Key Takeaways:
Capital B raises €15.2 million via private placement on May 11, 2026, targeting 182 additional BTC for its treasury.Adam Back joins as a strategic investor, lifting his stake to 13.43% as Capital B eyes 15,000 BTC by the end of 2027.Full warrant exercise could generate €99.1 million more, giving Capital B fuel for continued bitcoin accumulation.Maxim Group LLC led the placement as lead agent, with Marex S.A. serving as co-manager. Closing is expected on or around May 13, 2026. The pricing was set at the five-day volume-weighted average price ahead of the deal, representing a 1.51% premium to Capital B’s closing share price on May 8, 2026.
Each unit carries four attached warrants exercisable over five years at escalating prices: two Warrant 2026-03 tranches at €0.86, one Warrant 2026-04 at €1.12, and one Warrant 2026-05 at €1.46. If all warrants are exercised, the company could raise an additional €99.1 million through 92,155,376 new shares.
The company can accelerate warrant exercise at its discretion if its 20-day VWAP exceeds 130% of the relevant exercise price for any tranche.
Back also subscribed to a separate €1.1 million warrant transaction in early May 2026, reflecting continued confidence in the company’s direction.
