Capital B Raises €1.1M Warrants from Adam Back

Capital B, a French-listed company focused on building a Bitcoin treasury, raised 1.1 million euros, equivalent to about 1.28 million, through a warrant issuance fully subscribed by Blockstream CEO Adam Back, the company announced Monday.

The deal involves 10 million subscription warrants purchased by Back at 0.13 euros each. Each warrant grants the right to acquire one new share at an exercise price of 0.98 euros, aligned with the company's market net asset value of 1.1 euros per share on a fully diluted basis. This transaction increases Back's stake, positioning him as one of Capital B's largest investors with over 39.5 million shares, or 9.97 percent of the company on a fully diluted basis.

In a related move, Capital B adjusted terms on convertible bonds previously subscribed by Back. The conversion price was lowered by approximately 50 percent, from 5.174 euros to 2.59 euros per share. The company also removed prior share price conditions, allowing Back to convert the bonds at his discretion before maturity. Upon conversion, Back will receive additional share purchase rights valid for two years.

Capital B plans to use the new capital to accelerate its Bitcoin accumulation...