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.
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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.
Meanwhile, Back's stake will rise to 17.77% on an ordinary basis following the issuance, from 14.82% before the transaction. His stake could reach 27.8% on an ordinary basis if all warrants issued in the placement are exercised.
The deal follows a €15.2 million ($18 million) Capital B raise announced in May, which included participation from Back and asset manager TOBAM. At the time, the company said the proceeds and ongoing operations could support the acquisition of 182 BTC, taking its holdings to 3,125 BTC.
Capital B also said in June that it was exploring a digital credit instrument for the European market modeled on Strategy's STRC and Strive's SATA.
Bitcoin was trading near $77,000 on Wednesday, after moving between $76,800 and $81,600 over the previous week, The Block's BTC price page shows.
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