Capital B, the Paris-listed Bitcoin Treasury Company formerly known as Blockchain Group, has completed the purchase of 192 bitcoins for €13.0 million, bringing its total value to 3,135 BTC – one of the largest bitcoin reserves held by a European public company.
The acquisition, announced on May 18, 2026, was financed by three funds raised together amounting to 17.15 million euros. The raising includes the placement of shares of €0.85 million under the “market” agreement (ATM) with TOBAM, the issuance of 1.1 million warrants registered by cypherpunk and CEO of Blockstream Adam Back, and the private placement of 15.2 million euros of shares with attached subscription warrants (ABSA) at €0.66 a group of investors per land unit,
192 BTC were bought at an average price of 67,866 euros per bitcoin, according to the note shared with it. Bitcoin Magazine. The company’s total bitcoin stack now has a combined acquisition value of €283.6 million, reflecting an average cost base of €90,451 per coin. The acquisition was made through Swissquote Bank Europe SA, a virtual asset service provider registered in Luxembourg, and custody is handled through the Swiss company Taurus.
Capital B yields bitcoin
Capital B tracks a proprietary performance metric called “BTC Yield” – a measure of bitcoin accumulation per fully diluted share – to assess the effectiveness of its treasury strategy. To date, the company has recorded a BTC Yield of 1.82%, a BTC Profit 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 three-tier warrant structure, each with a five-year maturity. Warrant 2026-03 has 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 previous exercise price. If all warrants are exercised, the transaction would generate an additional $99.1 million in cash for the company. Maxim Group LLC acted as lead placement agent, with Marex SA as co-manager.
A financial table following the transaction shows Adam Back holding 13.37% of common stock and 10.00% on a diluted basis, while Blockstream Capital Partners holds 14.36% of common stock but 35.90% on a diluted basis – reflecting its large warrant position. TOBAM has 4.52% common shares. In total, the company has 300,265,812 shares outstanding, with a potential diluted value of 420,859,061.
Capital B trades on Euronext Growth Paris under the ticker ALCPB, and US OTC trades under the ticker CPTLF. The company’s bitcoin treasury strategy focuses on one stated goal: to increase the amount of bitcoin held per fully diluted share over time.
Earlier today, Strategy said they bought 24,869 BTC worth about $2.01 billion last week, bringing their total holdings to 843,738 BTC at an average price of $75,700 per coin and solidifying its position as the company’s largest bitcoin manager.
The purchase reflects a sharp acceleration in accumulation, partially funded by preferred equity and ATM offerings, as the company continues to prioritize bitcoin per share growth while signaling that it remains a net accumulator despite limited sales flexibility when needed.
