assets, bitcoin's price can swing dramatically in short periods, exposing treasury strategies to volatility and potential impairment charges. Shareholders must weigh the potential upside of bitcoin appreciation against dilution from new share and warrant issuance, as well as the operational and regulatory complexities of managing large crypto reserves. For investors and companies alike, the mechanics of these treasury expansions reveal both the promise and the pitfalls of using bitcoin as a corporate asset.
