The real number to watch, though, may be much larger. Each share in the deal came attached with four subscription warrants at a fixed price of $0.78. If all of those warrants are exercised, Capital B could pull in an additional $116.5 million through the issuance of about 92 million new shares, according to board director of Bitcoin strategy Alexandre Laizet.
Adam Back’s involvement raised eyebrows. This is the second time in a week the cryptographer and Blockstream chief has backed Capital B. Just seven days earlier, Back participated in a separate $1.3 million raise from the same company.
The timing of the raise sets Capital B apart from much of the rest of the corporate Bitcoin sector. While other firms have been pulling back — selling holdings, cutting debt, or setting up hedging programs after months of soft market conditions — Capital B is still buying.
Shares Climb After AnnouncementCapital B shares climbed about 4.25% on Monday following the news, trading near 0.67 euros. The stock is still down around 10% for the year.
Capital B’s latest move signals that at least some European companies are still pressing forward with Bitcoin accumulation, even as conditions remain uncertain.
Featured image from FinanceFeeds, chart from TradingView
