Capital B has secured $17.8 million in a funding round backed by Bitcoin pioneer Adam Back and asset manager TOBAM. The company said the proceeds could be used to add 182 BTC to its corporate treasury, signaling a continued bet on the cryptocurrency as a reserve asset.
Who Backed the Round
The round included Adam Back, a well-known figure in the crypto space and CEO of Blockstream, alongside TOBAM, a Paris-based asset management firm with a focus on quantitative strategies. The identities of other investors were not disclosed. The funding comes as a mix of equity and convertible notes, according to a filing.
Plans for the Capital
Capital B intends to deploy the funds primarily to increase its Bitcoin holdings. The company currently holds an undisclosed amount of BTC, but the $17.8 million raise — at current market prices — would be sufficient to purchase roughly 182 bitcoins. The move follows a trend among corporate treasuries to diversify into digital assets, though Capital B hasn't specified a timeline for the purchase.
Why the Bitcoin Addition Matters
By adding 182 BTC, Capital B would join a growing list of publicly traded and private firms using Bitcoin as a store of value. The strategy mirrors that of MicroStrategy and others, but Capital B's smaller scale makes the bet more concentrated. Adam Back's involvement lends credibility, given his role in the development of Bitcoin's proof-of-work consensus.
The company has not disclosed its current cash position or whether the entire $17.8 million will go toward Bitcoin. The filing notes the funds may also be used for general corporate purposes.
No further details on the valuation or terms of the round were provided. Capital B declined to comment on when the Bitcoin purchase might be executed.
