Capital B Boosts Bitcoin Treasury: 192 BTC Acquired, Total Holdings Reach 3,135

Capital B, the Paris-listed Bitcoin Treasury Company (formerly The Blockchain Group), has significantly expanded its bitcoin reserves by acquiring 192 BTC for €13.0 million, pushing its total holdings to 3,135 BTC—one of the largest bitcoin treasuries among European public companies. This acquisition, announced on May 18, 2026, was financed through three distinct capital raises totaling €17.15 million. Below, we explore the details of this strategic move, its funding structure, and the implications for the company's bitcoin yield and shareholder value.

What specific acquisition did Capital B complete and what are its total bitcoin holdings now?

Capital B completed the purchase of 192 bitcoin for €13.0 million. This brings the company's total bitcoin holdings to 3,135 BTC, making it one of the largest bitcoin reserves held by a European public company. The acquisition was executed through Swissquote Bank Europe SA, a Luxembourg-registered virtual asset service provider, with custody managed by the Swiss firm Taurus. According to a note shared with Bitcoin Magazine, the 192 BTC were purchased at an average cost of €67,866 per bitcoin. The company's overall bitcoin stack now has an aggregate acquisition value of €283.6 million, reflecting an average cost basis of €90,451 per coin. This strategic purchase underscores Capital B's commitment to its bitcoin treasury strategy, which focuses on growing the number of bitcoin held per fully diluted share over time.

Capital B Boosts Bitcoin Treasury: 192 BTC Acquired, Total Holdings Reach 3,135 — Source: bitcoinmagazine.com

How was the €13 million for the bitcoin acquisition funded?

The acquisition was funded through three capital raises that collectively generated €17.15 million. First, a €0.85 million placement was conducted under an "at-the-market" (ATM) agreement with TOBAM. Second, a €1.1 million warrant issuance was subscribed by cypherpunk and Blockstream CEO Adam Back. Third, a €15.2 million private placement of shares with attached subscription warrants (ABSA) was placed with a group of global institutional investors at €0.66 per unit. These raises provided the necessary capital to purchase the 192 BTC while also strengthening the company's financial position. The private placement included a three-tranche warrant structure with five-year maturities, offering potential additional capital if all warrants are exercised. The capital table post-transaction shows Adam Back holding 13.37% of ordinary shares (10.00% diluted), Blockstream Capital Partners with 14.36% ordinary and 35.90% diluted, and TOBAM with 4.52% ordinary.

What is Capital B's 'BTC Yield' metric and what does it currently show?

Capital B tracks a proprietary performance metric called "BTC Yield," which measures bitcoin accumulation per fully diluted share. This metric assesses the efficiency of the company's treasury strategy. Year-to-date, Capital B has recorded a BTC Yield of 1.82%, a BTC Gain of 51.3 BTC, and a BTC Euro Gain of €3.5 million. Since the start of the second quarter, those figures stand at 1.09%, 31.4 BTC, and €2.1 million. The BTC Yield metric is central to Capital B's strategy, as the company aims to increase the number of bitcoin held per fully diluted share over time. This approach provides shareholders with a clear view of how effectively the company is using capital to accumulate bitcoin, distinguishing pure accumulation from dilution effects.

What are the details of the warrant structure in the private placement?

The private placement involved a three-tranche warrant structure, each with a five-year maturity. The warrants are: Warrant 2026-03 with an exercise price of €0.86, Warrant 2026-04 at €1.12, and Warrant 2026-05 at €1.46. Each tranche's exercise price is set at 130% of the prior tranche's exercise price, creating a laddered incentive for conversion. If all warrants were exercised, the transaction would generate an additional €99.1 million in capital for the company. Maxim Group LLC served as lead placement agent, with Marex S.A. as co-manager. This structure allows Capital B to potentially raise more funds in the future without immediate dilution, while rewarding investors who commit early. The dilutive impact is reflected in the company's share count: 300,265,812 shares outstanding on a total basis, with a potential diluted count of 420,859,061.

Who are the key stakeholders after this transaction and what are their holdings?

Following the transaction, the key stakeholders include Adam Back, who holds 13.37% of ordinary shares and 10.00% on a diluted basis. Blockstream Capital Partners holds 14.36% on an ordinary basis but 35.90% on a diluted basis, reflecting its large warrant position. TOBAM holds 4.52% of ordinary shares. The company currently has 300,265,812 shares outstanding, with a potential diluted count of 420,859,061 if all warrants are exercised. This diluted count highlights the significant potential for future capital inflow from warrant exercises. Capital B trades on Euronext Growth Paris under the ticker ALCPB, with U.S. OTC trading under CPTLF. The presence of notable figures like Adam Back and institutional investors underscores confidence in Capital B's bitcoin treasury strategy.

What is Capital B's overarching bitcoin treasury strategy?

Capital B's bitcoin treasury strategy centers on a single stated objective: growing the number of bitcoin held per fully diluted share over time. This strategy aligns with the company's identity as a Bitcoin Treasury Company, previously known as The Blockchain Group. By accumulating bitcoin through capital raises and strategic purchases, Capital B aims to create long-term shareholder value linked to bitcoin's appreciation. The company uses metrics like BTC Yield to track performance and ensure that accumulation outpaces dilution. This approach mirrors strategies used by other corporate bitcoin holders, such as MicroStrategy, but with a European focus. The company's decision to acquire 192 BTC at an average cost of €67,866 reflects its commitment to this strategy, despite market fluctuations. By maintaining custody through Swissquote and Taurus, Capital B ensures secure storage and regulatory compliance.

What is the significance of this acquisition for European public companies and the bitcoin market?

This acquisition is significant because it cements Capital B's position as one of the largest bitcoin holders among European public companies, with 3,135 BTC. The move signals continued institutional interest in bitcoin as a treasury asset, even after previous market cycles. By funding the purchase through a mix of ATM placements, warrant issuances, and private placements, Capital B demonstrates innovative capital-raising methods tailored for bitcoin acquisition. The involvement of prominent figures like Adam Back and institutional investors adds credibility. For the broader bitcoin market, such large purchases by public companies contribute to reduced supply on exchanges and increased price stability. Moreover, Capital B's use of European custodians and trading platforms highlights the growing infrastructure for bitcoin in Europe. This acquisition may encourage other European firms to consider similar treasury strategies, potentially increasing bitcoin adoption among publicly traded companies in the region.

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