Capital B raises €7.6 million from Adam Back to target 376 more bitcoin

The warrants have exercise prices of €0.75, €0.98 and €1.27 across the package and mature in five years. If all 52.7 million warrants are exercised, Capital B would receive about €49.4 million before costs and issue additional shares. That is contingent upside, not committed cash.

The shares were issued at a 15.4% premium to the Sept. 1 close. The transaction is expected to close no earlier than Sept. 3, and the company warned technical reasons could delay completion.

The bitcoin target is conditional

Capital B said net proceeds of roughly €7.3 million, together with ongoing operations, could fund the acquisition of 376 BTC. That would take potential holdings from 3,145 BTC to 3,521 BTC if the plan is executed and prices remain within the assumptions used by management.

Back's ordinary stake is expected to rise to 17.77% after issuance from 14.82%, and could reach 27.8% if all warrants are exercised. That gives a prominent investor more influence while creating future dilution for other holders.

Investors should track closing, BTC purchased and share count. A treasury target is not the same as a completed acquisition, and bitcoin per share can rise or fall depending on issuance prices, operating costs, debt and token performance. The filing supports a financing plan, not a guaranteed return.

The warrant schedule creates a second decision point for investors. Future issuance could fund more bitcoin, but dilution and the price paid for each coin determine whether exposure improves on a per-share basis.

The company has not completed the purchases described in the target, and closing conditions can change the final amount raised.