Capital B, the Paris-listed Bitcoin Treasury Company formerly known as The Blockchain Group, has completed the purchase of 192 bitcoin 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 May 18, 2026, was funded through three capital raises 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 issuance subscribed by cypherpunk and Blockstream CEO Adam Back, and a €15.2 million private placement of shares with attached subscription warrants (ABSA) at €0.66 per unit, placed with a group of global institutional investors.
The 192 BTC 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 an aggregate 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 service provider, with custody handled via the Swiss firm Taurus.
Capital B’s bitcoin yield
Capital B tracks a proprietary performance metric called “BTC Yield” — a measure of bitcoin accumulation per fully diluted share — to assess the efficiency of its treasury strategy. Year-to-date, the company 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 private placement carried a warrant structure with three tranches, each with a five-year maturity. Warrant 2026-03 carries an exercise price of €0.86, Warrant 2026-04 at €1.12, and Warrant 2026-05 at €1.46 — each set at 130% of the prior tranche’s exercise price. 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.
The capital table following the transaction shows Adam Back holding 13.37% of ordinary shares and 10.00% on a diluted basis, while 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. On a total basis, the company has 300,265,812 shares outstanding, with a potential diluted count of 420,859,061.
Capital B trades on Euronext Growth Paris under the ticker ALCPB, with U.S. OTC trading under CPTLF. The company’s bitcoin treasury strategy centers on a single stated objective: growing the number of bitcoin held per fully diluted share over time.
Earlier today, Strategy said they purchased 24,869 BTC for about $2.01 billion last week, bringing its total holdings to 843,738 BTC at an average cost of roughly $75,700 per coin and reinforcing its position as the largest corporate bitcoin holder.
The buy marks a sharp acceleration in accumulation, funded in part through preferred equity and ATM offerings, as the company continues to prioritize bitcoin per-share growth while signaling it remains a net accumulator despite limited flexibility to sell if needed.
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