Capital B has raised $1.28 million from Adam Back, with each warrant granting Back the right to purchase one new share of future company stock at an exercise price of $0.98, corresponding to the company's market net asset value (mNAV) of 1.1 per share.
The transaction deepens Back's existing stake in Capital B, where he is already counted among the company's largest strategic investors. He now holds over 39.5 million shares, representing 9.97% of Capital B's shares on a fully diluted basis.
Back is widely recognized as the inventor of Hashcash, the proof-of-work system cited in the Bitcoin white paper.
The fundraise arrives as Bitcoin treasury companies across the board adopt varying approaches to capital management. Some continue seeking fresh investment for accumulation strategies, while others are turning to derivatives or asset sales to manage balance sheet risk during Bitcoin's ongoing downturn.
Capital B and the United Kingdom-based Connecting Excellence Group (XCE) were the only Bitcoin treasury companies to raise capital in Europe over the past month. XCE's $794,000 capital raise on April 23 was also backed by Adam Back.
Capital B Shares Rise 6% Following Announcement
Capital B stated that the new capital will be used to "accelerate" its Bitcoin treasury strategy, a signal that shareholders interpreted positively. The company's stock price climbed more than 6.5% on Monday, though it remains down over 16% since the start of 2026.
Capital B (ALCB.PA) currently ranks as the 25th largest Bitcoin treasury company, holding 2,943 BTC worth approximately $234 million, according to data from Bitcointreasuries.net.
Other Bitcoin treasury companies are taking steps to reduce the balance sheet risk associated with Bitcoin's price decline. On April 24, Nasdaq-listed treasury company Nakamoto announced an actively managed Bitcoin derivatives program designed to generate recurring income from volatility and hedge a portion of its corporate BTC holdings against downside exposure. Nakamoto is the 20th-largest Bitcoin treasury firm and the largest to have disclosed selling part of its holdings earlier this year, announcing the sale of 284 Bitcoin — worth approximately $20 million at the time — in a March 30 filing with the US Securities and Exchange Commission.
A month earlier, in February, Bitcoin treasury company Genius Group said it liquidated its entire treasury holdings of 84 BTC for approximately $5.7 million, proceeds it used to repay an $8.5 million debt obligation, according to an SEC filing.
Why it matters
Following the transaction, Adam Back holds over 39.5 million shares — 9.97% of Capital B on a fully diluted basis — making him one of the company's largest strategic investors.
Both Bitcoin treasury capital raises in Europe over the past month — Capital B's $1.28 million and XCE's $794,000 — were backed by the same single investor, Adam Back.
Capital B ranks 25th among Bitcoin treasury companies globally, holding 2,943 BTC currently valued at approximately $234 million, placing the new raise in the context of an already substantial BTC position.
