Capital B, the Paris-listed Bitcoin Treasure Company formerly known as The Blockchain Group, has completed the purchase of 192 Bitcoins for €13.0 million, bringing its total holdings to 3,135 BTC – one of the largest Bitcoin reserves held by a European public company.
The acquisition, announced on 18 May 2026, was financed through three capital raisings that together generated €17.15 million. The raises included a €0.85 million placement under an “at the market” (ATM) agreement with TOBAM, a €1.1 million warrant issue subscribed to by Adam Back, CEO of cypherpunk and Blockstream, and a €15.2 million private placement of shares with subscription warrants attached (ABSA) at a price of €0.66 per unit, placed with a group of global institutional investors.
192 bitcoins were purchased at an average cost of €67,866 per bitcoin, according to a note shared with Bitcoin Magazine. The company’s total Bitcoin stack now carries a total acquisition value of €283.6 million, reflecting an average cost basis of €90,451 per coin. The acquisition was executed through Swissquote Bank Europe SA, a Luxembourg-registered virtual asset services provider, with custody managed through Swiss company Taurus.
Capital B’s Bitcoin return
capital b Tracks A special performance metric called “BTC Yield” — a measure of Bitcoin accumulation per fully diluted share — evaluates the efficiency of its treasury strategy. Year-to-date, the company has recorded a BTC return of 1.82%, a BTC gain of 51.3 BTC, and a Euro BTC gain of €3.5 million. Since the beginning of the second quarter, these numbers amounted to 1.09%, 31.4 bitcoins and 2.1 million euros.
The private placement carries a security structure of three tranches, each with a maturity period of five years. The 2026-03 warrant carries an exercise price of €0.86, the 2026-04 warrant has a price of €1.12, and the 2026-05 warrant has a price of €1.46 – each capped at 130% of the exercise price of the previous tranche. If all warrants are exercised, the transaction will generate additional capital of €99.1 million for the company. Maxim Group LLC acted as lead recruitment agent, with Marex SA as co-manager.
The post-deal capital table shows that Adam Back owns 13.37% of the common stock and 10.00% on a diluted basis, while Blockstream Capital Partners owns 14.36% on a common basis but 35.90% on a diluted basis – reflecting its senior security position. TOBAM owns 4.52% of common stock. On an aggregate basis, the Company has 300,265,812 shares outstanding, with a potential dilutive number of 420,859,061.
capital b Deals On Euronext Growth Paris under the symbol ALCPB, with US OTC trading under CPTLF. The company’s Bitcoin treasury strategy focuses on one stated goal: increasing the number of Bitcoins held per fully diluted share over time.
Earlier today, strategy They said buy 24,869 BTC for about $2.01 billion last week, bringing its total holdings to 843,738 BTC at an average cost of about $75,700 per coin and cementing its position as the largest corporate bitcoin holder.
The purchase represents a sharp acceleration in accretion, partly funded by preferred stock offerings and ATMs, as the company continues to prioritize Bitcoin per share growth while signaling that it remains net accretive despite limited flexibility to sell if necessary.
