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Capital B, the Bitcoin Treasury Company listed in Paris and previously known as The Blockchain Group, has successfully purchased 192 bitcoin for €13.0 million, elevating its total holdings to 3,135 BTC — establishing it as one of the most substantial bitcoin reserves held by any publicly traded European firm.
The acquisition, revealed on May 18, 2026, was financed through three distinct capital infusions that collectively yielded €17.15 million. These fundraising rounds comprised a €0.85 million placement executed under an “at-the-market” (ATM) arrangement with TOBAM, the issuance of €1.1 million in warrants subscribed by Adam Back, the cypherpunk and CEO of Blockstream, and a €15.2 million private placement of shares accompanied by subscription warrants (ABSA) at a price of €0.66 per unit, which was placed with a consortium of international institutional investors.
The 192 BTC were procured at an average expenditure of €67,866 per bitcoin, as detailed in a communication provided to Bitcoin Magazine. The company’s cumulative bitcoin portfolio now represents an aggregate acquisition value of €283.6 million, reflecting a mean cost basis of €90,451 per coin. The transaction was facilitated by Swissquote Bank Europe SA, a virtual asset service provider registered in Luxembourg, with custody services managed by the Swiss entity Taurus.
Capital B’s bitcoin yield
Capital B monitors a unique performance indicator termed “BTC Yield” — a metric gauging bitcoin accumulation relative to fully diluted shares — as a means to evaluate the effectiveness of its treasury management. As of the year-to-date, the firm has registered a BTC Yield of 1.82%, a BTC Gain amounting to 51.3 BTC, and a BTC Euro Gain of €3.5 million. Commencing from the start of the second quarter, these figures stand at 1.09%, 31.4 BTC, and €2.1 million, respectively.
The private placement featured a warrant structure divided into three tiers, each possessing a five-year expiration term. Warrant 2026-03 has an exercise price of €0.86, Warrant 2026-04 is set at €1.12, and Warrant 2026-05 is pegged at €1.46 — with each price point established at 130% of the preceding tranche’s exercise price. Should all warrants be exercised, the transaction could generate an additional €99.1 million in capital for the company. Maxim Group LLC functioned as the lead placement agent, with Marex S.A. serving as co-manager.
Following the transaction, the updated capital structure indicates that Adam Back holds 13.37% of ordinary shares and 10.00% on a diluted basis. Blockstream Capital Partners possesses 14.36% on an ordinary basis but commands 35.90% on a diluted basis, attributed to its significant warrant holdings. TOBAM holds 4.52% of the ordinary shares. In total, the company has 300,265,812 shares outstanding, with a potential diluted count reaching 420,859,061.
Capital B is traded on Euronext Growth Paris under the ticker ALCPB and on the U.S. OTC market as CPTLF. The company’s strategy concerning its bitcoin treasury is underpinned by a singular, articulated objective: to progressively increase the quantity of bitcoin held per fully diluted share over time.
Earlier today, Strategy announced that it acquired 24,869 BTC for approximately $2.01 billion last week, thereby boosting its total holdings to 843,738 BTC at an average cost of around $75,700 per coin. This move solidifies its status as the corporation with the largest bitcoin holdings globally.
This latest purchase signifies a rapid escalation in accumulation efforts, partly financed through preferred equity and ATM offerings. The company continues to prioritize enhancing its bitcoin per-share value while indicating its sustained commitment to being a net accumulator, notwithstanding potential constraints on its ability to divest if necessary.
Source: : bitcoinmagazine.com