Capital B Approves 10-for-1 Reverse Stock Split

Capital B, a French company listed on Euronext Growth Paris, has adopted a Bitcoin treasury strategy built on repeated equity raises and cryptocurrency purchases. The model aims to increase Bitcoin exposure per share, but leaves investors sensitive to swings in the token, the company’s continued access to capital and dilution from newly issued shares and warrants. Blockstream CEO Adam Back and asset manager TOBAM have emerged as key strategic backers.

Capital B said on Aug. 28 that it completed a €21 million ($24.5 million) private placement involving Back and TOBAM. It planned to buy 270 Bitcoin and lift holdings to 3,415 BTC, while full exercise of the attached warrants could provide about $158 million more. On Sept. 2, the company announced a separate €7.64 million ($8.8 million) placement fully subscribed by Back. Together with operating cash, that funding could support purchases of as many as 376 BTC and raise its treasury target to 3,521 BTC.

Capital B is a French company listed on Euronext Growth Paris. Formerly known as The Blockchain Group, it has made increasing diluted Bitcoin holdings per share the centerpiece of its treasury strategy. Its continued use of equity financing to buy BTC shows how European listed companies are turning Bitcoin from a trading asset into a corporate reserve. The approach also increases shareholders’ exposure to cryptocurrency price swings and financing conditions.

Capital B said on May 18, 2026, that it had purchased 192 Bitcoin for 13 million euros, or about $15.2 million, at an average price of roughly $79,000 each. The acquisition lifted its total holdings to 3,135 BTC. The purchase came just one week after it completed about $17.8 million in strategic financing on May 11, with investors including Adam Back and Paris-based asset manager TOBAM.