Adam Back invests $8.8M in Capital B, targeting 3,521 BTC
In brief
- Adam Back invested $8.8 million in Capital B via private placement at €0.58 per share
- Capital B's potential bitcoin holdings could reach 3,521 BTC with proceeds and operations
- Back's ownership stake rises to 17.77%, potentially reaching 27.8% if warrants are exercised
- Placement expected to close Sept. 3 at earliest
- Capital B ranked 26th among 198 public companies tracked by Bitcoin Treasuries
Back's Ownership Increases
Adam Back's stake in Capital B will rise to 17.77% on an ordinary basis following the issuance, up from 14.82% before the transaction. If all warrants attached to the shares are exercised, his stake could reach 27.8% on an ordinary basis.
The warrant structure creates substantial upside for the firm. If all 52.7 million warrants are exercised, Capital B would receive an additional €49.4 million ($57 million) in proceeds. The company expects net proceeds of about €7.3 million ($8.5 million) after fees and transaction expenses from this round.
Bitcoin Acquisition and Market Standing
The proceeds and ongoing operations could fund the acquisition of 376 additional BTC, taking Capital B's potential holdings to 3,521 BTC from 3,145 BTC. Capital B ranked 26th among 198 public companies tracked by Bitcoin Treasuries as of Sept. 2.
This investment follows a larger capital raise earlier this year. Capital B raised €15.2 million ($18 million) in May, which included participation from Adam Back and asset manager TOBAM. The shares were issued at a 15.4% premium to the Sept. 1 closing price.
The placement is expected to close Sept. 3 at the earliest, pending regulatory approval and customary closing conditions.
