Capital B SA

ALCPB.PA🇫🇷Leveraged

Capital B is Europe's first Bitcoin treasury company, listed on Euronext Growth Paris. Originally a blockchain consulting firm, the company adopted a Bitcoin Standard in late 2024 and raises capital to accumulate BTC.

BTC Holdings

2,943 BTC

180d

Stock Price

€0.63

180d

Total financing

102.08M EUR

180d

mNAV

1.30x

180d

Leverage

52.4%

180d

BTC Credit

62 bps1.9x

Sats/Share

740

180d

Mkt capFD

250.42M EUR

SharesFD

397.49M

Fiat reserve

1.53M EUR

Total reserve

193.56M EUR

Dilution

44.1%

Analytics

In-the-Money

14% ITM

ITM: €14.2M

Maturity Profile

Conv

Nearest: 4yrWAM: 4.1yr

BTC Coverage

Capital Stack

1.9x · 62 bps

ConvertiblePreferredOtherBTC NAV: $224.7M

BTC Risk

2.52% avg

P(BTC Rating < 1x at maturity) · 45% vol, 30% ARR

BTC Credit

62 bps avg

Credit spread to offset BTC Risk · 45% vol, 30% ARR

Cumulative Financing Cost

Redemptions

Financials

French-GAAPSemi-AnnualAs of 2025-06-30

Balance Sheet

Total Assets€197.3M

Total Liabilities€144.8M

Stockholders' Equity€52.4M

Cash & Equivalents€1.5M▲193.9%

Total Debt—

Digital Assets—

Income Statement

Revenue€5.6M▼23.1%

Operating Income€-2.8M▼112.4%

Net Income€-1.9M▼235.4%

Interest Expense—

Cash Flow

Operating Cash Flow€-2.9M▼330.2%

ATM Programs

Common

Instruments

Total

102.08M EUR

Instrument	Term	Coupon	Principal	Outstanding	Conv. price	BTC Rating
CPTLB-B01	Mar '25 – Mar '30	0%	47.60M EUR	14.20M EUR	0.54 EUR	>10x
CPTLB-B02B	May '25 – May '30	0%	58.31M EUR	58.31M EUR	0.71 EUR	2.7x
CPTLB-B02C	Jun '25 – Jun '30	0%	2.42M EUR	2.42M EUR	0.71 EUR	2.5x
CPTLB-B03	May '25 – May '30	0%	4.61M EUR	4.61M EUR	3.81 EUR	2.5x
CPTLB-A03	Jun '25 – Jun '30	0%	6.00M EUR	6.00M EUR	3.12 EUR	2.3x
CPTLB-A04	Jun '25 – Jun '30	0%	5.00M EUR	5.00M EUR	2.59 EUR	2.2x
CPTLB-B04	Jun '25 – Jun '30	0%	5.05M EUR	5.05M EUR	5.17 EUR	2.0x
CPTLB-A05	Jul '25 – Jul '30	0%	6.50M EUR	6.50M EUR	1.83 EUR	1.9x
Total				102.08M EUR

Disclaimer

The B-series is effectively Bitcoin denominated but reported in euros.

Recent Changes

Mon, Apr 27, 2026

BTC Holdings

2.9K→2.9K+6 BTC(+0.2%)

6 BTC acquisition + TOBAM ATM (Apr 13-17)

Shares Outstanding

274.9M→275.9M+963.1K(+0.4%)

+963,093 from prior 2026-04-20 (274,947,324). Of this, 683,093 from TOBAM ATM (Apr 13-17 subscription window). Residual ~280,000 not itemized in this PR — likely free-share vesting or minor adjustments not announced separately.

