{"id":89714,"date":"2026-05-05T04:01:36","date_gmt":"2026-05-05T04:01:36","guid":{"rendered":"https:\/\/dogewisperer.com\/?p=89714"},"modified":"2026-05-05T04:01:36","modified_gmt":"2026-05-05T04:01:36","slug":"bitcoin-advocate-adam-back-invests-e1-1-million-in-capital-b-details","status":"publish","type":"post","link":"https:\/\/dogewisperer.com\/?p=89714","title":{"rendered":"Bitcoin Advocate Adam Back Invests \u20ac1.1 Million In Capital B \u2013 Details"},"content":{"rendered":"
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Adam Back can now convert his bonds into Capital B shares at any time \u2014 a flexibility he didn\u2019t have before. That change, buried in the fine print of a broader capital raise announced Monday, may matter more than the funding itself.<\/p>\n

A Deeper Stake In A Bitcoin-First Company<\/h2>\n

Capital B<\/a>, listed on Euronext Growth Paris and recognized as the first Bitcoin Treasury Company in Europe, completed<\/a> a \u20ac1.1 million raise through the issuance of 10 million share subscription warrants.<\/p>\n

Back, CEO of Blockstream and one of Bitcoin\u2019s earliest contributors, subscribed to all of them at \u20ac0.11 each. Each warrant entitles him to purchase one new share at an exercise price of \u20ac0.84 \u2014 a price tied to 130% of the company\u2019s recent five-day volume-weighted average and linked to its Bitcoin-backed mNAV metric.<\/p>\n

\"\"<\/p>\n

The mNAV figure connects share value directly to the Bitcoin Capital B holds on a fully diluted basis. It\u2019s the company\u2019s preferred yardstick \u2014 one it has consistently placed above traditional financial indicators.<\/p>\n

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\"\ud83d\udfe0\" Capital B announces a \u20ac1.1 million capital raise with Adam Back, and an adjustment to the conversion price of the B-04 convertible bonds subscribed by Adam Back, to accelerate its Bitcoin Treasury Company strategy \"\u26a1\"<\/p>\n

Full Press Release (EN): https:\/\/t.co\/al9rjT2cWl<\/a><\/p>\n

Full\u2026 pic.twitter.com\/Op7nnKYeNf<\/a><\/p>\n

\u2014 Capital B (@_ALCPB) May 4, 2026<\/a><\/p>\n<\/blockquote>\n

Back is no stranger to the company. He has been among its most prominent backers for some time. But this deal deepens his position considerably.<\/p>\n

Under a fully diluted scenario, Blockstream Capital Partners<\/a> would hold 38.11% of Capital B\u2019s capital. Back personally would hold close to 10%. Public and institutional investors account for 40.21%, with management and strategic partners making up the rest.<\/p>\n

Bond Terms Revised In Back\u2019s Favor<\/h2>\n

Alongside the warrant issuance, Capital B restructured the terms of its OCA B-04 convertible bonds, which Back had previously subscribed to.<\/p>\n

The conversion price was cut from \u20ac5.174 to \u20ac2.59 per share \u2014 a reduction of roughly 50%. The revision also removed a share price condition that had previously limited when Back could act. He can now convert at any point before the bonds mature.<\/p>\n

<\/p>\n

Each converted bond now also comes with a two-year equity warrant, adding another layer of upside for the holder.<\/p>\n

Capital B said the changes reflect current market conditions and are designed to strengthen the incentive for conversion. Shares rose more than 6.5% following the announcement, though the stock remains down more than 16% since January.<\/p>\n

Bitcoin Holdings Continue To Grow<\/p>\n

The funding comes as Capital B pushes its Bitcoin<\/a> accumulation strategy forward. In the final week of April, the company added to its reserves with a \u20ac0.4 million purchase, bringing total holdings to 2,943 BTC.<\/p>\n

The company\u2019s stated goal is to increase the amount of Bitcoin held per share over time on a fully diluted basis.<\/p>\n

Featured image from MetaAI, chart from TradingView<\/em><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Adam Back can now convert his bonds into Capital B shares at any time \u2014 a flexibility he didn\u2019t have before. That change, buried in the fine print of a broader capital raise announced Monday, may matter more than the funding itself. A Deeper Stake In A Bitcoin-First Company Capital B, listed on Euronext Growth […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"iawp_total_views":0,"footnotes":""},"categories":[2],"tags":[3,4,5],"class_list":["post-89714","post","type-post","status-publish","format-standard","hentry","category-news","tag-crypto","tag-doge","tag-news"],"_links":{"self":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/89714","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=89714"}],"version-history":[{"count":0,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/89714\/revisions"}],"wp:attachment":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=89714"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=89714"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=89714"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}