Adam Back Buys €1.1M of Capital B Warrants
Blockstream CEO Adam Back subscribed to 10 million Capital B warrants for €1.1 million, each giving the right to buy one share at a $0.98 exercise price.
On Monday, Blockstream CEO Adam Back subscribed to 10 million subscription warrants in Paris-listed Capital B for a total of €1.1 million ($1.28 million). Each warrant was priced at $0.13 and grants the holder the right to purchase one new Capital B share at an exercise price of $0.98.
Capital B said the $0.98 exercise price corresponds to a market net asset value of €1.10 per share. The company announced the proceeds will be used to accelerate its Bitcoin treasury strategy.
After the transaction, Back holds more than 39.5 million Capital B shares, representing about 9.97% on a fully diluted basis. Capital B identified Back as one of its largest strategic investors prior to the warrant subscription.
Capital B’s stock rose more than 6% on the day of the announcement, but the share price remains down more than 16% since the start of 2026. The Paris-listed company (ALCB.PA) currently holds 2,943 bitcoins, valued at about $234 million based on corporate bitcoin treasury data, a level that ranks the company among larger public bitcoin treasury holders.
The warrant issue was one of two European capital raises by listed bitcoin treasury companies in the past month. A United Kingdom firm, Connecting Excellence Group, raised about $794,000 on April 23 in a round that also included participation from Back.
Other publicly traded bitcoin treasury firms have taken different measures to manage balance-sheet risk amid the recent price weakness. Nasdaq-listed Nakamoto launched an actively managed bitcoin derivatives program in late April designed to generate income and hedge part of its holdings, and disclosed a sale of 284 bitcoin in a March filing. Separately, Genius Group sold its entire treasury of 84 bitcoin earlier this year, raising about $5.7 million to help repay a debt obligation.
Adam Back is the founder and CEO of Blockstream and is known for creating Hashcash, a proof-of-work system cited in the original Bitcoin white paper. Capital B’s announcement did not include additional comment from Back beyond the subscription and holding details.
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