European Bitcoin treasury company Capital B raised €15.2 million ( ~$17.8 million) through a private placement backed by Blockstream founder Adam Back and asset manager TOBAM, accelerating its push to compete with US-listed Bitcoin (BTC) accumulators.
The Paris-listed firm priced shares at €0.66 each, a 1.51% premium to its May 8 close. Four warrants attached to every share could unlock an additional €99.1 million in capital if fully exercised at higher prices.
Capital B Targets 3,125 Bitcoin With Fresh Funding
The new proceeds, combined with ongoing operations, could enable Capital B to acquire 182 additional Bitcoin. That would lift the company’s potential total holdings to 3,125 BTC.
Capital B already ranks among the 25 largest corporate Bitcoin holders, with roughly 2,943 BTC as of late April. The firm adopted a Bitcoin standard in November 2024 and has steadily expanded reserves through share issuance.
Each ABSA bundles two Warrants 2026-03 priced at €0.86, one Warrant 2026-04 at €1.12, and one Warrant 2026-05 at €1.46. Full exercise would issue 92,155,376 new shares.
Adam Back Doubles Down on European Treasury Plays
Back’s involvement marks his second investment in Capital B within a week. On May 4, he subscribed to €1.1 million in warrants that lifted his fully diluted stake to roughly 9.97%.
The Blockstream founder has become a vocal backer of Bitcoin treasury vehicles outside the United States. He previously committed 30,000 BTC to the Cantor Fitzgerald-linked Bitcoin Standard Treasury, a SPAC structure valued at roughly $4 billion.
Capital B can trigger an accelerated warrant exercise window if its volume-weighted average price stays 30% above the relevant strike for 20 consecutive trading days.
The funding round signals that European listed firms intend to mirror the playbook Strategy used to assemble more than 818,000 BTC. Whether Capital B can scale acquisitions without diluting Bitcoin-per-share is the next test investors will watch.
