What to know:
- Capital B raised €1.1M from Adam Back to support its Bitcoin Treasury reserve strategy.
- Back now holds 9.97% of Capital B after subscribing to 10M share warrants in the deal.
- Bitcoin treasury firms in Europe are raising capital while rivals work to cut BTC risk.
Capital B has raised €1.1 million from Blockstream CEO Adam Back to support its Bitcoin Treasury plan. The company said the funding will strengthen its capital structure and help advance its long-term strategy for holding Bitcoin as a reserve asset.
According to a report on Monday, the raise is completed through share subscription warrants. Back subscribed to 10 million warrants, with each warrant priced at $0.13, according to Capital B.
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Adam Back Expands Stake in Capital B
Every warrant provides Back the right to purchase a new share of the company in the future. Capital B quoted the exercise price at $0.98, which it said is equal to its market net asset value of 1.1 per share.
The transaction increases the stake of Back in the company. He is already one of the largest strategic investors of Capital B.
Following the transaction, Back owns over 39.5 million fully diluted shares. That is 9.97% of the company, according to Capital B. Back is the creator of Hashcash. The proof-of-work system was cited in the Bitcoin white paper.
Capital B remarked that the new capital will be utilized in order to hasten its Bitcoin Treasury plan. The announcement received a positive reception among shareholders, with the company share increasing more than 6% on Monday. Despite the gain, the stock remains down nearly 16% since the start of 2026, as per Yahoo Finance data.
According to Bitcointreasuries.net data, Capital B is the 25th-largest Bitcoin treasury company, having 2,943 BTC worth about $234 million.
Bitcoin Treasury Firms Balance Growth and Risk
The raise comes as Bitcoin treasury companies take different paths during Bitcoin’s downturn. Some companies are pursuing capital to meet accumulation plans, and others are mitigating the risk of the balance sheet by using derivatives, selling assets, or repaying debt.
Capital B and UK-based Connecting Excellence Group were the only Bitcoin treasury companies in Europe to raise capital over the past month. Excellence Group raised $794,000 on April 23, and that transaction is also supported by Adam Back.
Nasdaq-listed Nakamoto has taken a defensive approach. On April 24, it declared an actively operated Bitcoin derivatives program that would yield recurring revenue by volatility and hedge some of its corporate BTC holdings.
Nakamoto is listed as the 20th-largest Bitcoin treasury corporation. It is also the largest such company to disclose a partial Bitcoin sale this year.
The company sold 284 BTC, which were valued at about $20 million at the time. The sale is announced in a 30 March filing with the US Securities and Exchange Commission.
According to the SEC filing, Genius Group has also minimized its exposure to Bitcoin in February. The company reportedly sold its entire treasury of 84 BTC at a price of $5.7 million. Genius Group said the proceeds helped repay an $8.5 million corporate debt obligation.
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