Capital B is planning to add up to 376 Bitcoin to its treasury after raising €7.6 million ($8.8 million) from Bitcoin developer and investor Adam Back. The Euronext Growth Paris-listed company said it will use the money to increase its Bitcoin holdings, potentially taking its total treasury to 3,521 BTC. That would put Capital B among Europe’s largest listed Bitcoin holders, just behind Germany’s Bitcoin Group SE.
The company raised the funds by issuing 13,181,030 shares at €0.58 each, with four warrants attached to every share. The warrants give investors the right to purchase additional Capital B shares in the future.
If the planned Bitcoin purchase goes ahead, Capital B’s holdings would rise from 3,145 BTC to as much as 3,521 BTC. Based on current prices cited by the company, that would put the value of its Bitcoin treasury at around $269.5 million.
🟠 Capital B announces a €7.6 million capital raise with strategic investor Adam Back to accelerate its Bitcoin Treasury Company strategy⚡️
Full Press Release (EN): https://t.co/aCL9WZuSGa
Full Press Release (FR): https://t.co/uB3vvq666c
BTC Strategy (EN):…
— Capital B (@_ALCPB) September 2, 2026
Capital B said its existing 3,145 BTC were acquired for €284.2 million, giving the company an average purchase price of about €90,352 per Bitcoin. The holdings were worth roughly €214 million, or $248 million, at the time of the report.
Back’s involvement gives the fundraising added significance for the crypto industry. He is the CEO of Bitcoin infrastructure company Blockstream and is one of the early cypherpunks whose work is closely associated with the development of Bitcoin. He is also cited in Bitcoin’s original 2008 white paper.
The investment from Back is part of a larger €21 million financing round. Strategic investor TOBAM also participated through the issuance of 36,219,070 shares.
However, the fundraising comes with a cost for existing shareholders. Every new share includes four five-year warrants. If all of the warrants are exercised, Capital B could issue another 144.9 million shares and receive an additional €135.8 million.
That could take the financing’s potential gross proceeds to €156.8 million, but it would also significantly increase the number of shares in circulation. The company said an investor holding 1% of Capital B before the placement would see that stake fall to 0.90% after the placement and to 0.65% if all the warrants are eventually exercised.
Capital B’s shares were trading at €0.485 around midday in Central European time on Wednesday, down 2.1% on the day. The decline came as the wider crypto market weakened, with Bitcoin trading below $77,000 and falling nearly 1.8% over 24 hours.
The company is also planning a share consolidation. On September 8, every 10 existing Capital B shares will be combined into one share. The warrant ratios and exercise prices will be adjusted accordingly.
The latest move highlights how aggressively listed companies are using equity financing to build Bitcoin treasuries. For Capital B, the planned purchase would bring it close to Bitcoin Group SE, which holds 3,605 BTC, according to Bitcoin Treasuries.
At the same time, investors will have to weigh the potential benefit of holding more Bitcoin against the dilution created by the new shares and warrants. The strategy offers Capital B a way to increase its exposure to Bitcoin, but shareholders will ultimately have to decide whether that additional exposure justifies the dilution.
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