Capital B, a Paris-listed Bitcoin treasury company, acquired 192 BTC for €13 million on May 18, 2026, expanding its total bitcoin holdings to 3,135 coins. The purchase, executed at an average price of €67,866 per coin, marks the latest capital deployment by one of Europe’s largest corporate bitcoin holders, which has now raised €17.15 million across three funding tranches since its rebranding from The Blockchain Group.
Three-Tranche Funding Structure Powers Accumulation
Capital B’s €17.15 million capital raise consisted of three distinct mechanisms: a €15.2 million private placement at €0.66 per unit targeting global institutional investors, a €0.85 million ATM agreement with TOBAM, and a €1.1 million warrant issuance. Adam Back, Blockstream CEO and prominent cypherpunk, holds 13.37% of ordinary shares and 10.00% of diluted equity. Blockstream Capital Partners controls 14.36% ordinary and 35.90% diluted ownership. The structure indicates institutional appetite for European-listed bitcoin accumulation vehicles, with Swissquote Bank Europe and Taurus providing execution and custody services respectively.
YTD Performance: 51.3 BTC Gain, €3.5M Euro Appreciation
Through May 18, 2026, Capital B recorded a year-to-date BTC Yield of 1.82%, accumulating 51.3 BTC in gains while generating €3.5 million in euro-denominated appreciation. The second quarter opening through mid-May generated 1.09% BTC Yield and 31.4 BTC in gains, contributing €2.1 million. Capital B’s aggregate acquisition value across all holdings now stands at €283.6 million, with an average cost basis of €90,451 per coin. The company tracks a proprietary BTC Yield metric measuring bitcoin accumulation per fully diluted share, a transparency mechanism distinguishing it from traditional treasury companies.
Dilution and Warrant Exercise Timeline Shapes Future Holdings
The funding structure introduces significant future dilution through warrant tranches. Three tranches of warrants carry exercise prices of €0.86, €1.12, and €1.46, with five-year maturity and 130% escalation per tranche. Potential warrant exercises could unlock €99.1 million in capital, expanding fully diluted shares from 300.3 million ordinary to 420.9 million. The timing and market conditions triggering warrant exercises remain undisclosed, creating uncertainty around the ultimate share count and per-share bitcoin accumulation metrics.
European Bitcoin Registry Expands as Regulatory Clarity Deepens
Capital B’s listing on Euronext Growth Paris (ticker: ALCPB) and concurrent U.S. OTC trading (CPTLF) positions the company at the intersection of European MiCA compliance and North American institutional access. The company’s scale—3,135 BTC at current valuations—establishes it as a material player in the emerging category of regulated corporate bitcoin treasuries. Maxim Group LLC and Marex S.A. managed the placement, signaling institutional distribution infrastructure maturing around these vehicles in traditional capital markets.
