Capital B's Paris-listed shares fell 2.1% to 48.5 euro cents as crypto prices broadly declined, with bitcoin trading below $77,000, down nearly 1.8% in 24 hours. The Adam Back share deal forms part of a larger 21 million euro investment that also included strategic investor TOBAM, via issuance of 36,219,070 shares with four five-year warrants attached each. Full warrant exercise would add 144.9 million shares and raise 135.8 million euros, lifting gross proceeds to 156.8 million euros. Dilution is substantial: a pre-placement 1% holder would own 0.90% after, or 0.65% if warrants are exercised. A 10-to-1 share consolidation occurs Sept. 8.

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