Adam Back has put €7.6 million into Capital B, the French company billing itself as Europe's first Bitcoin Treasury Company. The investment buys 376 bitcoins and comes through a share placement priced at €0.58 each, 15.4% above Tuesday's close. Net proceeds after fees should land near €7.3 million, which could lift Capital B's total holdings to 3,521 BTC.
The placement
Capital B, based in Puteaux and trading on Euronext Growth Paris, issued new shares at that €0.58 price. The company says the goal is more bitcoin per fully diluted share, a structure that's become familiar among treasury firms. The placement closes at the earliest on September 3.
Warrant math
Each new share comes with four warrants: two struck at €0.75, one at €0.98, and one at €1.27, all maturing in five years. If every warrant is exercised, Capital B would issue 52,724,120 new shares and raise an extra €49.4 million. That would push Adam Back's ordinary stake from 14.82% to 27.80%, and to 23.36% on a fully diluted basis. A holder with 1% before the issuance would drop to 0.97% on an ordinary basis, or 0.85% if all warrants convert.
The reverse split
Capital B has a 10-for-1 reverse split scheduled for September 8, which will rescale every warrant ratio. The company can also force an accelerated exercise window if the 20-day average price exceeds 130% of a tranche's strike. That's a lever to bring the warrants in early if the stock runs.
The move comes as other treasury companies tap markets too. MicroStrategy ended a 10-week pause in buying only last week, and a Solana vehicle priced a preferred stock offering last week. Bitcoin's price has been shaky, but that hasn't stopped the flow of new money into bitcoin-holding shells.
