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.
Bitcoin yield by Capital B
Capital B tracks A proprietary performance metric known as “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 included a three-tranche warrant structure, each of which had a 5-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 was the placement agent in charge, and Marex S.A. served as comanager.
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 owns 4.52% ordinary shares. The company currently has 300,265,812 outstanding shares, which could be diluted to 420,859 061.
Capital B trades Euronext Growth Paris trades under the ticker CPTLF, while U.S. OTC is traded under ALCPB. The Bitcoin Treasury Strategy of the Company is focused on an objective that has been stated: to increase over time the number bitcoins per fully diluted shares.
Strategy said they purchased Last week it bought 24,869 BTC worth about $2.01billion, increasing its total bitcoin holdings from 843,738 BTC to an estimated $843,738 BTC. Each coin costs approximately $75,700, cementing its status as the world’s largest corporation Bitcoin holder.
This purchase marks an acceleration of accumulation funded by preferred equity offerings and ATMs. The company is continuing to prioritise bitcoin growth per share, while indicating that it still remains a net accumulater despite its limited ability to sell.
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Source: bitcoinmagazine.com
