Capital B, the French Bitcoin treasury company, has raised 21.0 million euros — approximately 24.5 million USD — through a private share placement, with none other than Adam Back, the cypherpunk legend and chief executive of Blockstream, participating in the round alongside asset manager TOBAM.
The placement, announced on August 28, was conducted at 0.58 euros per ABSA unit — a bundle of one ordinary share together with four share-subscription warrants — and was carried out without pre-emptive subscription rights for existing shareholders. The structure gives Capital B access to substantially more capital than the headline figure suggests: if all issued warrants are exercised, the company would receive a further 135.8 million euros, roughly 158 million USD, through the issuance of 144,876,280 new ordinary shares.
The company has also reserved the right to trigger an accelerated warrant exercise period if the volume-weighted average price of its shares over the previous 20 trading days exceeds 130 percent of the exercise price of the relevant warrant tranche — a mechanism designed to convert strong share performance into fresh Bitcoin-buying firepower on short notice.
Buying 270 More Bitcoin
Capital B plans to deploy the proceeds of the raise into acquiring an additional 270 Bitcoin (BTC), which would lift its total holdings to 3,415 BTC. According to data tracked by CoinMarketCap, the company currently ranks as the 29th largest publicly traded Bitcoin treasury, holding 3,139 BTC worth just under 249 million USD at current prices. That places it behind Bitcoin Group SE, which holds 3,605 BTC worth under 286 million USD, but far ahead of the vast majority of smaller treasury firms that have proliferated over the past two years.
Capital B’s holdings remain, of course, a rounding error compared to Strategy — the first and still the largest corporate Bitcoin treasury — which controls 843,775 BTC worth nearly 67 billion USD.
A Vote of Confidence From a Bitcoin Original
The participation of Adam Back carries symbolic weight that goes beyond the capital involved. As the inventor of Hashcash — the proof-of-work mechanism cited in the original Bitcoin white paper — and the CEO of Blockstream, one of the most important Bitcoin infrastructure development firms, Back is among the most credible figures in the industry’s history. His decision to back a European-listed treasury company signals that the treasury model continues to attract support from Bitcoin’s old guard, even as market conditions remain uncertain and debate rages over whether the bear market has ended.
A Giant War Chest in Waiting
The raise follows an even more ambitious move by Capital B earlier this summer. In early June, the company submitted a proposal to its board seeking authorization to establish up to 5 billion euros — approximately 5.8 billion USD — in capital increases through the issuance of up to 125 billion shares at current nominal value, alongside 116 billion USD in credit instruments. The resolution passed overwhelmingly, with 162,486,459 votes cast in favor — 99.34 percent of the total.
That kind of authorized-but-unissued capacity means Capital B has the legal groundwork in place to scale its treasury aggressively whenever market conditions and investor appetite allow.
Contrast With a Retrenching Field
The fundraise stands in sharp contrast to the behavior of some of Capital B’s peers. While the French firm raises capital to accumulate more Bitcoin, smaller treasury companies have been moving in the opposite direction — with some, like Empery Digital, selling portions of their Bitcoin holdings outright to fund pivots into other ventures such as artificial intelligence data centers. The divergence illustrates a broader shakeout in the treasury sector: firms with deep-pocketed backers and low-cost capital are compounding their positions, while leveraged or late-entrant players are being forced to liquidate.
For Bitcoin market watchers, the Capital B raise is one more data point in an increasingly constructive tapestry. Onchain profitability metrics have flipped bullish for the first time in ten months, spot exchange-traded funds have pulled in billions in sustained inflows, and corporate treasuries — at least the well-capitalized ones — continue to bid for coins. With 270 BTC of planned buying on top of an already sizable stack, and more than 150 million USD of warrant proceeds potentially waiting in the wings, Capital B has positioned itself as one of the more aggressive European accumulators of the current cycle.
Whether the bet pays off depends on the macro trend that analysts like CryptoQuant’s CEO say has already turned. For now, Back and his fellow investors are voting with their wallets.
Disclaimer: This article is for informational purposes only and does not constitute financial advice.
3,139 BTC today with fresh 24.5M and up to 135.8M more in warrants. european treasuries finally competing with strategy instead of talking about it
adam back putting money into a french btc treasury at 0.58 eur per unit is a strong signal. the hashcash inventor literally buying into the thesis he helped build
hashcash author buying a french treasury basket at 0.58 eur per unit is the full circle moment of the year. poetic
0.58 eur per unit, adam back, TOBAM. france quietly assembling the actual EU bitcoin treasury vehicle
Adam Back quietly backing a French BTC treasury says more than any whitepaper could. 24.5M raise plus up to 135.8M euros if warrants exercise is serious firepower
the accelerated warrant clause is the clever bit. shares rip 130 percent over exercise price and they can force fresh capital for more coin on short notice
accelerated exercise above 130 percent is basically a built in top signal for the share price. clever financing tho, converted whales fund the next buy
wouldnt call it a top signal, more like a momentum tap. forcing exercise at +130 means buyers who doubled their money fund the next tranche, thats just smart capital cycling
calling the accelerated exercise a top signal is backwards imo, it only triggers if shares rip 130 percent. thats buyers voluntarily funding the next tranche, nothing bearish about those mechanics
the warrants are the whole game. 24.5M headline but 135.8M more if the share price delivers, back is clearly sizing for that
135.8M of warrants that only trigger at 130 percent upside is the part nobody quotes. dilution that arrives only after holders already made money, cleanest structure ive seen from a euro issuer
exactly, its dilution that only shows up after existing holders already banked a 30 percent gain. euro issuers finally running the strategy playbook properly
The warrant structure is the interesting part here. Another 135.8 million euros if everything exercises, that is serious buying power for a company holding 3,139 BTC.
3,415 btc after the buy still leaves them behind bitcoin group se at 3,605. and the strategy comparison is a fun reminder of how tiny everyone else is
gap to bitcoin group se is like 470 coins lol. one partial warrant exercise and that comparison is dead
470 coins is like one good week of buying at this raise pace lol. that comparison ages out fast
true but that 470 gap is one partial warrant tranche from closing. 135.8M eur waiting behind a 24.5M headline at 0.58, the pace argument flips the moment back sized it
0.58 eur per unit with adam back in the round. europe finally has a btc treasury with actual cypherpunk credibility
3,415 BTC would keep them around the 29th largest public treasury. TOBAM being in the round makes it an actual institutional play, not another leverage vehicle
TOBAM leading and Adam Back participating and the round is still only 24.5M. Barely a rounding error next to the US treasury raises, but Europe has to start somewhere I guess.
every US treasury started small too. the warrant structure getting them another 135.8M euros is the part people are sleeping on
strategy was buying coins in the tens once too. the gap to bitcoin group se is one exercised tranche
call it a rounding error all you want, strategy started at 425M and look at the club now. every treasury thesis looks tiny at the beginning
TOBAM and Adam Back in the same cap table is the actual institutional signal here. france quietly assembling the EU answer to strategy
adam back wiring personal money into this is the actual headline. you dont see many cypherpunk-adjacent names doing euro equity rounds