Bet on bitcoin to boost a company’s cash flow? Ten years ago, the idea would have made people smile — today, it attracts beautiful people. Listed companies, in Europe and elsewhere, are all looking for the best way to stack cryptocurrencies on their balance sheets. Capital B has just provided new proof, with the support of a name that carries weight in the history of bitcoin.
In brief
- Adam Back, cited in Satoshi’s white paper, invests 7.6 million euros via a private placement with warrants.
- Capital B hopes to acquire an additional 376 BTC to reach 3,521 bitcoin reserves.
- The dilutive structure could increase the shareholders’ share from 1% to 0.65% if the warrants are exercised.
- The average purchase price of Capital B’s bitcoins (90,352 euros) exceeds the current price, creating an unrealized capital loss.
Adam Back injects $8.8 million into Capital B
On September 2, 2026, Capital B announced that it had raised 7.6 million euros from Adam Back — as part of a private placement, in complete discretion. The CEO of Blockstream is not a loser of the year in this environment; his name even appears in the references of Satoshi Nakamoto’s original white paper. He had already put his hand in his pocket in May, to the tune of 15.2 million euros.
This time, the operation is based on 13.18 million shares issued at 0.58 euros each (a premium of 15.4% on the previous day’s price), each accompanied by four subscription warrants exercisable over five years, at 0.75, 0.98 then 1.27 euros. Acknowledged goal: to buy back 376 more bitcoins, to bring the potential reserves to 3,521 BTC — just behind the German Bitcoin Group SE and its 3,605 BTC, according to Bitcoin Treasuries.
If all the warrants end up being exercised one day, Adam Back’s share in the capital will increase from 14.82% to 27.8%. A conviction that cannot be expressed by halves.
Dilution, this thorn in the side of crypto shareholders
L’operation shines on paper; it grinds clearly more in detail. Each issued share carries four warrants behind it, which ultimately represents 52.7 million potential warrants. If they were all exercised, the additional capital increase would reach 49.4 million euros – a figure that would make any minority shareholder dizzy.
Concretely, those who held 1% of the capital before the operation would only retain 0.65% in the event of full exercise. A loss of 35% of its relative weight, all the same.
Capital B assumes this choice, presented as the price to pay for a long-term crypto accumulation strategy. The company’s official press release makes no secret of this:
The funds raised will primarily be used to strengthen Capital B’s balance sheet through the accumulation of bitcoin as a long-term reserve asset. This capital increase constitutes a key milestone in Bitcoin Treasury Company’s strategy, focused on increasing the number of bitcoins per share on a fully diluted basis..
There remains one detail that stings: the 3,145 BTC already in the portfolio cost 90,352 euros each on average, well above current prices.
Can Capital B become the European Strategy?
The parallel with Strategy, Michael Saylor’s American giant, quickly comes to mind; the two companies play the same role, emit to accumulate. Except that Paris is not New York. The Parisian market sorely lacks the depth and liquidity offered by the Nasdaq, and that changes everything, or almost.
The looming dilution could scare away the most cautious shareholders, in a macroeconomic context already tense between rates likely to rise and the dollar ready to strengthen. The Capital B press release itself does not hide the risks involved, in a formula that almost resembles a warning: “ The Company recalls that the risk factors linked to its activity are detailed in its 2025 annual financial report. The materialization of all or part of these risks could negatively affect its operations, its financial situation, its results, its development or its prospects. ”..
A muted, almost legal language – but that says it all, for those who know how to read between the lines of this still young crypto sector.
What to remember about Capital B and Adam Back
- What is the current price of bitcoin? 77,131 dollars, down slightly over the day.
- How much did Adam Back invest in Capital B? 7.6 million euros, or approximately $8.8 million.
- How much BTC is Capital B targeting? The company hopes to reach 3,521 BTC, up from 3,145 currently.
- What is the main risk for shareholders? Massive dilution of up to 35% if all warrants are exercised.
- Who is Adam Back? A Bitcoin pioneer, cited in Satoshi Nakamoto’s white paper, and CEO of Blockstream.
Crypto treasury companies face threats beyond simple price volatility. The MSCI rule, which Michael Saylor contests tooth and nail, could exclude them from major global stock indices — a major blow to access to institutional capital. A new front is opening, discreetly, for these bets on the future of bitcoin.
Maximize your Tremplin.io experience with our ‘Read to Earn’ program! For every article you read, earn points and access exclusive rewards. Sign up now and start earning benefits.
