Capital B has raised approximately €2.2 million through a reserved capital increase fully subscribed by Blockstream CEO and Bitcoin pioneer Adam Back.
The operation, priced at €2.238 per share, was approved by the company’s board on August 15. The issue of one million new shares represents an 8.9% premium over the August 15 closing price and a 15% discount to the 20-day volume-weighted average. Proceeds from the increase could allow the acquisition of around 17 additional bitcoins, bringing Capital B’s potential total holdings to 2,218 BTC.
???? Capital B announces a capital increase for an amount of ~€2.2 million with Adam Back (@adam3us) to pursue its Bitcoin Treasury Company strategy⚡️
Full Press Release (EN): https://t.co/MxyE7lIq27
Full Press Release (FR): https://t.co/3iuqaHMf9s
BTC Strategy (EN):… pic.twitter.com/P3daccJUAJ
— Capital B (@_ALCPB) August 18, 2025
In parallel, Capital B confirmed the definitive conversion of 4.76 million OCA B-01 bonds held by Fulgur Ventures into 8.75 million new ordinary shares at €0.544 per share. This conversion, executed by debt offset, further strengthens the company’s balance sheet and shareholder structure.
Following these operations, Adam Back will hold more than 35 million shares, representing 20.5% of Capital B’s undiluted capital and over 11% on a fully diluted basis. Fulgur Ventures, with its conversion, will control close to 44% of diluted capital, positioning itself as the company’s largest shareholder.
The company emphasized that these steps are part of its ongoing strategy to maximize the number of bitcoins held per share over time, reinforcing its position as Europe’s leading listed Bitcoin Treasury Company.
Capital B’s shares trade on Euronext Growth Paris under the ticker ALCPB. The newly issued shares will be admitted to trading in the coming weeks. With Adam Back’s strategic investment and Fulgur Ventures’ conversion, Capital B is doubling down on its Bitcoin-focused treasury model at a time when institutional interest in digital assets continues to accelerate.
In a separate move, Capital B acquired an additional 58 BTC valued at approximately €5.9 million, bringing its total holdings to 2,013 BTC, now worth more than €183 million. This expansion was financed through two capital raises in July, including a €5 million subscription by Blockstream CEO Adam Back.
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