Key Highlights
- Adam Back commits $1.28M to Capital B via warrant agreement for Bitcoin treasury growth
- Blockstream CEO increases ownership stake through strategic Bitcoin treasury warrant transaction
- Capital B stock climbs following Adam Back’s Bitcoin accumulation investment
- French Bitcoin treasury firm modifies convertible bond conditions as Back expands position
- New warrant arrangement provides Capital B with capital for additional Bitcoin purchases
The French-listed Bitcoin treasury firm Capital B has obtained €1.1 million ($1.28 million) in fresh capital from Adam Back, CEO of Blockstream, via a newly structured warrant agreement. This transaction strengthens Back’s position in the European Bitcoin treasury company while providing resources for Capital B to increase its cryptocurrency reserves during current market conditions.
Bitcoin Treasury Funding Structure Details
Capital B completed the transaction by issuing 10 million share subscription warrants to Back, priced at €0.11 per warrant. These instruments grant Back the option to purchase one new share for each warrant at €0.84. The ultimate exercise price will be determined by the company’s Bitcoin-backed modified net asset value (mNAV) metric.
According to the company’s announcement, the exercise price represents 130% of the trailing five-day volume-weighted average price (VWAP), or alternatively, mNAV 1.1 per share. This mNAV calculation ties share valuation directly to the Bitcoin reserves maintained by Capital B on a fully diluted basis. The arrangement creates a direct relationship between potential share issuance and the company’s Bitcoin treasury holdings.
Back has established himself as one of Capital B’s most significant strategic investors. Following this latest warrant issuance, his total position reaches over 39.5 million shares on a fully diluted basis, representing 9.97% of the company’s total equity under the expanded capital structure.
Cryptography Pioneer Expands Bitcoin Treasury Holdings
Adam Back has earned recognition as a pioneering figure in Bitcoin’s development history. He developed Hashcash, the proof-of-work algorithm referenced in Satoshi Nakamoto’s original Bitcoin white paper. His recent Capital B investment reinforces his commitment to supporting European-based Bitcoin treasury initiatives.
Back previously participated in Connecting Excellence Group’s $794,000 fundraising round completed on April 23. That transaction positioned XCE as one of just two European Bitcoin treasury firms to successfully raise capital during April. His ongoing involvement demonstrates sustained confidence in publicly-traded Bitcoin accumulation strategies.
Capital B indicated the newly raised funds will accelerate its Bitcoin treasury objectives. The firm currently maintains a position of 2,943 BTC, valued at approximately $234 million. This holding places Capital B as the 25th largest corporate Bitcoin treasury globally, according to tracking data from Bitcointreasuries.net.
Market Response and Bond Term Modifications
Capital B’s stock price increased by more than 6.5% following Monday’s warrant issuance disclosure. Despite this uptick, shares remain down over 16% year-to-date for 2026. Nevertheless, the positive price movement indicates investor approval of securing additional funding from a prominent Bitcoin industry figure.
Simultaneously, the company restructured conditions associated with OCA B-04 convertible bonds previously subscribed by Back. The conversion price decreased from €5.174 to €2.59 per share. Under the revised structure, bondholders receive one warrant for each bond converted to equity.
The updated terms eliminated the share price threshold requirement for bondholder conversion. This modification allows Back to convert his bonds into equity at his discretion before the maturity date. Capital B explained that these adjustments account for prevailing market dynamics and enhance the attractiveness of conversion options.
Get 3 Free Stock Ebooks
Discover top-performing stocks in AI, Crypto, and Technology with expert analysis.
- Top 10 AI Stocks - Leading AI companies
- Top 10 Crypto Stocks - Blockchain leaders
- Top 10 Tech Stocks - Tech giants
