Capital B
Capital B is a listed French company that holds bitcoin as its main reserve asset and calls itself the first Bitcoin Treasury Company in Europe. Its shares trade on Euronext Growth Paris under the ticker ALCPB, and its subsidiaries sell data intelligence, AI and software consulting to other companies. Until July 2025 the company was known under its former name The Blockchain Group.
Since 5 November 2024, Capital B has raised money through shares, warrants and convertible bonds to buy bitcoin for its balance sheet. The stated goal is to increase the number of bitcoin per fully diluted share over time and to hold one percent of all bitcoin by 2033. On 15 October 2026 the company held 3,538 bitcoin in its strategic reserve, plus 61 bitcoin for operating needs.
Bitcoin strategy and holdings
Capital B sums up its strategy in a few plain rules: raise capital, buy bitcoin, hold it and never sell it. The board adopted this Bitcoin standard on 5 November 2024, using excess cash of the holding company and financing instruments to buy bitcoin. The company describes its team as bitcoin maximalists and names scarcity, security and decentralization as its reasons for choosing bitcoin as a reserve asset.
At the end of September 2026 the strategic reserve held 3,538 bitcoin with a total acquisition value of 310.6 million euros, an average of 87,805 euros per bitcoin. The reserve had grown by 25.3 percent since January 2026, when it held 2,823 bitcoin. Capital B keeps the 61 bitcoin for operating needs apart from this reserve and leaves them out of its key figures.
BTC Yield and bitcoin per share
Capital B measures its progress with the BTC Yield, the percentage change in the ratio of total bitcoin holdings to fully diluted shares over a period. From January to September 2026 the BTC Yield was 2.2 percent, and in the first half of 2026 the bitcoin per fully diluted share rose from 7,210.0 to 7,343.4 satoshis. The company itself warns that the BTC Yield is no yield in the usual financial sense and no measure of shareholder return.
Investors compare such companies with the mNAV, the ratio of market capitalization to the market value of the bitcoin held. A share price above the value of the bitcoin held lets a company issue new shares and still raise the bitcoin per share.
Share, ticker and listing
The Capital B share is listed on Euronext Growth Paris and changed its ticker from ALTBG to ALCPB in July 2025, while the US over-the-counter ticker became CPTLF. On 8 September 2026 a reverse split took effect at a ratio of one new share for ten old shares, with the new ISIN FR0014019Y19 and a par value of 0.80 euros. The terms of the outstanding warrants and convertible bonds were adjusted to the new share count on the same occasion.
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Financing with shares, warrants and bonds
In the first half of 2026 Capital B announced capital raises of 27.5 million euros, mostly shares with attached warrants and the exercise of warrants, plus equity sold in an at-the-market program. On 28 August 2026 the company placed shares with warrants worth 21.0 million euros with institutional investors, among them Adam Back and the asset manager TOBAM. A further 7.6 million euros from Adam Back followed on 2 September 2026.
Bitcoin-denominated convertible bonds were part of the financing as well, and Blockstream Capital Partners converted its remaining 14,195,352 bonds of the series OCA B-01 into shares in August 2026. Each new issue dilutes existing shareholders, so the company reports whether the bitcoin bought with the money raises the holdings per share.
From The Blockchain Group to Capital B
The company traded as The Blockchain Group until 21 July 2025, when it took the trade name Capital B together with a new logo and the website cptlb.com. The orange logo combines the Capital wordmark with a hexagon around the bitcoin symbol, and the company said the design follows the founding principles of bitcoin. On the same day the group announced that it was setting up a subsidiary in Abu Dhabi to support its bitcoin strategy.
Board, management and investors
Jean-François Descaves chairs the board of directors, and Jean-Philippe Casadepax-Soulet is chief executive officer as well as managing director of the subsidiary IORGA. Alexandre Laizet is deputy chief executive and director of bitcoin strategy, with Valentin Kosanovic as his deputy, while Simon Elbaz is chief financial officer. Tracy Hoyos-López and Daniel Batten advise the board on expansion in the United States and the Middle East and on ESG questions.
The two strategic investors are Adam Back, chief executive of Blockstream, and Yves Choueifaty, founder and president of the Paris asset manager TOBAM. Both investors took part in the capital raises that Capital B announced in August and September 2026.
Operating companies and results
Next to its bitcoin reserve, Capital B owns operating companies that build tailor-made web applications and offer business intelligence and AI consulting, among them IORGA and Trimane. In the first half of 2026 the group had revenue of 5.8 million euros, and the operating entities earned an EBITDA of 0.64 million euros, 9.8 percent more than a year earlier. The net loss of 69.5 million euros came mostly from a non-cash impairment of 67.5 million euros on the bitcoin held at the end of June.
The registered office of Capital B is in the Tour W at 102 Terrasse Boieldieu in Puteaux, in the La Défense business district west of Paris.
Capital B and Finance Loop
Listed bitcoin holders such as Capital B give asset managers and treasurers new questions on dilution, the mNAV and the accounting of bitcoin on a balance sheet. Finance Loop takes up these questions in its bitcoin program for asset managers and at its bitcoin events in Frankfurt.
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