Capital B, the Paris-listed bitcoin treasury company, has completed a €15.2 million private placement backed by Blockstream CEO Adam Back and French asset manager TOBAM. After fees and transaction costs, the company expects net proceeds of about €14.4 million, which it plans to use to buy an additional 182 BTC and lift total holdings to 3,125 BTC.
The deal was announced on May 11 and marks Capital B’s largest capital raise of the year. It came just seven days after Back made a separate €1.3 million warrant investment in the company, his second direct commitment to Capital B within two weeks. Since rebranding from The Blockchain Group in 2025, the firm has centered its strategy on increasing bitcoin per fully diluted share.
23 million new shares issued with four warrants attached to each
The placement included 23,038,844 new shares, with each share carrying four subscription warrants, priced at €0.66 per unit. That represented a 1.51% premium to the company’s May 8 closing price. Qualified institutional investors from the United States, Europe, and other jurisdictions took part in the offering. Maxim Group LLC acted as lead placement agent, while Marex S.A. served as co-manager.
The warrant package was split into several exercise levels. Two of the four warrants are exercisable at €0.86, one at €1.12, and one at €1.46, all with a five-year term. In total, the transaction created 92,155,376 warrants. If all are exercised, Capital B could raise roughly €99.1 million in additional capital through the issuance of about 92 million new shares.
Back and TOBAM expand their stakes
Once the deal closes, Adam Back will hold 13.43% of Capital B on an ordinary share basis. Blockstream Capital Partners, the fund he advises, will own 14.42%, while TOBAM’s stake will rise to 4.20%. Together, those strategic investors and affiliated vehicles will account for more than a quarter of the company’s ordinary capital.
Capital B currently holds 2,943 BTC, accumulated through repeated equity and convertible instrument raises. The company said the expected net proceeds from this placement, together with ongoing operating activity, should allow it to buy another 182 BTC and move past the 3,125 BTC threshold.
The company also retains the right to accelerate warrant exercise. It can open an accelerated exercise window for any tranche if its volume-weighted average share price stays above 130% of the relevant exercise price for 20 consecutive trading days.
The report also noted that Back has drawn attention this year beyond his investments. A New York Times investigation published in April by journalist John Carreyrou described him as the most credible candidate yet proposed for the identity of Bitcoin creator Satoshi Nakamoto, a claim Back publicly rejected. Broader market concern has focused on the roughly 1.1 million BTC in Nakamoto-linked wallets that have never moved, with prediction markets pricing the probability of those coins being transferred in 2026 at around 9%.