Key highlights:
- Adam Back is investing another $8.8 million in Capital B amid plans by the French firm to increase its Bitcoin holdings
- Armed with Back’s investment, Capital B can increase its total holdings to 3,521
- Back’s latest Capital B bet comes as Bitcoin treasury stocks lose billions in market value
Prominent cryptographer and Bitcoin industry entrepreneur Adam Back is putting another €7.6 million ($8.8 million) into Capital B as the French Bitcoin treasury company moves to expand its holdings by up to 376 BTC. The latest investment could push Capital B’s Bitcoin stash from 3,145 BTC to 3,521 BTC, reinforcing Back’s growing commitment to the company’s aggressive accumulation strategy.
Back adds another $8.8 million to Capital B
Capital B announced Wednesday that Back subscribed to 13.18 million shares at €0.58 each through a private placement. The shares come with four warrants apiece, giving Back additional exposure to the company if its stock performs well.
The subscription price represented a 15.4% premium to Capital B’s September 1 closing price, making the investment notable as Back could have waited for a cheaper entry. Capital B expects to receive around €7.3 million after fees and transaction costs.
Per the announcement, the deal also increases Back’s ownership. His stake is expected to reach 17.77% of Capital B’s ordinary shares after the new shares are issued, up from his existing position.
Capital B noted that the fresh funds, together with cash generated through its ongoing operations, can finance the acquisition of 376 additional BTC. Presently, Capital B holds 3,521 BTC on its balance sheet, costing the France-based firm €284.2 million in 31 separate purchases.
Source: BitcoinTreasuries.net
If Capital B follows through with the planned purchases, it would put Capital B among Europe’s largest publicly listed Bitcoin treasury companies. The acquisition will place it behind Bitcoin Group SE, which holds 3,605 BTC, according to data from BitcoinTreasuries.net.
Bitcoin treasury firms are bleeding out
Adam Back’s investment in Capital B comes amid cooling investor optimism in Bitcoin treasury companies. According to a report by the Financial Times, Bitcoin treasury companies had lost over $80 billion in combined market value since the middle of 2025.
A bird’s-eye view of the ecosystem indicates that 43 of the 50 largest Bitcoin-holding companies were trading below the levels at which they adopted their Bitcoin Strategies. Out of the group, 35 Bitcoin treasuries are down by over 50% in the same window.
Things reached a grim climax after Michael Saylor’s Strategy began selling off its BTC holdings to fulfill shareholder obligations. Meanwhile, Strategy’s MSTR is down by 20% since the start of 2026, while its STRC stock has fallen from its fixed par value of $100.
Despite the grim streak shown by Bitcoin treasury companies, Adam Back is rippling with enthusiasm for higher BTC prices. After a price spurt at the tail end of September, chatter around a Bitcoin bull market has increased, but fears of “Red September” linger on the horizon.
