Capital B, a French Bitcoin treasury firm, has raised €1.1 million ($1.28 million) through a warrant issuance fully backed by Blockstream CEO Adam Back. This strategic investment deepens Back’s involvement with the company, as he subscribed to 10 million warrants at €0.11 each. Each warrant allows the purchase of one new share at €0.84, a price that matches the firm’s net asset value per share.
With this move, Back’s stake in Capital B has increased to 9.97% on a fully diluted basis, exceeding 39.5 million shares. Back, best known for inventing Hashcash—a proof-of-work system referenced in Bitcoin’s whitepaper—continues to expand his influence in the Bitcoin treasury space.
The proceeds from the warrant issuance are earmarked for accelerating Capital B’s Bitcoin accumulation strategy. The company’s stock responded positively, rising over 6.5% on the day of the announcement, though it remains down 16% since the start of 2026.
According to Bitcointreasuries.net, Capital B now holds 2,943 BTC, valued at approximately $234 million, making it the 25th-largest corporate Bitcoin holder globally. The firm is one of only two European Bitcoin treasury companies to raise capital in the past month, alongside the UK-based Connecting Excellence Group, which also received Back’s support.
In contrast, other firms have adopted cautious strategies. Nasdaq-listed Nakamoto launched an actively managed derivatives program to hedge downside risk on its Bitcoin holdings, while Genius Group liquidated its entire Bitcoin treasury in February to repay debt. These divergent approaches highlight the varying strategies among corporate Bitcoin holders.