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 CompanyBack, 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 
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.
Bond Terms Revised In Back’s FavorAlongside 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 GrowThe 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
