It still needs 206,462 more. Capital B has set itself the target of holding 1% of the maximum supply of bitcoins – approximately BTC210,000 – by 2033. With BTC3,538, the Paris-listed company has achieved 1.7% of this target. On Monday 28 September, the group announced the purchase of 13 bitcoins for €967,000, at €74,364 each. The transaction was financed by a 983,000-euro capital increase subscribed to by Tobam. This brings the total cost of acquiring the reserve to €310.7m, with a market value of €259.9m at the exchange rate stated in the press release.
Capital B was still known as The Blockchain Group until 2025. Founded in 2008, the company developed digital services through iOrga (for web applications), Trimane (for data and artificial intelligence) and MetaDev3 (for decentralised technologies). These activities continue, but the group now primarily positions itself as Europe’s first “Bitcoin Treasury Company”. The change dates back to 5 November 2024. Capital B decided at that time to make Bitcoin its strategic reserve asset. Its objective is to accumulate Bitcoins and hold them for the long term, whilst increasing the number of Bitcoins per share on a fully diluted basis.
An ambition that remains as relevant as ever
The roadmap presented in 2025 envisaged holding between 21,000 and BTC42,000 in 2028 or 2029, then between 170,000 and 260,000 by 2032 or 2033. The target of approximately BTC210,000 corresponds to 1% of the 21 million bitcoins that can be created. It would require Capital B to increase its current reserves by a factor of 59. This ambition is still listed on the group’s website.
Capital B is using its listing on Euronext Growth Paris to finance its purchases. The group issues shares, warrants and convertible bonds, and then uses the funds raised to acquire bitcoins. In 2025, the parent company issued €133.6m new shares, raising €161.8m. At the same time, the general meeting had raised the overall ceiling for certain financial authorisations to €500m. This model is designed to enable the group to purchase bitcoins more quickly than it creates potential shares.
Capital B tracks this trend with its “BTC Yield”, which measures the change in the number of bitcoins per fully diluted share. The group puts this figure at 2.20% since the start of 2026. This indicator does not constitute either income or a return for shareholders. In particular, it does not take into account the debt used to finance part of the reserve.
Convertible bonds via Luxembourg
Luxembourg is home to one of the instruments under this strategy. Capital B Luxembourg was incorporated on 13 February 2025 with a share capital of €30,000, wholly owned by the French parent company. Its main role is to issue bonds convertible into shares of Capital B SA. Subscriptions are paid in euros or directly in bitcoins and used to purchase BTC.
These bonds do not pay any interest and mature after five years. They may be redeemed in bitcoins, at their value in euros, or converted into shares in the parent company at the holder’s request. The Luxembourg subsidiary thus enables Capital B to obtain bitcoins or cash without paying any interest, in exchange for a conversion option that may dilute shareholders’ holdings.
The subsidiary is not the group’s sole holding entity. As at 31 December 2025, Capital B SA held BTC1,560 directly. The group held BTC2,823 in total. By contrast, Capital B Luxembourg held BTC1,263, representing 44.7% of the reserve. The breakdown of the BTC 3,538 currently held between the two companies has not been published.
Swissquote Bank Europe as sole custodian
The Luxembourg accounts show the scale the company had reached by its first financial year. It had recorded €120.7m worth of bitcoins on its balance sheet and €123.6m in convertible bonds amongst its liabilities. The market value of the bitcoins had fallen to €98.5m as at 31 December 2025, although the subsidiary did not recognise any impairment, as its board considered the decline to be temporary. Capital B Luxembourg ended its first financial year with a net loss of €2.94m and negative equity of €2.91m. The loss included €2.14m relating to the disposal of bitcoins. The parent company has committed to providing financial support to the subsidiary for the 12 months following the approval of the accounts.
Accounting ownership of the bitcoins is split between France and Luxembourg, but their custody is centralised in the Grand Duchy. Swissquote Bank Europe handles the purchases and acts as the group’s sole custodian, using custody technology provided by the Swiss company Taurus. The bank therefore also holds bitcoins, which may remain on the balance sheet of the French parent company.
Capital B is now seeking to broaden its investor base. Its annual report lists institutional investors and the US market amongst its priorities. The shares are available in the United States on the Otcid market. A subsidiary based in Abu Dhabi manages investor relations and capital market operations in that region.
The 1% target depends on the group’s ability to raise ever-increasing amounts of capital, whilst each share issue may dilute shareholders’ holdings. It also hinges on the ability to maintain a market capitalisation high enough to issue new shares on favourable terms. With BTC3,538, Capital B already has a reserve worth over €310m. Reaching BTC210,000 would require a further scaling-up, for which the Luxembourg subsidiary must provide some of the instruments.
