Capital B (formerly The Blockchain Group) (ALCPB)
Company Information
Stock Chart
Business Model
Business Mode
Bitcoin Reserve Strategy
Systematic Accumulation: Through hybrid financing methods such as issuing stock at a premium and convertible bonds, all funds will be used to purchase Bitcoin. As of July 14, 2025, a total of 1,933 BTC will be held, with a target to increase holdings to 170,000 - 260,000 coins before 2033, accounting for 1% of the total Bitcoin supply.
Use of Financing Leverage: In June 2025, a financing limit of over 10 billion euros was approved. Through the ATM mechanism (issuing at market price) and tools like convertible bonds, low-cost funds will be used to expand positions. For example, in March 2025, 48.6 million euros in convertible bonds were issued to purchase 580 BTC, pushing the total holdings to 620 coins.
Divestment and Focus of Traditional Business
Streamlining Entities: By the end of 2023, non-core subsidiaries will be divested, retaining two profitable entities — Iorga (custom websites and blockchain solutions) and Trimane (data intelligence consulting), but the business focus has shifted to Bitcoin reserves. In November 2024, it will officially transform into Europe’s first Bitcoin treasury company, with a clear core goal of "maximizing the number of Bitcoin per share."
Profit Model
Bitcoin appreciation gains (accounting for over 90%)
Asset price fluctuations: In Q2 2025, due to the increase in Bitcoin price from $116,000 to $118,000, the fair value change contributed a net profit of approximately $4.8 million.
Financing leverage effect: Issuing stocks at a premium of 30% - 70% for financing, and then using the funds to purchase Bitcoin. For example, in December 2024, financing €2.5 million to acquire 25 BTC, resulting in an appreciation of approximately €1.2 million based on current market prices.
Traditional business cash flow supplement (accounting for less than 10%)
Data intelligence consulting: Trimane provides AI data analysis services for enterprises, with revenue of approximately €1.8 million in Q2 2025, major clients include French telecom operator Orange and energy group TotalEnergies.
Blockchain solutions: Iorga develops customized blockchain applications for small and medium-sized enterprises, with revenue of approximately €1.1 million in Q2 2025, a year-on-year decline of 15%, due to resources being tilted towards Bitcoin reserves.
Profit Model Impact
Anti-inflation and asset appreciation
Using Bitcoin as a core asset to hedge against the depreciation risk of fiat currency. In 2025, the inflation rate in the Eurozone will reach 4.2%, while Bitcoin's increase during the same period will exceed 20%, effectively protecting shareholder value. As of July 2025, the company's market value has grown 474% compared to its transformation in November 2024, primarily driven by the appreciation of Bitcoin holdings.
Shareholder value reconstruction
By implementing the "maximizing the number of Bitcoin per share" strategy, the company's valuation is deeply tied to Bitcoin's market value. For example, if the price of Bitcoin reaches 1 million euros by 2030, the company's holdings will be valued at 170 billion - 260 billion euros, with the market value expected to grow 50-80 times.
Attracting native Bitcoin investors
For instance, Blockstream CEO Adam Back participated in the financing in December 2024, increasing the institutional shareholding ratio from 18% to 27%.
Innovative capital operations
Pioneering the "Bitcoin treasury" model, flexible financing is achieved through tools such as convertible bonds and preferred shares. For example, the convertible bond issued in March 2025 has an interest rate of only 2.1%, significantly lower than traditional corporate bonds, reducing capital costs.
Impact on Cryptocurrencies
Direct Impact on Bitcoin (BTC): Demand Side: Cumulative increase of 462 BTC in Q2 2025, accounting for 3.8% of the net on-chain issuance during the same period, boosting institutional buying sentiment. For example, a single transaction on July 14 that increased holdings by 29 BTC led to a temporary increase of 0.3% in Bitfinex's order book depth. Market Structure: The open interest accounts for 0.0096% of the circulating supply; if it reaches 1% in the future, it will become one of the largest Bitcoin holders globally, potentially affecting market liquidity. Indirect Impact on Fiat Currency (Euro/USD): As a medium for financing and settlement, €120 million was financed through the pan-European exchange in Q2 2025, increasing euro market liquidity. Stablecoins (USDC/USDT): Some financing needs to be converted to USD to purchase Bitcoin; in Q2 2025, $35 million was exchanged for USDC through Bitfinex, accounting for 1.2% of the platform's USDC trading volume.