€7.64M in gross proceeds from a private placement closing as early as September 3 could let France-listed Capital B purchase up to 376 additional $BTC, lifting its strategic reserve from a confirmed 3,145 coins toward a target of 3,521, the company said in its September 2 announcement. Blockstream CEO Adam Back subscribed to the full deal at €0.58 per share, a 15.4% premium to Capital B's September 1 closing price, or roughly US$8.8M at current exchange rates.
What the placement funds
The structure is 13,181,030 shares, each carrying four warrants, priced at €0.58 per unit. Net proceeds after fees are expected to reach approximately €7.3M. The 376 BTC figure represents projected capacity funded by this placement and ongoing operations, not coins already purchased.
| Metric | Figure |
|---|---|
| Shares issued | 13,181,030 |
| Price per unit | €0.58 |
| Gross proceeds | |
| Net proceeds (est.) | ~€7.3M |
| Premium to Sept. 1 close | 15.4% |
| Warrants per share | 4 |
| BTC capacity (projected) | up to 376 |
| Current holdings (reported) | 3,145 BTC |
| Target holdings (projected) | 3,521 BTC |
Capital B has used this ABSA structure repeatedly in 2025. Each share carries four warrants split across three tranches: two exercisable at €0.75 (Warrant 2026-06), one at €0.98 (Warrant 2026-07), and one at €1.27 (Warrant 2026-08), all with five-year maturities. Full exercise of every warrant attached to this transaction could return another €49.43M to the company, conditional on holders choosing to act.
Capital B can also open an accelerated exercise window if the 20-day volume-weighted average share price holds above 130% of a given exercise price for 20 consecutive trading days. Warrants left unexercised after that window expires become void.
Back's stake and the treasury pace
Back held 54.3 million Capital B shares, or 14.82% of ordinary share capital, before subscribing. Once the new shares are issued, his position rises to roughly 67.49 million shares: approximately 17.77% on an ordinary basis and 14.76% on a diluted basis. Full exercise of the warrants from this placement alone could push his ordinary stake to 27.80% and his diluted stake to 23.36%.
Capital B's aggregate acquisition cost for its 3,145 BTC reserve stands at €284.2M. Its most recent disclosed purchase was 5 BTC in August for €280,000, averaging €55,882 per coin.
This placement is separate from the €21M raise Capital B announced August 28, which targets an additional 270 BTC toward a 3,415-coin milestone. A May €15.2M placement before that funded a €13M purchase of 192 BTC. Three raises in roughly four months, each stair-stepping the treasury count.
Shareholders gave Capital B considerable room to operate: in June they approved authority for up to €5Bn in capital increases, with more than 95% of votes cast in favor.
The company's stated goal is to grow BTC held per fully diluted share over time, a metric that warrant-heavy structures complicate as each future exercise creates additional shares contingent on price performance.