Capital B raises €7.6 million from Adam Back to strengthen its bitcoin reserves
The company listed on Euronext Growth Paris continues to strengthen its bitcoin reserves through a private placement reserved for strategic investor Adam Back, just days after a larger operation conducted at the end of August. This new placement is part of the group's Bitcoin Treasury Company strategy, focused on increasing the number of bitcoins per fully diluted share over time.
A private placement reserved for Adam Back of €7.6 million
Capital B announced on September 2, 2026 a capital increase of €7.6 million carried out through a private placement without preferential subscription rights. The transaction involves the issuance of 13,181,030 shares each accompanied by four subscription warrants for shares (ABSA), at the price of €0.58 per ABSA, subscribed by strategic investor Adam Back. These conditions are identical to those of the transaction announced on August 28, 2026. The issue price represents a premium of 15.4% compared to the closing price of September 1, 2026 preceding the transaction. According to the company, the proceeds from the issuance, together with ongoing operations, could enable the acquisition of an additional 376 BTC, bringing the total potentially held to 3,521 BTC. The gross proceeds are expected to be €7.6 million at closing and the net proceeds estimated at €7.3 million after expenses.
Subscription warrants phased in and potential impact on capital
Each ABSA entitles the holder to two Warrant 2026-06 warrants with an exercise price of €0.75, one Warrant 2026-07 warrant at €0.98 and one Warrant 2026-08 warrant at €1.27, each warrant giving the right to one share. The maturity of the warrants is five years. In the event of exercise of all warrants issued under this transaction, it would result in an additional capital increase of €49.4 million through the issuance of 52,724,120 ordinary shares. The company retains the possibility, at its sole discretion, to trigger an accelerated exercise period for the warrants once the volume-weighted average price exceeds 130% of the exercise price of the tranche concerned over 20 consecutive trading sessions. The company specifies that the exercise ratio of each warrant will be adjusted following a share consolidation at the rate of 10 existing shares for 1 new share, announced on July 20, 2026 and scheduled for September 8, 2026. The closing of the private placement and the issuance of the ABSAs are expected at the earliest on September 3, 2026.
