Adam Back's Strategic Play: Capital B Secures €2.2 Million Injection to Expand Bitcoin Reserves

Capital B, the European Bitcoin Treasury Company trading on Euronext Growth Paris, just locked in a major funding milestone. The firm announced a €2.2 million (approximately $2.57 million) capital raise, with Adam Back—Blockstream founder and legendary cryptographer—putting his money where his mouth is by fully subscribing to the round.

The timing couldn’t be more interesting. With Bitcoin currently trading around $88.24K, this injection is poised to add roughly 17 more BTC to Capital B’s vaults, pushing total holdings toward the 2,218 BTC mark. That’s not small potatoes for a treasury company looking to maximize bitcoin per share in a fully diluted scenario.

Behind the scenes, there’s also been movement on the tokenomics front. Capital B finalized the conversion of 4,760,000 OCA B-01 tokens (yes, the OCA meme is real on the cap table) into 8,750,000 ordinary shares through Fulgur Ventures. This restructuring is designed to strengthen the company’s shareholder position while supporting the broader strategy of accumulating Bitcoin at scale.

What’s noteworthy here is the pattern. Adam Back has recently emerged as a key backer for European Bitcoin Treasury Companies—H100, BSTR, and now Capital B all bear his fingerprints. These aren’t casual investments; they represent a coordinated push to channel capital into Bitcoin accumulation strategies across multiple vehicles. It’s a fascinating shift in how Bitcoin wealth is being consolidated and managed at the institutional level.

For Capital B specifically, every euro deployed now is betting on Bitcoin’s continued relevance as corporate treasury. At current prices, that’s already paying dividends.