Capital B, a French-listed Bitcoin treasury company, has raised approximately $1.28 million (€1.1 million) through a warrant issuance backed by Blockstream CEO Adam Back. The deal strengthens Back’s existing position as one of the company’s largest strategic investors and provides fresh capital for its Bitcoin accumulation strategy.
Warrant issuance details
According to a Monday announcement, Adam Back subscribed to 10 million subscription warrants at $0.13 each. Each warrant grants Back the right to purchase one new share of future company stock at an exercise price of $0.98, corresponding to Capital B’s market net asset value (mNAV) of 1.1 per share. Following the transaction, Back holds over 39.5 million shares, representing 9.97% of the company’s fully diluted shares.
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Back is widely recognized as the inventor of Hashcash, the proof-of-work system referenced in the Bitcoin white paper. His continued backing signals confidence in Capital B’s treasury strategy despite broader market headwinds.
Market context and stock reaction
Capital B’s stock price rose over 6.5% on the day of the announcement, reflecting positive shareholder sentiment. However, the shares remain down more than 16% since the start of 2026, according to Yahoo! Finance data. The company is currently the 25th largest Bitcoin treasury firm globally, holding 2,943 BTC valued at approximately $234 million, as reported by Bitcointreasuries.net.
Bitcoin treasury sector
The capital raise comes at a time when some Bitcoin treasury companies are seeking fresh funds for accumulation, while others turn to derivatives or asset sales to manage balance sheet risk during Bitcoin’s price downturn. Capital B and the UK-based Connecting Excellence Group (XCE) were the only European Bitcoin treasury firms to raise capital in the past month. XCE’s $794,000 raise on April 23 was also backed by Adam Back.
Other firms have taken different approaches. On April 24, Nasdaq-listed Nakamoto launched an actively managed Bitcoin derivatives program to generate recurring income from volatility and hedge downside exposure. Nakamoto, the 20th largest Bitcoin treasury firm, disclosed selling 284 Bitcoin in a March 30 SEC filing. In February, Genius Group liquidated its entire 84 BTC treasury for about $5.7 million to repay an $8.5 million debt obligation, according to an SEC filing.
Why this matters
Capital B’s ability to secure funding from a prominent figure like Adam Back highlights ongoing institutional interest in Bitcoin treasury strategies, even amid market volatility. The move provides the company with additional resources to execute its accumulation plan, while Back’s increased stake reinforces his long-term commitment to the firm. For investors, the deal signals that some Bitcoin treasury companies continue to find strategic backing, even as others reduce exposure.
Conclusion
Capital B’s $1.28 million warrant issuance to Adam Back represents a notable vote of confidence in the company’s Bitcoin treasury strategy. The capital injection aims to accelerate accumulation efforts, while Back’s expanded stake underscores his belief in the firm’s long-term prospects. As the broader market navigates Bitcoin’s downturn, Capital B’s approach stands in contrast to peers who are hedging or liquidating holdings.
FAQs
Q1: What is a warrant issuance?
A warrant issuance gives an investor the right to purchase a company’s stock at a predetermined price in the future. In this case, Adam Back subscribed to 10 million warrants at $0.13 each, with an exercise price of $0.98 per share.
Q2: Why is Adam Back significant in the crypto space?
Adam Back is the inventor of Hashcash, a proof-of-work system that was cited in the Bitcoin white paper. He is also the CEO of Blockstream, a blockchain technology company, and is considered a key figure in Bitcoin’s early development.
Q3: How does Capital B compare to other Bitcoin treasury companies?
Capital B is the 25th largest Bitcoin treasury firm globally, holding 2,943 BTC. Unlike some peers that have sold or hedged holdings during Bitcoin’s downturn, Capital B is raising capital to accelerate its accumulation strategy.
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