Adam Back invests another $8.8 million in Capital B as bitcoin treasury firm targets 3,521 BTC

French bitcoin treasury company Capital B announced on Wednesday that it raised €7.6 million ($8.8 million) from Adam Back in a private placement of shares issued at a 15.4% premium to the Sept. 1 closing price. 

The placement consists of 13.18 million shares issued at €0.58 ($0.67) each, with four warrants attached to every share. Two warrants are exercisable at €0.75 ($0.87), one at €0.98 ($1.13), and one at €1.27 ($1.47), with each maturing in five years, the company said in a statement. 

If all 52.7 million warrants are exercised, Capital B would receive an additional €49.4 million ($57 million) and issue the corresponding shares. The company can also trigger an accelerated exercise period if its 20-day volume-weighted average price exceeds 130% of the applicable warrant exercise price for 20 consecutive trading days, it said. 

The placement is expected to close Sept. 3 at the earliest, although Capital B said the completion could be delayed by a few days for technical reasons. The company expects net proceeds of about €7.3 million ($8.5 million) after fees and transaction expenses.

Bitcoin strategy 

According to the statement, the proceeds and ongoing operations could fund the acquisition of 376 additional BTC, taking its potential holdings to 3,521 BTC from 3,145 BTC. Capital B ranked 26th among 198 public companies tracked by Bitcoin Treasuries as of Sept. 2.