Lead

Capital B, formerly The blockchain Group, completed a €13 million purchase of 192 bitcoin on May 18, 2026, raising its total holdings to 3,135 BTC. The acquisition was financed through a €17.15 million capital raise that combined an ATM placement, a warrant issuance and a private placement of shares with attached subscription warrants.

Background

Capital B is a Paris‑listed Bitcoin treasury company that tracks a proprietary metric called “BTC Yield,” which measures bitcoin accumulation per fully diluted share. The firm’s strategy is to grow the number of bitcoin held per share over time, and it has repeatedly raised capital to accelerate that accumulation. The company trades on Euronext Growth Paris under the ticker ALCPB and has U.S. OTC trading under CPTLF.

What Happened

The 192 BTC were purchased at an average cost of €67,866 per coin, according to a note shared with Bitcoin Magazine. The acquisition was executed through Swissquote Bank Europe SA, a Luxembourg‑registered virtual asset service provider, with custody handled via the Swiss firm Taurus. 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 €17.15 million capital raise that funded the purchase consisted of three components: a €0.85 million placement under an “at‑the‑market” (ATM) agreement with TOBAM; a €1.1 million warrant issuance subscribed by Adam Back, CEO of cypherpunk and Blockstream; 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 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.

Following the transaction, Adam Back holds 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. The company has 300,265,812 shares outstanding, with a potential diluted count of 420,859,061.

Year‑to‑date, Capital B 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.

Market & Industry Implications

Capital B’s purchase adds to a broader trend of corporate bitcoin accumulation. Earlier in May, Strategy, a U.S. bitcoin treasury firm, added 24,869 BTC for about $2.01 billion, bringing its total holdings to 843,738 BTC at an average cost of roughly $75,700 per coin. Strategy’s move was funded through preferred equity and ATM offerings, and it remains a net accumulator despite limited flexibility to sell if needed.

The capital raise structure used by Capital B—combining ATM, warrant and private‑placement equity—illustrates a common financing approach for bitcoin treasury firms seeking to preserve liquidity while expanding their bitcoin positions. The inclusion of a three‑tranche warrant schedule that could raise up to €99.1 million if fully exercised signals a long‑term capital‑raising strategy that aligns with the firm’s per‑share accumulation objective.

Capital B’s focus on BTC Yield as a performance metric may influence investor perception of its treasury strategy. The firm’s public disclosure of its BTC Yield, BTC Gain and BTC Euro Gain provides a transparent benchmark for comparing the efficiency of bitcoin accumulation across publicly listed treasury companies.

What to Watch

  • Execution of the three warrant tranches (2026‑03, 2026‑04, 2026‑05) and the resulting capital inflow.
  • Capital B’s next capital raise, which could further fund bitcoin accumulation or other strategic initiatives.
  • Quarterly financial reporting to see updated BTC Yield, BTC Gain and BTC Euro Gain figures.