Capital B Raises $1.28M Through Adam Back Warrant Issuance

Capital B, the French-listed Bitcoin treasury company, raised 1.1 million euros ($1.28 million) through a warrant issuance subscribed by Blockstream CEO Adam Back, extending the cryptographer's backing of the company.

Back subscribed to 10 million subscription warrants at $0.13 each, according to a Monday announcement from Capital B. Each warrant gives Back the right to buy one new share of future company stock at the exercise price of $0.98, corresponding to the company's market net asset value (mNAV) of 1.1 per share, the company said.

The deal would increase Back's exposure to Capital B, where he is already one of the company's largest strategic investors. Back now holds over 39.5 million shares or 9.97% of the company's shares on a fully diluted basis.

Back is best known as the inventor of Hashcash, the proof-of-work system cited in the Bitcoin white paper.

The raise comes as some Bitcoin treasury companies continue seeking capital for accumulation strategies, while others are using derivatives or asset sales to manage balance sheet risk during Bitcoin's downturn. Capital B and the United Kingdom-based Connecting Excellence Group (XCE) were the only Bitcoin treasury companies to raise capital in Europe over the past month. XCE's $794,000 capital raise on April 23 was also backed by Adam Back.

Capital B's stock price rose by over 6.5% on Monday, but is still down over 16% since the beginning of 2026, data from Yahoo! Finance shows.

Capital B is the 25th largest Bitcoin treasury company, holding 2,943 BTC currently worth about $234 million, according to Bitcointreasuries.net data.

Other Bitcoin treasury companies are reducing the balance sheet risk associated with Bitcoin's downturn. On April 24, Nasdaq-listed Bitcoin treasury company Nakamoto announced an actively managed Bitcoin derivatives program seeking to generate recurring income from volatility and hedge part of its corporate BTC holdings against downside exposure. Nakamoto is the 20th-largest Bitcoin treasury firm and the largest to disclose selling part of its holdings earlier this year. The company announced a sale of 284 Bitcoin (worth about $20 million at the time) in a March 30 filing with the US Securities and Exchange Commission. A month earlier, in February, Bitcoin treasury company Genius Group said it liquidated its entire treasury holdings of 84 BTC for about $5.7 million, which it used in repaying an $8.5 million debt obligation, according to an SEC filing.