6 BTC acquisition + TOBAM ATM (Apr 13-17)

Mon, Apr 20, 2026

BTC Holdings

2.9K→2.9K+12 BTC(+0.4%)

12 BTC acquisition + BSA 2025-01 final exercise + TOBAM ATM (Apr 6-10)

Shares Outstanding

272.2M→274.9M+2.7M(+1.0%)

+2,737,303 from BSA 2025-01 final exercise (2,366,602 shares at EUR 0.544) + TOBAM ATM (370,701 shares at EUR 0.60)

12 BTC acquisition + BSA 2025-01 final exercise + TOBAM ATM (Apr 6-10)

Fri, Apr 17, 2026

ATM Activity2026-04-13 – 2026-04-17

683.1K shares$444.7K

Subscription requests received from TOBAM between Apr 13 and Apr 17, 2026; combined in this PR. 6 BTC acquired for EUR 0.4M (avg EUR 66,951/BTC) using the ATM proceeds. Headline body text refers to "EUR 0.8 million" but the structured tables, total proceeds (EUR 444,739.54), and acquisition cost basis (6 x EUR 66,951 = ~EUR 0.4M) all reconcile to EUR 0.4M — body text figure appears to be a typo.

6 BTC acquisition + TOBAM ATM (Apr 13-17)

Mon, Apr 13, 2026

BTC Holdings

2.9K→2.9K+37 BTC(+1.3%)

37 BTC acquisition + BSA 2025-01 warrant exercise

Shares Outstanding

271.6M→272.2M+637.8K(+0.2%)

+637,816 from BSA 2025-01 warrant exercise at EUR 0.544 (4,464,712 warrants at 7:1 ratio, EUR 0.35M proceeds)

37 BTC acquisition + BSA 2025-01 warrant exercise

Fri, Apr 10, 2026

ATM Activity2026-04-06 – 2026-04-10

370.7K shares$223.5K

ATM portion of 12 BTC total; rest funded by BSA 2025-01 final warrant exercise proceeds (EUR 1.29M)

12 BTC acquisition + BSA 2025-01 final exercise + TOBAM ATM (Apr 6-10)

Mon, Mar 30, 2026

Shares Outstanding

229.7M→271.6M+41.8M(+18.2%)

36,613,919 from B-01 conversion + 5,230,559 from share subscription at EUR 0.544

OCA B-01 conversion by Blockstream & UTXO + EUR 2.8M capital raise

Debt OutstandingConversionCPTLB-B01

35.7M→14.2M-21.5M(-60.3%)

Blockstream converted 17,897,600 OCA; UTXO Management converted 2,020,372 OCA (all UTXO holdings)

OCA B-01 conversion by Blockstream & UTXO + EUR 2.8M capital raise

Mon, Mar 23, 2026

BTC Holdings

2.8K→2.9K+44 BTC(+1.5%)

44 BTC Acquisition, 2,888 BTC Total Holdings

Shares Outstanding

229.1M→229.7M+669.9K(+0.3%)

44 BTC Acquisition, 2,888 BTC Total Holdings

Mon, Mar 16, 2026

BTC Holdings

2.8K→2.8K+8 BTC(+0.3%)

8 BTC Acquisition, 2,844 BTC Total Holdings

Shares Outstanding

228.3M→229.1M+788.2K(+0.3%)

8 BTC Acquisition, 2,844 BTC Total Holdings

Fri, Mar 13, 2026

ATM Activity2026-03-09 – 2026-03-13

669.9K shares$507.7K

ATM portion of 44 BTC total, rest from warrant proceeds

44 BTC Acquired via ATM + Warrants (Mar 9-13)

View all changes

Instrument

Term

Coupon

Principal

Outstanding

Conv. price

BTC Rating

CPTLB-B01

Mar '25 – Mar '30

47.60M EUR

14.20M EUR

0.54 EUR

>10x

CPTLB-B02B

May '25 – May '30

58.31M EUR

0.71 EUR

2.7x

CPTLB-B02C

Jun '25 – Jun '30

2.42M EUR

0.71 EUR

2.5x

CPTLB-B03

May '25 – May '30

4.61M EUR

3.81 EUR

2.5x

CPTLB-A03

Jun '25 – Jun '30

6.00M EUR

3.12 EUR

2.3x

CPTLB-A04

Jun '25 – Jun '30

5.00M EUR

2.59 EUR

2.2x

CPTLB-B04

Jun '25 – Jun '30

5.05M EUR

5.17 EUR

2.0x

CPTLB-A05

Jul '25 – Jul '30

6.50M EUR

1.83 EUR

1.9x

Total

102.08M EUR

Recent Changes

Mon, Apr 27, 2026

BTC Holdings

2.9K→2.9K+6 BTC(+0.2%)

