Capital B SA, the Paris-listed company formerly known as The Blockchain Group, completed a 10-for-1 reverse stock split effective September 8, 2026. The consolidation raised the share price from sub-€1 territory to above €5, a level that institutional investors often require for portfolio eligibility.
The company's stock had been trading between €0.48 and €0.51 before the consolidation. Following the split, the projected price range is €4.80 to €5.10, assuming market capitalization remains unchanged.
Mechanics of the consolidation
The par value per share increased from €0.08 to €0.80. Outstanding shares dropped from approximately 300.6 million to about 30.1 million. Shareholders retained proportional ownership as their share counts decreased by a factor of ten while individual share values rose proportionally.
Trading of old shares ended on September 7, with new shares beginning to trade the following day on Euronext Growth Paris under the same ticker, ALCPB. The new shares carry ISIN FR0014019Y19. Fractional share entitlements are being handled by intermediaries, with cash distributions for fractional holdings expected to begin around September 14. The company also paused conversions and exercises of certain convertible bonds and warrants during the transition.
Institutional investor thresholds
Many institutional investors maintain internal policies restricting purchases of stocks priced below specific thresholds. Stocks trading at €0.50 are often categorized as penny stocks regardless of a company's fundamentals or market capitalization, creating barriers to institutional participation.
The reverse split was formally announced on July 20, 2026, and received board and shareholder approval before implementation. Shareholders had until September 7 to adjust their holdings ahead of consolidation.
Bitcoin treasury strategy
Capital B positions itself as Europe's first listed Bitcoin treasury company, holding 3,139 BTC as a core element of its corporate strategy. The company's rebranding from The Blockchain Group to Capital B reflects a shift toward directly signaling its Bitcoin-focused treasury approach, drawing comparisons to MicroStrategy in the United States.
