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About Capital B
Capital B (Euronext Growth Paris: ALCPB), formerly The Blockchain Group, is Europe's first listed Bitcoin Treasury Company. Its core business combines a legacy data intelligence and AI consulting operation with a corporate treasury strategy focused on accumulating bitcoin as a primary reserve asset. The company's stated objective is to increase the number of bitcoin per fully diluted share over time, aiming to hold 1% of all bitcoin by 2033.
The company's competitive narrative centers on "BTC Yield"—a measure of how much bitcoin per share grows through equity issuance and operational cash flow deployment. This addresses a key market pain point: traditional listed companies offer no direct, regulated exposure to bitcoin, while direct bitcoin purchases face custody, security, and governance challenges. Capital B provides a publicly traded, Europe-based vehicle for institutional and retail investors seeking bitcoin exposure through a corporate structure.
Over the past six months (March–September 2026), Capital B has expanded its bitcoin holdings significantly. In March 2026, it completed a €15.2 million private placement dedicated to further bitcoin purchases. In April, it finalized the conversion of 16.57 million warrants (BSA 2025-01) into shares, raising €1.29 million, and executed an ATM program raising €0.22 million. By May, the company held 3,139 BTC (worth approximately $250 million). In August, its shares began trading on Cboe Europe, which doubled trading volume within two hours of launch, improving liquidity and access for European investors.
However, the company reported a net loss of €62.2 million for 2025, primarily driven by a €53.9 million non-cash impairment on its bitcoin holdings. Additionally, the reliance on repeated equity issuance to fund bitcoin purchases creates inherent dilution risk for existing shareholders, a trade-off the company acknowledges in its strategy.
Capital B, listed on Euronext Growth Paris as ALCPB, has evolved from a data intelligence and blockchain technology firm into Europe's first Bitcoin treasury company. Key milestones include the November 2024 adoption of its Bitcoin treasury strategy, followed by a rebranding to "Capital B" in July 2025 alongside the initiation of a subsidiary in Abu Dhabi. The company has consistently expanded its Bitcoin reserves through multiple acquisitions, including 37 BTC, 6 BTC, and 192 BTC purchases, bringing total holdings to 3,135 BTC. Financially, it completed a €1.1 million funding round and a €15.2 million financing to accelerate its strategy. A landmark development was shareholder approval of a financing plan exceeding $120 billion, enabling the issuance of Bitcoin-denominated convertible bonds and equity operations. The company is also developing a Bitcoin credit tool similar to Strategy's (formerly MicroStrategy) approach, and has applied for a US OTC listing, currently awaiting FINRA approval. These actions reflect a long-term commitment to increasing bitcoin per fully diluted share.
Over the past six months (Mar-Aug 2026), Capital B (ALCPB) has accelerated its Bitcoin treasury strategy. In April, it completed the conversion of 16.57 million BSA-2025-01 warrants into shares, raising €1.29M, and executed an ATM capital increase of €0.22M, acquiring 12 BTC for €0.8M. This brought total holdings to 2,937 BTC (acquisition value €270.1M, avg price €91,975). In June, shareholders approved a €5B nominal capital increase capacity (up to 125B shares) and €100B for credit instruments, plus the corporate name change from "The Blockchain Group" to "Capital B". The company's stated roadmap is to accumulate 1% of all Bitcoin (approx. 210,000 BTC) by 2033, focusing on increasing BTC per fully diluted share through disciplined financial engineering. No further major developments were reported in July-August.
Based on available information, the core executives include:
Alexandre Laizet – Deputy CEO & Director of Bitcoin Strategy at Capital B (PA: ALCPB). Previously held roles at Accenture (Digital Assets Lead, Web3 Financial Services Lead, Blockchain Innovation Strategy Manager) and EY (Data Analytics & AI Senior Consultant, Transfer Pricing roles).
Valentin Kosanovic – Deputy Director of Bitcoin Strategy at Capital B. Previously worked at Accenture (Senior/Junior Consultant) and Microsoft (Business Program Manager Intern).
No reliable data confirms co-founders beyond these two. Their LinkedIn and Twitter profiles are provided in the reference.