CAPITAL B RAISES €21 MILLION TO BUY MORE BITCOIN — ADAM BACK AND A PARIS FUND DOUBLE DOWN AGAIN, ABOVE MARKET PRICE — STRATEGY’S PLAYBOOK NOW RUNS IN EUROPE
Insiders who see the company’s books every quarter paid more than the open market wanted to pay. That is not marketing. That is conviction.
KEY RECEIPTS
Capital B (Euronext Growth Paris: ALCPB) closed a €21M (~$24M) private placement Aug 28, 2026.
Buyers: Adam Back (Blockstream CEO) and TOBAM (Paris asset manager) — both repeat investors from the company's May 2026 raise.
Net proceeds ~€19.9M target roughly 270 more BTC, taking the stack from 3,145 toward ~3,415 bitcoin.
36,219,070 shares sold at €0.58 each. Each share carries 4 warrants (5-year terms, struck at €0.75 x2, €0.98, €1.27) that could add ~€135.8M more if fully exercised.
Stock traded at roughly 0.60x BTC NAV at time of raise, per Bitcoin Treasuries trackers — a discount to the value of its own bitcoin holdings.
Closing expected from Aug 31. A 1-for-10 reverse stock split is scheduled for Sept 8, 2026.
Sources: Capital B official press release; Euronext Growth Paris issuer page.
Buyers: Adam Back (Blockstream CEO) and TOBAM (Paris asset manager) — both repeat investors from the company's May 2026 raise.
Net proceeds ~€19.9M target roughly 270 more BTC, taking the stack from 3,145 toward ~3,415 bitcoin.
36,219,070 shares sold at €0.58 each. Each share carries 4 warrants (5-year terms, struck at €0.75 x2, €0.98, €1.27) that could add ~€135.8M more if fully exercised.
Stock traded at roughly 0.60x BTC NAV at time of raise, per Bitcoin Treasuries trackers — a discount to the value of its own bitcoin holdings.
Closing expected from Aug 31. A 1-for-10 reverse stock split is scheduled for Sept 8, 2026.
Sources: Capital B official press release; Euronext Growth Paris issuer page.
Capital B is Europe’s answer to Strategy — a public company on the Paris exchange that raises money and buys bitcoin with it. On August 28, it closed a €21 million private placement, and the buyers weren’t new faces. Adam Back, the Blockstream CEO whose early research helped lay the technical groundwork Bitcoin was built on, and TOBAM, a Paris asset manager known for spreading bets across many assets, both wrote checks again. Same investors as May. Net proceeds of about €19.9 million are earmarked for roughly 270 more coins, taking the company’s stack from 3,145 toward 3,415 bitcoin.
The €21 million isn’t the interesting part. What comes with it is. Every share sold carries four warrants that can be cashed in over five years at set prices, and if all of them get exercised, Capital B could pull in another €135 million later. That only happens if the stock price climbs to meet those trigger points. This raise is a down payment on a much bigger one, if bitcoin and the stock cooperate.
Here’s the part that shows real conviction instead of marketing. Capital B’s stock was trading below the value of the bitcoin it already holds — roughly 60 cents on the dollar of its own treasury. Yet Back and TOBAM bought new shares at a price above where the stock traded that morning. People who see the company’s books every quarter paid more than the open market wanted to pay. Buying above the ticker while the company sits at a discount to its own bitcoin isn’t hype. It’s people who know the numbers deciding the discount is temporary.
None of that guarantees anything. Capital B still has to actually buy the bitcoin, and a treasury company raising cash to sit on cash instead of coins would break the whole story fast. Watch whether Back and TOBAM keep adding in future filings, or start trimming. Metaplanet runs this play in Asia and on Nasdaq. Strategy built it in the US. Capital B is running the same playbook on a European exchange, one raise at a time. The stock is not the coin. But the people closest to Capital B’s books just bought more of both.
Owning the stock is not owning the coin. The coin has no bills.
The cap is still twenty-one million.
The cap is still twenty-one million.
TFTC Newsdesk · Capital B official press release (primary) · Euronext Growth Paris issuer page · Fri Aug 28 2026 · 4:06 PM ET