Capital B grows Europe's first Bitcoin treasury to 3,140 BTC

Capital B grew its Bitcoin treasury to 3,140 BTC in one year, completing a €0.05 million capital increase that funded the purchase of one additional coin.

The accumulation strategy mirrors the playbook popularized by Michael Saylor at MicroStrategy, now Strategy: hold Bitcoin as the primary treasury asset, raise capital through equity financing, and let the share price track BTC as a leveraged proxy, according to Crypto Briefing.

The latest acquisition came through an ATM program with TOBAM, which issued 101,636 shares at an average price of €0.52 — a 13 percent premium to the prior closing price. Swissquote Bank Europe SA executed the purchase, with custody via Taurus technology. Blockstream Capital Partners separately converted 14.2 million B-01 convertible bonds into 28.7 million shares at a reduced conversion price of €0.495, down from €0.544.

Capital B's trading volume doubled within two hours of its Cboe Europe listing on August 5, surpassing activity on its primary Euronext Growth Paris venue. The company targets accumulating 1 percent of Bitcoin's total supply — roughly 210,000 BTC — a goal that would require repeated equity raises, each carrying dilution risk for existing shareholders.

Cboe listing unlocks institutional demand

The Cboe Europe listing, which went live August 5, was a deliberate move to deepen liquidity for European institutional investors. Cboe Europe is the largest pan-European stock exchange by market share and notional value traded. Within 120 minutes of launch, volume on the new venue had doubled and was already exceeding the company's home listing on Euronext Growth Paris, where it trades under ticker ALCPB.

The 210,000 BTC target and dilution math

Capital B has publicly stated its goal of accumulating 1 percent of Bitcoin's total supply. Given Bitcoin's 21 million coin hard cap, that translates to 210,000 BTC. Current holdings of roughly 3,000 BTC represent a small fraction of that target. The €15.2 million private placement from May 2026 illustrates the tension: every share issued to buy Bitcoin dilutes existing holders unless BTC appreciates enough to offset the dilution on a per-share basis.

The convertible bond conversion adds another layer. Blockstream's conversion of 14.2 million B-01 bonds followed the adjustment of the conversion price from €0.544 to €0.495, in accordance with Article L. 228-99 of the French Commercial Code, which protects holders' interests after the expiration of subscription warrants BSA 2025-01. Following this conversion, all B-01 bonds have been converted, and Blockstream now holds only the 55,279,428 B-02 convertible bonds.

Capital B's milestone carries implications beyond the company itself. As Europe's first dedicated Bitcoin treasury company, its success could encourage other European corporations to consider similar strategies, potentially driving additional institutional demand for BTC. The stock, trading at €0.48 with a 2.81 percent gain on the day, now functions as a leveraged proxy for Bitcoin exposure for European investors who may not have direct access to US-listed treasury companies.

For now, the market is voting with its order flow. Capital B wanted more liquidity and broader institutional access. Within two hours of the Cboe Europe listing, it got both.

This article is for informational purposes only and does not constitute investment advice.