Capital B Raises €7.6M from Adam Back to Expand Bitcoin Treasury

French Bitcoin (CRYPTO: $BTC) treasury firm Capital B ($ALCPB) has raised €7.6 million (worth around $8.8 million) from Blockstream CEO Adam Back as it looks to add more Bitcoin to its corporate reserves.

The company said that Back subscribed to 13.18 million shares at €0.58 each, a 15.4% premium to Capital B's September 1 closing price. Each share comes with four warrants, giving Back additional exposure to the company if its share price rises.

Two of the warrants can be exercised at €0.75 per share, while the other two carry exercise prices of €0.98 and €1.27. All four expire in five years.

If every warrant is exercised, Capital B would raise a further €49.4 million and issue 52.7 million additional shares. The company can also accelerate the exercise of a warrant tranche if its 20-day volume-weighted average price stays above 130% of the relevant exercise price for 20 consecutive trading days, according to the company's filing.

Capital B expects net proceeds of roughly €7.3 million after fees and transaction costs. The money, together with funds generated by its operations, could allow the company to acquire another 376 BTC, taking its potential holdings to 3,521 BTC from 3,145 BTC.