Capital B Secures $1.3 Million From Adam Back for Bitcoin-Focused Strategy

Capital B has raised $1.28 million (roughly Rs. 12.16 crore) through a warrant issuance subscribed by Blockstream CEO Adam Back, further solidifying the cryptographer's support for the French-listed Bitcoin treasury company. Back further subscribed to 10 million subscription warrants at $0.13 (roughly Rs. 12.3) each, as per the announcement from Capital B. Back can buy one new share of future company stock at an exercise price of $0.98 (roughly Rs. 93) under each warrant, which is the company's market net asset value (mNAV) of 1.1 per share, the company said. 

Adam Back Expands Stake Through New Warrant Subscription

Back is already one of the largest strategic investors in Capital B, and now, with this deal, it would also increase Back's exposure to the company. Currently, he holds over 39.5 million shares, or 9.97 percent of Capital B's shares on a fully diluted basis. The move comes as some Bitcoin treasury companies continue to raise capital to pursue accumulation strategies, while others use derivatives or asset sales to reduce balance sheet risk during Bitcoin's downturn. 

In the past month, in Europe, only Capital B and the UK-based Connecting Excellence Group (XCE) were the only Bitcoin treasury companies to raise capital. XCE also saw a capital raise of $794,000 (roughly Rs. 7.5 crore) in April, which was also backed by Adam Back. 

In a post on X, Capital B stated that the new capital will be used to “accelerate” its Bitcoin treasury strategy, which was perceived as a positive signal from shareholders. After the announcement of this move, Capital B's stock price also rose by over 6.5 percent on Monday, but overall, it is still down by 16 percent since the beginning of 2026, according to data by Yahoo Finance.

While other Bitcoin treasury companies are reducing their balance sheet risk associated with Bitcoin's downturn, in April, a Nasdaq-listed Bitcoin treasury company, Nakamoto, announced an actively managed Bitcoin derivatives program that aims to generate recurring income from volatility and hedge part of its corporate BTC holdings against downside exposure, as per a press release. 

This development showcases how Bitcoin treasury firms are looking to explore various funding and risk management strategies with the changing market conditions. While some firms are paying more attention to accumulation, others are turning to derivatives and hedging tools to manage volatility.