Adam Back backs Capital B in €15.2M Paris placement

Capital B raised €15.2 million in a private placement in Paris on May 11, 2026. Blockstream CEO Adam Back was among the institutional investors backing the deal. The company expects the proceeds to fund the purchase of roughly 182 bitcoins, lifting holdings to about 3,125 BTC.

The offering comprised 23,038,844 units sold at €0.66 each. Each unit contained one ordinary share and four share subscription warrants. Net proceeds after fees were approximately €14.4 million. Maxim Group LLC acted as lead agent and Marex S.A. as co-manager. The new securities are due to begin trading on the same line as existing shares on or around May 13, 2026. Pricing used the five-day volume-weighted average price immediately before the placement and represented a 1.51% premium to Capital B’s closing price on May 8, 2026.

The four warrants attached to each unit are exercisable over five years at staggered prices: two tranches at €0.86, one at €1.12 and one at €1.46. If all warrants are exercised, Capital B could issue 92,155,376 additional shares and raise about €99.1 million. The company may accelerate exercise for any tranche if its 20-day VWAP exceeds 130% of that tranche’s exercise price.

Following the placement, Adam Back increased his ordinary shareholding to about 13.43%. Blockstream Capital Partners, which Back advises, holds roughly 14.42% of the company. French quantitative asset manager TOBAM holds about 4.2% after participating. Back also subscribed to a separate €1.1 million warrant transaction earlier in May 2026.

Capital B rebranded and repositioned itself as a bitcoin treasury company in late 2024. The firm structures its operations around raising capital to grow bitcoin holdings per fully diluted share. Its intermediate objective is to hold 15,000 BTC by the end of 2027 and a longer-term goal of roughly 210,000 BTC, about 1% of Bitcoin’s total supply, by 2033. The company plans to fund purchases through equity raises, convertible instruments and at-the-market programs rather than operating cash flow.

Capital B currently reports holdings near 2,943 BTC and an average acquisition cost of about €92,000 per bitcoin. The firm maintains subsidiaries focused on data intelligence, artificial intelligence and decentralized technology consulting. Ordinary shares trade on Euronext Growth Paris under the ticker ALCPB and on the U.S. over-the-counter market as CPTLF.