Adam Back can now convert his bonds into Capital B shares at any time, a flexibility he didn’t have before. That change, hidden in the fine print of a broader capital increase announced Monday, may matter more than the financing itself.
Deeper involvement in a Bitcoin-first company
capital Bwhich is listed on Euronext Growth Paris and recognized as the first Bitcoin treasury company in Europe, finished raising 1.1 million euros through the issuance of 10 million warrants for the subscription of shares.
Back, CEO of Blockstream and an early Bitcoin contributor, subscribed to all of them at €0.11 each. Each warrant entitles you to purchase one new share at a strike price of €0.84, a price tied to 130% of the company’s recent five-day volume-weighted average and tied to its Bitcoin-backed mNAV metric.
Blockstream CEO Adam Back. Image: The Dallas Express/Yahoo Finance
The mNAV figure connects the share value directly to Bitcoin Capital B’s holdings on a fully diluted basis. It is the company’s preferred criterion, one that it has always placed above traditional financial indicators.
🟠 Capital B announces a capital increase of 1.1 million euros with Adam Back, and an adjustment of the conversion price of the B-04 convertible bonds subscribed by Adam Back, to accelerate its Bitcoin Treasury Company strategy ⚡️
Full press release (ES): 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 sponsors for some time. But this agreement considerably deepens its position.
In a totally diluted scenario, Blockstream Capital Partners would own 38.11% of the capital of Capital B. Back would personally maintain close to 10%. Public and institutional investors represent 40.21%, and the rest are management and strategic partners.
Revised bonus terms in favor of Back
In parallel with the issuance of the warrant, Capital B restructured the conditions of its OCA B-04 convertible bonds, which Back had previously subscribed to.
The conversion price was reduced from 5.174 euros to 2.59 euros per share, a reduction of approximately 50%. The revision also removed a condition from the share price that had previously limited when Back could act. You can now convert at any time before the bonuses expire.
BTCUSD trading at $78,723 on the 24-hour chart: TradingView
Each converted bond now also comes with a two-year equity guarantee, adding another layer of advantage for the holder.
Capital B said the changes reflect current market conditions and are designed to strengthen the incentive to convert. Shares rose more than 6.5% following the announcement, although they are still down more than 16% since January.
Bitcoin Holdings Continue to Grow
The financing occurs when Capital B boosts its bitcoin forward accumulation strategy. In the last week of April, the company increased its reserves with a purchase of 0.4 million euros, bringing total holdings to 2,943 BTC.
The company’s stated goal is to increase the amount of Bitcoin held per share over time in a fully diluted manner.
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