Capital B raises $1.3M from Adam Back for Bitcoin strategy
The Blockstream CEO subscribed to 10 million warrants as Capital B pushes ahead with its Bitcoin treasury strategy.
Capital B raised 1.1 million euros ($1.28 million) through a warrant issuance subscribed by Blockstream CEO Adam Back, extending the cryptographer’s backing of the French-listed Bitcoin treasury company.
Back subscribed to 10 million subscription warrants at $0.13 each, according to a Monday announcement from Capital B. Each warrant gives Back the right to buy one new share of future company stock at the exercise price of $0.98, corresponding to the company’s market net asset value (mNAV) of 1.1 per share, the company said.
The deal would increase Back’s exposure to Capital B, where he is already one of the company’s largest strategic investors. Back now holds over 39.5 million shares or 9.97% of Plan B’s shares on a fully diluted basis. Back is best known as the inventor of Hashcash, the proof-of-work system cited in the Bitcoin white paper.
