Capital Markets Drive New Scarcity Trade in Bitcoin
A new scarcity trade is emerging in capital markets as companies like Capital B convert traditional funding into direct Bitcoin purchases.
This development, often grouped with institutional adoption, works differently from a corporate treasury creating demand by buying BTC or a government reserve restricting potential supply without market purchases.
Capital B uses equity and convertible instruments to build its Bitcoin treasury. The U.S. government's strategic reserve holds forfeited BTC under a no-sale policy.
Capital B CEO Alexandre Laizet sees listed companies as a bridge between BTC and investors with conventional securities market capital. He notes that the company has reported 3,525 BTC in strategic holdings acquired for approximately €309.7 million at an average cost of €87,854 per BTC by September 14.
The company's financing has not been limited to common equity, raising €127.2 million through equity operations and €151.1 million through Bitcoin-denominated convertible bonds during 2025.