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Capital B taps Adam Back for €7.6M to add 376 BTC — while its existing stack sits underwater

Capital B raised €7.6 million ($8.8 million) from Blockstream's Adam Back to buy up to 376 bitcoin, a purchase that would lift its treasury to 3,521 BTC even as its existing holdings sit below cost.

September 2, 2026·3 min readSourced · no paid placements

Capital B (ALCPB), a bitcoin treasury company listed on Euronext Growth Paris, has raised €7.6 million ($8.8 million) from Blockstream CEO and longtime cypherpunk Adam Back to buy more bitcoin, according to CoinDesk, citing a company filing this week.

The mechanics: Capital B issued 13,181,030 shares to Back at €0.58 apiece, each carrying four five-year warrants. It plans to spend the proceeds on as many as 376 BTC, which would take its holdings to 3,521 BTC — about $269.5 million at prices when CoinDesk reported, with bitcoin trading below $77,000. Per Bitcoin Treasuries, cited by CoinDesk, that would rank Capital B second among Europe-listed public holders, behind Germany's Bitcoin Group SE (ADE) and its 3,605 BTC.

The Back tranche is one piece of a larger €21 million raise that also brought in strategic investor TOBAM via 36,219,070 new shares. The warrants matter: if all are exercised, Capital B would issue a further 144.9 million shares and collect €135.8 million, pushing potential gross proceeds to €156.8 million.

Key facts

  • €7.6M ($8.8M) raised from Adam Back; 13,181,030 shares at €0.58, four warrants each (CoinDesk, citing the filing).
  • Plan to buy up to 376 BTC, lifting the treasury to 3,521 BTC (~$269.5M) (CoinDesk).
  • Prior holdings: 3,145 BTC bought for €284.2M, avg €90,352/BTC — now worth ~€214M ($248M) (CoinDesk).
  • Part of a €21M raise including TOBAM (36,219,070 shares); full warrant exercise → +144.9M shares, €156.8M potential total (CoinDesk).
  • Shares traded €0.485 midday, down 2.1%; 10-for-1 share consolidation set for Sept. 8 (CoinDesk).

The real-world read Two things the announcement's framing glosses over. First, the existing treasury is underwater: Capital B paid an average of €90,352 per coin and CoinDesk puts the current value of that stack at €214M against a €284.2M cost — roughly €70M below water. Adding coins does not change that the company is buying into a position that has, so far, lost money.

Second, the dilution is steep and disclosed only in the fine print. CoinDesk notes a 1% holder drops to 0.90% after the placement and 0.65% if every warrant is exercised. The Back name is doing real promotional work here — he's a prominent, interested party buying into a vehicle whose whole pitch is holding bitcoin — but a marquee investor doesn't offset the arithmetic for existing shareholders. Note too that the "second-largest in Europe" ranking traces to Bitcoin Treasuries, a tracker, not an audited filing.

Opinion, and whose No forecasts were offered on the record. The implicit bull case — that a Back investment validates the strategy — is Capital B's framing, not an independent judgment.

Sources

  • CoinDesk (Aug. 29 / Sept. 2, 2026): the raise, share and warrant structure, holdings, dilution math, and the Europe ranking (via Bitcoin Treasuries). Reputable secondary reporting; not sponsored.

Not financial advice.