Capital B, the Paris-listed bitcoin treasury company formerly known as Blockchain Group, will merge all 10 of its existing shares into one new share effective September 8, according to a regulation published by the company on Monday.
The merger reduces the number of shares outstanding from 300,650,632 to 30,065,063. Each new share will have a par value of €0.80, up from €0.08 in the existing stock. The company classified the transaction as a “technical exchange only” which leaves the aggregate value of each shareholder’s shares unchanged, except for fractional rights management.
Capital B said the move aims to “support the company’s development and open the company’s shares to a wider range of investors.”
Many institutional funds operate under internal rules that prevent holding stocks below a set price, and some exchanges set minimum price limits for continued listing. A higher quoted price per share removes one barrier to such participation.
Capital B shares are trading near €0.48 on Euronext Growth Paris and are down about 40% since the start of the year, according to Google Finance data. If the company’s market value is equal, each consolidated share will open around €4.80.
Important dates for Capital B shareholders
The split period runs from August 6 to September 7. Shareholders with several shares divided by 10 will see their positions changed without taking any action.
Those with remaining shares can buy or sell the stock before the deadline to achieve a 10-fold increase. For investors who do not do so, financial intermediaries will sell shares tied to fractional rights and distribute the proceeds, payments will begin on September 14.
September 7 marks the last day of trading for existing shares. The merged shares begin trading the next day under the new ISIN, a code exchange used to identify the security. The company has set September 9 as the record date and September 10 for payment and delivery.
Capital B will also suspend the conversion of certain convertible bonds and the use of equity warrants from August 17 to September 10. After the split, the company will adjust the conversion rates and warrant ratios to reflect the reduced number of shares, multiplying the bond conversion rates by 10 while dividing the warrant ratios and unused free shares by 10.
The Treasury’s strategy remains neutral
Share rescheduling does not add bitcoin to the balance sheet or raise new capital by itself. It is changing the number and minimum number of shares through technology integration, a move the company has committed to its goal of reaching a broader investor base.
Income of Capital B bitcoins
Capital B holds 3,139 BTC, a figure that makes it the second largest bitcoin holder in Europe, according to BitcoinTreasuries.net. Germany’s Bitcoin Group SE sits ahead of it with 3,605 BTC, the data shows. Capital B, which describes itself as Europe’s first bitcoin treasury company, is building a large part of that position through fundraising rounds in the first half of 2026.
In May, it received 192 BTC for €13 million after completing three fundraisings.
The company has moved to expand its access to capital. In June, shareholders approved a capital increase of up to €5 billion and €100 billion in debt instruments, decisions that drew support of more than 95% of the votes cast. Those approvals give the board the power to fund future purchases.
Capital B measures progress with bitcoin held per fully diluted share rather than cash reserves alone, a common framework for treasury companies bitcoin a. The company also said it was developing a bitcoin-backed credit product for the European market, although it did not set a launch date.