6 BTC acquisition + TOBAM ATM (Apr 13-17)

Shares Outstanding

274.9M→275.9M+963.1K(+0.4%)

6 BTC acquisition + TOBAM ATM (Apr 13-17)

Mon, Apr 20, 2026

BTC Holdings

2.9K→2.9K+12 BTC(+0.4%)

12 BTC acquisition + BSA 2025-01 final exercise + TOBAM ATM (Apr 6-10)

Shares Outstanding

272.2M→274.9M+2.7M(+1.0%)

+2,737,303 from BSA 2025-01 final exercise (2,366,602 shares at EUR 0.544) + TOBAM ATM (370,701 shares at EUR 0.60)

12 BTC acquisition + BSA 2025-01 final exercise + TOBAM ATM (Apr 6-10)

Fri, Apr 17, 2026

ATM Activity2026-04-13 – 2026-04-17

683.1K shares$444.7K

6 BTC acquisition + TOBAM ATM (Apr 13-17)

Mon, Apr 13, 2026

BTC Holdings

2.9K→2.9K+37 BTC(+1.3%)

37 BTC acquisition + BSA 2025-01 warrant exercise

Shares Outstanding

271.6M→272.2M+637.8K(+0.2%)

+637,816 from BSA 2025-01 warrant exercise at EUR 0.544 (4,464,712 warrants at 7:1 ratio, EUR 0.35M proceeds)

37 BTC acquisition + BSA 2025-01 warrant exercise

Fri, Apr 10, 2026

ATM Activity2026-04-06 – 2026-04-10

370.7K shares$223.5K

ATM portion of 12 BTC total; rest funded by BSA 2025-01 final warrant exercise proceeds (EUR 1.29M)

12 BTC acquisition + BSA 2025-01 final exercise + TOBAM ATM (Apr 6-10)

Mon, Mar 30, 2026

Shares Outstanding

229.7M→271.6M+41.8M(+18.2%)

36,613,919 from B-01 conversion + 5,230,559 from share subscription at EUR 0.544

OCA B-01 conversion by Blockstream & UTXO + EUR 2.8M capital raise

Debt OutstandingConversionCPTLB-B01

35.7M→14.2M-21.5M(-60.3%)

Blockstream converted 17,897,600 OCA; UTXO Management converted 2,020,372 OCA (all UTXO holdings)

OCA B-01 conversion by Blockstream & UTXO + EUR 2.8M capital raise

Mon, Mar 23, 2026

BTC Holdings

2.8K→2.9K+44 BTC(+1.5%)

44 BTC Acquisition, 2,888 BTC Total Holdings

Shares Outstanding

229.1M→229.7M+669.9K(+0.3%)

44 BTC Acquisition, 2,888 BTC Total Holdings

Mon, Mar 16, 2026

BTC Holdings

2.8K→2.8K+8 BTC(+0.3%)

8 BTC Acquisition, 2,844 BTC Total Holdings

Shares Outstanding

228.3M→229.1M+788.2K(+0.3%)

8 BTC Acquisition, 2,844 BTC Total Holdings

Fri, Mar 13, 2026

ATM Activity2026-03-09 – 2026-03-13

669.9K shares$507.7K

ATM portion of 44 BTC total, rest from warrant proceeds

44 BTC Acquired via ATM + Warrants (Mar 9-13)

View all changes