Adam Back Backs Capital B’s €15.2M Bitcoin Treasury Expansion

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Adam Back Joins Capital B’s €15.2M Round to Expand <a href="https://investment-policy.com/btc-usd/">Bitcoin</a> Holdings

Capital B, a European company that holds bitcoin as its primary asset and is listed in Paris, secured €15.2 million in funding on May 11, 2026. The funding came from a private sale of shares to institutional investors, including Adam Back, the CEO of Blockstream, and the French investment firm TOBAM.

  • Key Takeaways:

  • Capital B raises €15.2 million via private placement on May 11, 2026, targeting 182 additional BTC for its treasury.
  • Adam Back joins as a strategic investor, lifting his stake to 13.43% as Capital B eyes 15,000 BTC by the end of 2027.
  • Full warrant exercise could generate €99.1 million more, giving Capital B fuel for continued bitcoin accumulation.

Capital B Closes €15.2M Round to Grow Bitcoin Treasury Toward 15,000 BTC Target

According to the announcement, the firm sold 23,038,844 units, each comprising one ordinary share and four share subscription warrants, at €0.66 per unit. The company trades on Euronext Growth Paris under the ticker ALCPB and on the U.S. OTC market as CPTLF.

Net proceeds after fees total approximately €14.4 million. Capital B plans to use the funds to buy roughly 182 additional bitcoin, pushing its total holdings from 2,943 BTC to approximately 3,125 BTC.

Maxim Group LLC managed the deal, with Marex S.A. assisting. The transaction is expected to be completed around May 13, 2026. The price was determined using the average trading price over the previous five days, which was 1.51% higher than Capital B’s share price on May 8, 2026.

Each unit comes with four warrants, giving investors the right to buy more shares over the next five years at gradually increasing prices. These warrants are split into four groups: two priced at €0.86 (Warrant 2026-03), one at €1.12 (Warrant 2026-04), and one at €1.46 (Warrant 2026-05). If all of these warrants are used, the company could potentially gain an extra €99.1 million by issuing 92,155,376 new shares.

The company has the option to speed up the process of warrant holders exercising their rights if the average trading price over 20 days goes above 130% of the original price for that specific group of warrants.

Adam Back, inventor of Hashcash and CEO of Blockstream, participated in the round. Following the transaction, Back holds approximately 13.43% of Capital B on an ordinary share basis. Blockstream Capital Partners, which Back advises, holds about 14.42%. TOBAM, a French quantitative asset manager with a crypto focus, holds approximately 4.2% post-transaction.

In early May 2026, Back also invested an additional €1.1 million through warrants, demonstrating ongoing belief in the company’s strategy.

Capital B rebranded and pivoted to a bitcoin treasury company strategy in late 2024. The firm structures its operations around a single long-term goal: increasing the amount of bitcoin held per fully diluted share over time.

The company has an intermediate target of 15,000 BTC by the end of 2027 and a long-term goal of accumulating approximately 210,000 BTC, equal to 1% of Bitcoin’s total supply, by 2033. It funds purchases through equity raises, convertible instruments, and at-the-market (ATM) programs, without relying on operational cash flow alone.

Capital B maintains subsidiaries focused on data intelligence, AI, and decentralized technology consulting. The company’s average acquisition cost across its current holdings sits at approximately €92,000 per bitcoin.

The company’s shares are now listed on the Euronext Growth Paris exchange, identified by the ISIN code FR0011053636. The new shares created through the ABSA will be traded alongside the existing shares once the transaction is finalized.

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2026-05-11 20:38