Capital B Wins €100B Credit Authorization While Stock Trades 85% Below Yearly High
What You Need to Know
- Capital B received shareholder approval to raise €5 billion equity and €100 billion credit instruments.
- Company currently holds 3,139 BTC and targets 210,000 BTC by 2033.
- Capital B is developing Bitcoin-backed credit product targeting double-digit yields with lower volatility.
- Recent investors include Blockstream CEO Adam Back, whose stake expected to reach 13.43%.
French Bitcoin treasury firm Capital B received shareholder approval on June 17 to raise up to €5 billion in new equity and €100 billion in credit instruments, a mandate that dwarfs anything comparable among European crypto companies. More than 95% of votes backed every resolution, with shareholders representing roughly 54.7% of the company’s outstanding voting rights participating.
The scale of the authorization is largely theoretical at current prices. Capital B’s shares trade at €0.04, meaning the equity tranche alone could require issuing 125 billion new shares to be fully utilized. The company has actually raised capital in much smaller, deliberate tranches: €3 million in March, then a €15.2 million private placement in May that brought in TOBAM and Blockstream CEO Adam Back, whose stake is expected to reach 13.43% post-placement. That disciplined cadence mirrors early Strategy playbook behavior, where the authorization ceiling serves as a signaling device for institutional credibility while actual raises happen opportunistically. The real question is whether European capital markets will assign the same premium to leveraged Bitcoin exposure that US markets gave Strategy, a bet that has not yet paid off for Capital B shareholders given the stock sits at €0.45 against a yearly high of €2.99.
The company holds 3,139 BTC and is targeting 210,000 BTC by 2033. That gap is enormous, and the authorization structure is the mechanism they’re betting closes it.
Capital B is also developing a Bitcoin-backed credit product modeled on Strategy’s STRC preferred stock and Strive’s SATA, targeting double-digit yields with sub-double-digit volatility, according to board director Alexandre Laizet. No launch date exists yet, but Laizet reported a tenfold increase in demand for digital credit products year-over-year, suggesting institutional appetite in Europe is moving faster than the products designed to serve it. That contrast matters because the credit instrument, not the equity raises, is where the real institutional distribution channel likely sits. The broader picture is mixed: French semiconductor firm Sequans Communications recently abandoned its Bitcoin treasury strategy entirely, while Strategy itself sold BTC for the first time since 2022 to fund stock distributions, showing the model carries real execution friction even at scale.
Capital B currently ranks 26th among public companies on BitcoinTreasuries.net with its 3,139 BTC, sitting far behind Strategy’s 846,842 BTC. Whether European investors ultimately price leveraged Bitcoin exposure the way US markets did for Strategy remains the central unresolved variable, and a €136 million market cap suggests they have not yet committed to that view.
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