Home›Crypto›Market Structure›Adam Back invests $8.8 million in Capital B bitcoin tr…

Adam Back invests $8.8 million in Capital B bitcoin treasury firm

Capital B said the funding could support buying 376 additional BTC, bringing its potential holdings to 3,521 BTC.

Reported · Written up by our desk · Market Structure

Capital B, a French bitcoin treasury company, said it raised €7.6 million, or $8.8 million, from Adam Back through a private share placement at a 15.4% premium to the Sept. 1 closing price, The Block reported.

The placement will issue 13.18 million shares at €0.58, or $0.67, each, with four warrants attached per share. If all 52.7 million warrants are exercised, Capital B would receive an additional €49.4 million, or $57.0 million, and issue the corresponding shares, with warrants exercisable at multiple strike prices that mature in five years.

Capital B expects net proceeds of about €7.3 million, or $8.5 million, after fees and transaction expenses. The company said proceeds and ongoing operations could fund 376 additional BTC, increasing its potential holdings to 3,521 BTC from 3,145 BTC.

The Block also reported that Back’s stake will rise to 17.77% on an ordinary basis after the issuance, from 14.82% before the transaction, and could reach 27.8% if all warrants are exercised. Capital B said the deal is expected to close Sept. 3 at the earliest, with the possibility of a short delay for technical reasons.

Latest closeBitcoin $77,563.82 ▲0.2%

More like this

Sources