Capital B Surges as Europe's Bitcoin Treasury Play Gains Momentum

Capital B, a Paris-listed Bitcoin treasury firm formerly known as The Blockchain Group, has risen to become one of the most actively traded stocks on Europe's largest exchange, Euronext. This is a remarkable feat for a company that only shifted its focus to a Bitcoin-centric strategy in late 2024.

Capital B trades under the ticker ALCPB on Euronext Growth Paris and has adopted a familiar approach: raise capital, buy Bitcoin, hold Bitcoin, repeat. The company's stash now sits at 3,521 BTC after its most recent purchase of 376 BTC on September 7, 2026, which cost approximately €25.3 million.

Its total acquisition cost basis for the entire Bitcoin position stands at roughly €309.4 million, funded through a series of capital raises totaling between €280 million and €300 million. The long-term ambition is to accumulate 1% of the total Bitcoin supply, which would mean acquiring around 210,000 BTC.

Capital B has strategic backers, including TOBAM, a French asset manager known for its systematic investing approach, and Adam Back, the CEO of Blockstream and one of the earliest figures in Bitcoin's development. The company has also adopted metrics like 'BTC Yield,' a measure popularized by MicroStrategy to track how effectively share issuance translates into per-share Bitcoin accumulation.