In Capital B's placement, the coin count is the number that matters more than the euro figure. The company says the money Adam Back put in, plus ongoing operations, could fund about 376 additional bitcoin and lift its stack to 3,521 from the 3,145 reported in mid-August [11]; 376 coins at the roughly $76,990 bitcoin was trading at this week is about $28.9m of buying [1][1], so even flattering the euro by treating it as a dollar, the €7.6m Back subscribed [9] covers something like a quarter of the stated target [2]. The rest is in the warrant strip: four warrants on each of 13.18 million shares is 52.72 million warrant shares [10], and the €49.4m that full exercise would deliver [12] implies a strike near €0.94, about 62% above the €0.58 Back just paid [3]. That makes the purchase programme a derivative of Capital B's own share price. The share price, in turn, is a derivative of bitcoin.
Genius Group supplies the other half of the machine. Its $827m bitcoin allocation inside a $1.2bn five-year plan [15] is backed so far by a $12.5m preferred raise, about 1.5% of the target [16][7], with buying not due to restart until the fourth quarter of 2026 [15]. There is a restart to make because the company sold its remaining coins this year to clear $8.5m of debt, leaving zero on the balance sheet [16].
Remixpoint's own concentration is smaller than the filing sounds: the four tokens fetched about $5.5m [3] against roughly $115.3m of bitcoin retained [5], so it retired about 4.5% of its crypto book [4], and the ¥117.8m gain, around $737,000 [4], is 0.6% of the position it kept [5] even though it is 15.5% on the ¥761m the tokens were carried at [10]. The part I would watch is the lending: 14.92 BTC of fees between 24 February and 31 August [6] is roughly 1% of the stack over six months, under 2% annualised [6], and income of that shape means the concentrated asset spends part of its life in a counterparty's hands.
This is probably wrong, but the correlated forced-seller risk in this cohort looks thinner than the concentration does, because what is funding it is mostly equity. Back paid a 15.4% premium to the prior close and holds warrants rather than a claim on collateral [10]. Smarter Web's 35 coins are 1.3% of its 2,747-coin treasury [14][9]. Strive's roughly 1,800 coins in a week, about $138.6m at this week's price [17][8], sit against a $257.6m quarterly loss [17] that no lender appears to have called. For equity-funded buyers, the margin call is a lower share price and a smaller next raise. The thesis breaks the moment the announcements turn from premium placements into convertibles, secured facilities, or pledged coins, and Genius Group has already shown what that ends in [16]. On today's terms, a drawdown reaches these share prices long before it reaches a single coin.
