A private placement priced at a 15.4% premium has pushed Adam Back's stake in Capital B even higher. The well-known bitcoin figure—Blockstream co-founder and a Bitcoin Core developer—has poured in €7.6 million (roughly $8.8 million), marking the second time in less than four months that he's injected capital into the French bitcoin treasury company.
According to a statement released by Capital B on Wednesday, the private placement issued 13.18 million shares at €0.58 (approximately $0.67) per share, a 15.4% premium over the September 1 closing price. Each share comes with four warrants, exercisable at €0.75, €0.98, and €1.27 (one warrant tied to €0.98, two tied to €0.75, and one tied to €1.27), all expiring in five years. If all 52.7 million warrants are exercised, Capital B stands to collect an additional €49.4 million (about $57 million) and issue corresponding shares. The company has also built in an accelerated exercise mechanism: if the 20-day volume-weighted average price exceeds 130% of the exercise price for 20 consecutive trading days, early exercise can be triggered.
The deal is expected to close as early as September 3, though the company noted it could be delayed by a few days for technical reasons. Net proceeds after fees are projected at roughly €7.3 million (about $8.5 million).
