Capital B Raises €1.1M Backed by Adam Back to Buy More Bitcoin
LTB Capital B has secured fresh backing from Blockstream CEO Adam Back through a €1.1 million ($1.28 million) warrant issuance, adding more fuel to its Bitcoin treasury strategy while plenty of other corporate BTC holders are getting nervous, hedging, or outright selling.
- €1.1 million raised through warrant subscriptions
- Adam Back fully subscribed the deal
- Funds earmarked for more Bitcoin accumulation
- Back’s ownership rises to 9.97% on a fully diluted basis
- Capital B holds 2,943 BTC, worth about $234 million
Capital B said Back bought 10 million warrants at €0.11 ($0.13) each. Each warrant gives him the right to buy one new share at €0.84 ($0.98). The company said that exercise price lines up with its market net asset value, or mNAV, which it listed at 1.1 per share.
For readers not knee-deep in balance sheets: mNAV is a simple way to compare a company’s market value with the value of the assets it holds, mostly Bitcoin in this case. If a Bitcoin treasury company trades near its asset value, raising money gets a lot less awkward. If it trades at a nasty discount, issuing new shares can feel like selling gold bars at pawn-shop rates and pretending it’s finance genius.
The latest financing lifts Back’s holdings to more than 39.5 million shares, giving him 9.97% ownership on a fully diluted basis. “Fully diluted” means counting all the shares that could exist if warrants, options, and similar instruments are exercised. In plain English: if everything gets converted, Back is sitting very close to a 10% stake.
Capital B has secured fresh backing from Blockstream CEO Adam Back through a 1.1 million euro ($1.28 million) warrant issuance.
The company said the funds will support its Bitcoin treasury strategy.
Back’s holdings now exceed 39.5 million shares, representing 9.97% ownership on a fully diluted basis.
Capital B said the exercise price aligns with its market net asset value.
That matters because Capital B is not just dabbling in Bitcoin for a press release and a couple of laser eyes on the investor deck. The French-listed firm already holds 2,943 BTC, worth roughly $234 million at the time referenced, and Bitcointreasuries.net ranks it as the 25th-largest corporate Bitcoin holder. This is a real Bitcoin treasury company, not a vibes-only side quest.
The market at least gave the move a nod. Capital B’s stock jumped more than 6.5% after the announcement. Even so, the broader picture remains choppy: the stock is still down more than 16% in 2026. That’s the awkward truth for corporate Bitcoin adoption. Conviction can attract capital, but volatility can still slap shareholders in the face when the market mood turns sour.
Adam Back’s role adds more weight than just the euro amount. He’s the CEO of Blockstream and one of Bitcoin’s foundational figures, best known for creating Hashcash, the proof-of-work system that helped shape Bitcoin’s design philosophy. His continued support is a signal that he still sees value in aggressive Bitcoin accumulation as a corporate strategy.
And unlike a lot of loud crypto personalities, Back actually has the scars and credentials to matter. He’s not some random suit using Bitcoin as a marketing costume. When someone with that kind of history doubles down on a Bitcoin treasury firm, people notice.
Capital B and UK-based Connecting Excellence Group were the only Bitcoin treasury firms in Europe to raise capital over the past month. Connecting Excellence Group raised $794,000 on April 23, also with Back’s backing. That’s a pretty small club, and it says a lot about how selective capital has become around this type of strategy.
Not every corporate Bitcoin holder is in accumulation mode, though. In fact, the sector is starting to split into very different camps:
One camp is still stacking and treating Bitcoin as a strategic reserve asset worth raising money for.
Another camp is getting defensive, using derivatives to hedge downside and generate income.
A third camp is selling BTC altogether to deal with debt or protect the company from a balance-sheet blowout.
Nakamoto, for example, launched an actively managed Bitcoin derivatives program with Bitwise and Kraken to generate income and hedge downside. It also disclosed the sale of 284 BTC in a March 30 SEC filing. Genius Group went even further, selling its entire 84 BTC treasury in February to help repay debt.
That’s the part nobody likes to brag about when the “Bitcoin treasury company” narrative gets too glossy. BTC on the balance sheet can be a powerful reserve asset, but it can also become a pressure point if a company is overleveraged or badly managed. Treasury strategy only looks elegant when the market is kind. When liquidity tightens, the story gets uglier fast.
Capital B’s move shows the conviction side of the equation: raise capital, buy more Bitcoin, and keep building the stack. That’s the playbook many Bitcoin maximalists instinctively respect, because scarcity is the whole point and sitting on fiat cash that gets quietly debased is often a joke with a very slow punchline.
But there’s a reality check too. Using warrants and other equity-linked financing can dilute ownership over time, and if the stock weakens too far below asset value, the model gets harder to defend. A Bitcoin treasury strategy is not magic. It works best when the company has enough financial breathing room to hold through volatility instead of getting forced into bad decisions at the worst possible moment.
For Capital B, the latest raise suggests Back still believes the company can keep executing its BTC accumulation strategy without stumbling into the usual corporate crypto trapdoors. For the wider market, it’s another sign that Bitcoin treasury management is no longer a one-size-fits-all game. Some firms are doubling down. Some are hedging. Some are bailing out. Same asset, wildly different risk tolerance.
What did Capital B raise?
It raised €1.1 million ($1.28 million) through warrant subscriptions fully backed by Adam Back.
Who is Adam Back and why does he matter?
He is the CEO of Blockstream and a Bitcoin pioneer who created Hashcash, giving his backing serious credibility in the Bitcoin world.
How much of Capital B does Back own now?
Back owns more than 39.5 million shares, equal to 9.97% on a fully diluted basis.
What will Capital B use the money for?
The company said the funds will support its Bitcoin treasury strategy, meaning more BTC accumulation.
How much Bitcoin does Capital B hold?
Capital B holds 2,943 BTC, worth about $234 million at the time referenced.
How did the market react?
Capital B’s stock rose more than 6.5% on the announcement, though it remains down over 16% in 2026.
Are all Bitcoin treasury firms doing the same thing?
No. Some firms are accumulating Bitcoin, while others are hedging with derivatives or selling BTC to manage debt and risk.
What does this say about corporate Bitcoin adoption?
It shows the sector is splitting into aggressive accumulators, cautious hedgers, and distressed sellers. Conviction matters, but so does survival.
