Bitcoin: Adam Back pours another €7.6 million into Capital B

Betting on bitcoin to fill a company’s treasury? Ten years ago, the idea would have raised smiles — today, it attracts prominent figures. Listed companies, in Europe and elsewhere, are all looking for the best way to stack cryptocurrencies on their balance sheets. Capital B has just provided new evidence of this, with the support of a name that carries weight in bitcoin history.

Adam Back doubles down with $8.8 million injection in Capital B

On September 2, 2026, Capital B announced it raised 7.6 million euros from Adam Back — as part of a private placement, discreetly. The CEO of Blockstream is no newbie in this field; his name even appears in the references of Satoshi Nakamoto’s original white paper. He had already invested 15.2 million euros in May.

This time, the operation is based on 13.18 million shares issued at 0.58 euro each (a 15.4% premium over the previous day’s price), each accompanied by four subscription warrants exercisable over five years at 0.75, 0.98, and 1.27 euros. The stated goal: to buy 376 more bitcoins, to raise potential reserves to 3,521 BTC — just behind German company Bitcoin Group SE and its 3,605 BTC, according to Bitcoin Treasuries. 

If all the warrants are eventually exercised, Adam Back’s share in the capital will rise from 14.82% to 27.8%. A conviction that is not expressed halfway.

Dilution: the fine print that could leave shareholders with a bitter taste

The operation looks good on paper; it creaks much more in detail. Each issued share carries four warrants behind it, which represents 52.7 million potential subscription warrants over time. If all were exercised, the additional capital increase would reach 49.4 million euros — a figure that makes any minority shareholder dizzy.

Practically, someone who held 1% of the capital before the operation would keep only 0.65% if fully exercised. A loss of 35% of their relative weight, nonetheless. 

Capital B accepts this choice, presented as the price to pay for a crypto accumulation strategy designed for the long term. The company’s official statement does not hide it: 

The raised funds will primarily serve to strengthen Capital B’s balance sheet through the accumulation of bitcoin as a long-term reserve asset. This capital increase constitutes a key step in the Bitcoin Treasury Company’s strategy, focused on increasing the number of bitcoins per share on a fully diluted basis. 

One detail remains painful: the 3,145 BTC already in the portfolio cost an average of 90,352 euros each, well above current prices.

Can Capital B really become Europe’s answer to Strategy?

The parallel with Strategy, Michael Saylor’s American giant, comes quickly to mind; both companies play the same tune, issue to accumulate. Except Paris is not New York. The Paris market severely lacks the depth and liquidity offered by Nasdaq, and that changes everything, or almost everything.

The looming dilution could scare the most cautious shareholders, in a macroeconomic context already tense between possibly rising rates and a dollar ready to strengthen. Capital B’s own statement does not hide the risks, in wording that almost seems like a warning: “The Company reminds that risk factors related to its activity are detailed in its 2025 annual financial report. The realization of all or part of these risks could negatively affect its operations, financial situation, results, development or prospects“.. 

Subtle, almost legal language — but it says everything to those who know how to read between the lines of this still young crypto sector.

What to remember about Capital B and Adam Back

• What is the current price of bitcoin? 77,131 dollars, slightly down over the day.
• How much has Adam Back invested in Capital B? 7.6 million euros, about 8.8 million dollars.
• How many BTC does Capital B target? The company hopes to reach 3,521 BTC, up from 3,145 currently.
• What is the main risk for shareholders? Massive dilution reaching 35% if all warrants are exercised.
• Who is Adam Back? A Bitcoin pioneer, cited in Satoshi Nakamoto’s white paper, and CEO of Blockstream.

Crypto treasury companies face threats beyond mere price volatility. The MSCI rule, which Michael Saylor fiercely contests, might exclude them from major global stock indices — a severe blow to access to institutional capital. A new front quietly opens for these bets on bitcoin’s future.