Adam Back can now convert his bonds into Capital B shares at any time — a flexibility he didn’t 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 Paris and recognized as the first Bitcoin Treasury Company in Europe, completed a €1.1 million raise through the issuance of 10 million share subscription warrants.
Back, CEO of Blockstream and one of Bitcoin’s earliest contributors, subscribed to all of them at €0.11 each. Each warrant entitles him to purchase one new share at an exercise price of €0.84 — a price tied to 130% of the company’s recent five-day volume-weighted average and linked to its Bitcoin-backed mNAV metric.
The mNAV figure connects share value directly to the Bitcoin Capital B holds on a fully diluted basis. It’s the company’s preferred yardstick — one it has consistently placed above traditional financial indicators.
Capital B announces a €1.1 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
Full Press Release (EN): https://t.co/al9rjT2cWl
Full… pic.twitter.com/Op7nnKYeNf
— Capital B (@_ALCPB) May 4, 2026
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.
Under a fully diluted scenario, Blockstream Capital Partners would hold 38.11% of Capital B’s 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.
Bond Terms Revised In Back’s Favor
Alongside the warrant issuance, Capital B restructured the terms of its OCA B-04 convertible bonds, which Back had previously subscribed to.
The conversion price was cut from €5.174 to €2.59 per share — 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.
Each converted bond now also comes with a two-year equity warrant, adding another layer of upside for the holder.
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.
Bitcoin Holdings Continue To Grow
The funding comes as Capital B pushes its Bitcoin accumulation strategy forward. In the final week of April, the company added to its reserves with a €0.4 million purchase, bringing total holdings to 2,943 BTC.
The company’s stated goal is to increase the amount of Bitcoin held per share over time on a fully diluted basis.
Featured image from MetaAI, chart from TradingView
