Capital B's Bitcoin Treasury Play Climbs Euronext Trading Ladder
Capital B, a French financial firm listed on Euronext Growth Paris, has seen its trading volume skyrocket since pivoting to a Bitcoin-centric treasury strategy in late 2024. The company now ranks ninth in daily trading volume relative to market capitalization across all of Euronext.
This impressive climb is particularly notable given that Capital B's core thesis is based on Michael Saylor's playbook: raise capital, buy Bitcoin, hold Bitcoin, repeat. With a stash of 3,521 BTC and a total acquisition cost basis of roughly €309.4 million, the company's long-term ambition is to accumulate 1% of the total Bitcoin supply, approximately 210,000 BTC.
Strategic backers include TOBAM, a French asset manager, and Adam Back, CEO of Blockstream. Capital B has also adopted metrics like 'BTC Yield' to track share issuance into per-share Bitcoin accumulation. The company's operational businesses in data intelligence, artificial intelligence, and decentralized technology services provide revenue and a corporate structure, but the treasury strategy is what drives investor interest.
The trading activity surge follows a secondary listing on Cboe Europe, which went live on August 5, 2026, with immediate results. Trading volume on Cboe surpassed Euronext's within the first few hours of the listing, and overall trading activity roughly doubled following that debut. On September 8, 2026, Capital B executed a 10-for-1 reverse stock split, lifting the share price above €5 and opening the door to a broader investor base.