French-listed Bitcoin treasury firm Capital B has raised €1.1 million ($1.28 million) through a warrant issuance backed by Adam Back, reinforcing investor confidence in its long-term Bitcoin accumulation strategy.
Adam Back deepens stake in Capital B
The funding round saw Back subscribe to 10 million warrants priced at $0.13 each. These warrants give him the option to acquire newly issued shares at an exercise price of $0.98, aligned with the company’s market net asset value (mNAV) of 1.1 per share.
With this move, Back strengthens his position as one of Capital B’s largest strategic investors. On a fully diluted basis, he now holds more than 39.5 million shares, representing roughly 9.97% ownership in the company. Known for creating Hashcash, a proof-of-work system referenced in the Bitcoin Whitepaper, Back’s continued backing signals strong conviction in Capital B’s Bitcoin-focused treasury model.
The latest capital injection also comes shortly after Back supported another European Bitcoin treasury firm, Connecting Excellence Group, which raised $794,000 in April. Additionally, Swedish health tech company H100 Group AB secured 21 million Swedish krona in a strategic funding round led by Adam Back.
Bitcoin treasury firms adjust strategies amid market pressure
Capital B said the fresh funds will help accelerate its Bitcoin accumulation efforts, a move that appears to have resonated with investors. The company’s stock climbed over 6.5% following the announcement, although it remains down more than 16% since the start of 2026.
Currently ranked the 25th-largest Bitcoin treasury company, Capital B holds 2,943 BTC valued at approximately $234 million, according to BitcoinTreasuries.net.
Meanwhile, other treasury firms are taking more cautious approaches in response to Bitcoin’s recent downturn. Nakamoto Holdings has introduced a derivatives strategy to generate income and hedge against volatility. The firm also disclosed selling 284 BTC earlier this year. Similarly, Genius Group liquidated its entire 84 BTC holdings in February to partially repay an $8.5 million debt.
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