Capital B (The Blockchain Group), Europe’s first Bitcoin Treasury Company listed on Euronext Growth Paris, announced on March 17, 2026, a €3 million capital raise through share subscription warrants subscribed by TOBAM and UTXO Management. The company, which holds subsidiaries specialized in Data Intelligence, AI, decentralized technology consulting and development, and corporate treasury, issued these warrants as part of its Bitcoin Treasury Company strategy. Capital B defines its Bitcoin Treasury Company strategy as a focus on increasing the number of bitcoin per fully diluted share over time.
TOBAM invested €2,013,000, while UTXO Management invested €1,000,000.10. This funding supports potential Bitcoin acquisitions.
Funding Overview
Capital B completed a €3,013,000.10 capital raise on March 17, 2026, via issuance of 27,390,910 share subscription warrants (BSA 2026-01). Each warrant grants the right to subscribe to one ordinary share of the company.
Key terms include:
- Issue price: €0.11 per warrant, paid at subscription.
- Maturity: March 10, 2029.
- Exercise price: The higher of €1.01 (130% of the average VWAP over the five trading days preceding signing) or the euro equivalent per share of the company’s “mNAV 1.1” on the last trading day before exercise.
- “mNAV 1.1” equals 1.1 times the euro value of BTC holdings per fully diluted share, as reported in company metrics.
The raise authorized under the 12th resolution of the June 10, 2025, general meeting, which delegates authority to the board for issuances with cancelled preferential subscription rights. Proceeds could enable acquisition of approximately 36 additional BTC, increasing total holdings to 2,880 BTC under the strategy.
The transaction also involved adjustments to convertible bonds (OCA A-03, A-04, A-05) subscribed by TOBAM. These changes lower conversion prices and add warrants upon conversion, with removals of certain share price conditions for holder conversions.
About the Company
Capital B (ISIN: FR0011053636, ticker: ALCPB) operates as Europe’s first Bitcoin Treasury Company listed on Euronext Growth Paris. The company holds subsidiaries in Data Intelligence, AI, decentralized technology consulting and development, and corporate treasury.
Headquartered in Puteaux, France, Capital B pursues a Bitcoin Treasury Company strategy. This approach aims to grow bitcoin holdings per fully diluted share over time.
Investors
TOBAM subscribed €2,013,000 through its funds, receiving 18,300,000 BSA 2026-01 warrants. UTXO Management subscribed €1,000,000.10, receiving 9,090,910 warrants.
Breakdown of subscriptions:
| Investor | Number of BSA 2026-01 | Issuance Price per BSA (€) | Subscription Amount (€) |
| TOBAM Bitcoin Treasury Opportunities Fund | 2,800,000 | 0.11 | 308,000.00 |
| TOBAM Bitcoin Alpha Fund | 8,000,000 | 0.11 | 880,000.00 |
| TOBAM Bitcoin Enhanced Fund | 7,500,000 | 0.11 | 825,000.00 |
| UTXO Management | 9,090,910 | 0.11 | 1,000,000.10 |
| Total | 27,390,910 | 0.11 | 3,013,000.10 |
TOBAM holds prior convertible bonds (OCA A-03, A-04, A-05), now adjusted in conversion terms.
Market Context
Capital B positions itself as a pioneer Bitcoin Treasury Company on Euronext Growth Paris. The strategy aligns with market conditions, as noted in adjustments to bond terms due to recent share price evolution, reflecting broader trends where firms like dtcpay Raises $10M highlight increasing capital inflows into crypto infrastructure.
The company reports BTC holdings targeted at 2,880 BTC post-transaction. Warrants tie exercise to BTC-related metrics like mNAV 1.1, linking funding directly to Bitcoin treasury growth.
Funding History
This €3 million raise builds on prior issuances under the June 10, 2025, general meeting’s 12th resolution. TOBAM previously subscribed OCA A-03 (€6 million nominal), A-04 (€5 million), and A-05 (€6.5 million), now with adjusted conversion prices: A-03 from €6.24 to €3.12 per share, A-04 from €5.174 to €2.59, A-05 from €3.656 to €1.83.
Adjustments include:
- Addition of one BSA OC warrant per converted OCA, with two-year maturity.
- BSA OC exercise price: Higher of the OCA’s conversion price or mNAV 1.1 euro equivalent.
- Removal of share price conditions for holder conversion on A-03 and A-04; all tranches now convertible anytime by holders.
OCA details:
- Issuer: Capital B Luxembourg SA, wholly owned subsidiary.
- Maturity: Five years from subscription.
- Coupon: 0%.
- Redemption: In BTC, EUR at BTC selling price, or shares at holder option if not converted.
Impact on share capital:
| Shareholders | Ordinary Basis (% Capital) | Fully Diluted Basis (% Capital) |
| Executives | 18,842,695 (8.23%) | 22,030,111 (5.55%) |
| Fulgur Ventures | 10,000,000 (4.37%) | 155,588,780 (39.19%) |
| Adam Back | 36,157,228 (15.79%) | 37,412,138 (9.42%) |
| TOBAM | 13,630,280 (5.95%) | 21,035,770 (5.30%) |
| UTXO Management | 4,285,289 (1.87%) | 8,529,767 (2.15%) |
| Peak Hodl Ltd | 2,500,000 (1.09%) | 2,500,000 (0.63%) |
| Public & Institutional | 143,642,329 (62.71%) | 149,869,420 (37.75%) |
| Total | 229,057,821 (100%) | 396,965,986 (100%) |
Fully diluted basis includes potential shares from all announced OCAs, legal adjustments for prior OCAs, and free shares (2,333,750 not yet vested). It excludes unsubscribed amounts, new BSA exercises, and second tranches (now removed).
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