Capital B, the European company formerly known as The Blockchain Group, has completed a capital increase totaling 3.5 million euros and used the proceeds to acquire 44 additional Bitcoin for 2.7 million euros, bringing its total treasury holdings to 2,888 BTC.
Capital B – Total BTC Holdings
2,888 BTC
After latest capital increase & acquisition round
The announcement, made on March 23, 2026, confirmed that Capital B paid approximately 61,763 euros per Bitcoin for the latest batch. At current prices near $70,982, the company’s full 2,888 BTC position is worth roughly $205 million.
Capital B is listed on Euronext Growth Paris under the ticker ALCPB (ISIN FR0011053636) and has positioned itself as Europe’s first Bitcoin Treasury Company. The firm has spent a cumulative 267.1 million euros acquiring its Bitcoin reserves at an average cost of 92,495 euros per coin.
Capital B Closes Capital Raise and Buys 44 BTC
The 3.5 million euro capital raise combined three funding mechanisms. Capital B issued 669,906 new shares at 0.76 euros each through an at-the-market (ATM) program, raising 500,000 euros. The remaining 3 million euros came from share subscription warrants: 2 million euros from TOBAM, an asset management firm operating multiple Bitcoin-focused funds, and 1 million euros from UTXO Management.
Capital B – New BTC Acquired
44 BTC
Purchased during the latest capital increase
Both TOBAM and UTXO Management are repeat strategic investors in Capital B’s Bitcoin treasury model, underwriting successive rounds designed specifically to fund BTC accumulation. The involvement of institutional backers like TOBAM’s Bitcoin Enhanced Fund, Alpha Fund, and Treasury Opportunities Fund signals continued confidence in the strategy.
Board Director Alexandre Laizet confirmed the company has achieved a BTC Yield of 0.72% year-to-date, translating to a net gain of 20.4 BTC worth approximately 1.2 million euros. The BTC Yield metric, similar to the one popularized by companies building institutional crypto infrastructure, measures how effectively a firm grows its per-share Bitcoin exposure over time.
What 2,888 BTC Means for Capital B’s Treasury Position
On a fully diluted basis, Capital B has 397,635,892 shares outstanding. Its largest shareholder is Fulgur Ventures, holding 39.13% on a fully diluted basis, a significant concentration that reflects deep conviction from a single institutional backer.
The 2,888 BTC position places Capital B among a growing tier of mid-sized corporate Bitcoin holders globally. While it trails MicroStrategy’s holdings by a wide margin, Capital B’s status as a European publicly listed company pursuing a dedicated Bitcoin treasury strategy distinguishes it in a market where regulated financial entities face different compliance frameworks than their U.S. counterparts.
The capital raise was purpose-built for Bitcoin acquisition, not general corporate expenses. This structure mirrors the playbook used by MicroStrategy and, more recently, by Japan’s Metaplanet, where dedicated funding rounds are raised and immediately deployed into BTC purchases.
Accumulation During Extreme Fear
Capital B’s latest purchase came while the Bitcoin Fear and Greed Index sat at 11, a reading classified as “Extreme Fear.” Bitcoin has fallen roughly 46% from its 2025 highs, and retail sentiment remains deeply negative.
The company’s decision to continue buying during a period of broad market pessimism reflects a disciplined dollar-cost-averaging approach. The 44 BTC purchase at 61,763 euros per coin is well below Capital B’s overall average acquisition price of 92,495 euros, effectively lowering its cost basis.
This contrarian accumulation pattern, buying when risk sentiment across crypto markets is elevated, suggests institutional conviction that current prices represent long-term value rather than a signal to retreat.
Corporate Bitcoin Accumulation Continues in 2026
Capital B is part of a broader wave of public companies adding Bitcoin to their balance sheets in 2026. Despite the price drawdown, corporate treasuries have continued to accumulate, viewing the pullback as an entry opportunity rather than a reason to pause.
The European dimension adds significance. While U.S.-listed companies have dominated the corporate Bitcoin treasury narrative, Capital B’s activity on Euronext Growth Paris demonstrates that the strategy is gaining traction across jurisdictions, even as European regulatory treatment of corporate BTC holdings remains an evolving area.
Capital B has not publicly disclosed a specific timeline for its next acquisition. However, the structured capital raise model, combining ATM share issuances with warrant-based funding from strategic partners, provides a repeatable mechanism for future purchases as long as investor appetite persists.
Disclaimer: This article is for informational purposes only and does not constitute financial or investment advice. Cryptocurrency and digital asset markets carry significant risk. Always do your own research before making decisions.
