Adam Back, the CEO of Blockstream, has put €1.1 million into Capital B, the Paris-listed firm that bills itself as Europe's first Bitcoin Treasury Company. The investment comes through 10 million subscription warrants at €0.11 each, with an exercise price of €0.84 per share tied to the company's Bitcoin-backed mNAV metric.
Back's stake and Blockstream's position
Under a fully diluted scenario, Blockstream Capital Partners now holds 38.11% of Capital B's capital. Back himself personally holds nearly 10%. That's a big vote of confidence from a Bitcoin OG. The warrants give Back the right to buy shares at a fixed price, adding upside if the stock recovers.
Convertible bond terms loosened
Capital B also revised the conversion price of Back's OCA B-04 convertible bonds — cutting it roughly in half from €5.174 to €2.59 per share. The company removed share price conditions, meaning Back can convert at any time before maturity. Each converted bond now comes with a two-year equity warrant, offering extra upside. In plain English: Back got better terms, and the company bought some flexibility.
More Bitcoin on the balance sheet
The firm added to its Bitcoin treasury in late April, spending €0.4 million to buy more coins. Total holdings now sit at 2,943 BTC. Capital B says its goal is to grow Bitcoin per share over time — a familiar thesis among corporate BTC holders.
Market reaction and the bigger picture
Shares rose more than 6.5% on the news, but they're still down more than 16% since January. The warrants and bond revisions don't change the fundamentals overnight. Back's personal investment may signal he sees value at these levels, but the stock's year-to-date slide shows the market isn't fully convinced yet. What happens next depends on Bitcoin's price and whether Capital B can keep adding coins without diluting existing shareholders too much.
