French bitcoin treasury company Capital B announced a €7.6 million ($8.8 million) investment from Adam Back through a private placement of shares issued at a 15.4% premium to the September 1 closing price.
The placement consists of 13.18 million shares at €0.58 ($0.67) each, with four warrants attached to every share. Two warrants are exercisable at €0.75 ($0.87), one at €0.98 ($1.13), and one at €1.27 ($1.47), each maturing in five years. If all 52.7 million warrants are exercised, Capital B would receive an additional €49.4 million ($57 million) in proceeds.
The placement is expected to close September 3 at the earliest, with net proceeds of approximately €7.3 million ($8.5 million) after fees and expenses. The company said completion could be delayed by a few days for technical reasons.
Bitcoin Acquisition Strategy
Capital B stated that the proceeds and ongoing operations could fund the acquisition of 376 additional bitcoin, bringing its potential holdings to 3,521 BTC from 3,145 BTC. As of September 2, the company ranked 26th among 198 public companies tracked by Bitcoin Treasuries.
Back's ownership stake will rise to 17.77% on an ordinary basis following the issuance, from 14.82% previously. His stake could reach 27.8% on an ordinary basis if all warrants are exercised.
This investment follows a €15.2 million ($18 million) Capital B raise announced in May, which included participation from Back and asset manager TOBAM. That round supported the acquisition of 182 BTC, bringing holdings to 3,125 BTC at the time.
Capital B also announced in June that it was exploring a digital credit instrument for the European market modeled on comparable offerings in the sector.
