Capital B, a Bitcoin treasury company listed on Euronext Growth Paris, has completed a €1.1 million capital raise alongside changes to the terms of convertible bonds held by investor Adam Back, as part of its ongoing strategy to expand its Bitcoin holdings on a per-share basis.

The capital raise was executed through the issuance of 10 million share subscription warrants, all subscribed by Back at €0.11 per warrant. 

Each warrant provides the right to subscribe to one ordinary share, with a maturity date set for May 2029.

At the same time, the company adjusted the conversion price of its OCA B-04 convertible bonds held by Back, lowering it from €5.174 to €2.59 per share. 

The revised terms allow the bonds to be converted at any time at the holder’s discretion, removing a prior condition tied to the company’s share price.

As part of the amendment, each converted bond will now also grant one additional share subscription warrant with a two-year term. 

These changes were agreed upon following discussions between the company and Back, reflecting recent market conditions and movements in the company’s share price.

The convertible bonds, which were originally issued with a nominal value of approximately €5.05 million and subscribed in Bitcoin, carry no coupon and have a five-year maturity. 

If not converted, they may be repaid in Bitcoin, euros, or shares, depending on the bondholder’s choice.

Capital B stated that both the capital raise and the revised bond terms are intended to support its Bitcoin treasury strategy, which is focused on increasing the amount of Bitcoin held per fully diluted share over time.