Back holds over 39.5 million shares, representing 9.97% of the company on a fully diluted basis. Back is best
Crypto News
French-listed Bitcoin treasury company Capital B has raised 1.1 million euros ($1.28 million) through a warrant issuance subscribed by Blockstream CEO Adam Back, according to a Monday company announcement. The transaction deepens Back's existing position as one of Capital B's largest strategic investors.
Back subscribed to 10 million warrants priced at $0.13 each. Each warrant grants him the right to purchase one new share of future company stock at $0.98, corresponding to Capital B's market net asset value of 1.1 per share. Following the transaction, Back holds over 39.5 million shares, representing 9.97% of the company on a fully diluted basis. Back is best known as the inventor of Hashcash, the proof-of-work system referenced in the Bitcoin white paper.
Capital B said the proceeds will be used to accelerate its Bitcoin treasury strategy. Shareholders responded positively, with the company's stock climbing more than 6.5% on Monday, though it remains down over 16% year-to-date, according to Yahoo Finance.
The company currently holds 2,943 BTC, worth approximately $234 million, ranking it as the 25th-largest publicly listed Bitcoin treasury company by holdings, according to Bitcointreasuries(dot)net.
Back also subscribed to a separate raise last month. UK-listed Connecting Excellence Group raised $794,000 on April 23 in a transaction he similarly backed. Capital B and XCE were the only Bitcoin treasury companies to raise capital in Europe over the past month.
The fundraise comes as Bitcoin treasury companies take diverging approaches to balance sheet management. Nasdaq-listed Nakamoto launched an actively managed Bitcoin derivatives program in April to generate income from volatility and hedge against BTC downside, and disclosed selling 284 BTC, worth roughly $20 million at the time, in a March SEC filing.
Genius Group took a more direct step in February, liquidating its entire 84 BTC treasury for approximately $5.7 million to repay an $8.5 million debt obligation, per a separate SEC filing.
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