Capital B, a Paris-listed Bitcoin treasury firm formerly known as The Blockchain Group, has rapidly become one of the most actively traded stocks on Euronext, ranking ninth in daily trading volume relative to market cap across all listed issuers on Europe's largest exchange.
The company trades under ticker ALCPB on Euronext Growth Paris, the exchange's market for small and mid-cap companies. Its strategy mirrors the Bitcoin accumulation model popularized by MicroStrategy: raise capital, purchase Bitcoin, and hold the assets.
Current Bitcoin Holdings and Acquisition Strategy
Capital B currently holds 3,521 BTC following a purchase of 376 BTC on September 7, 2026, for approximately €25.3 million. The company's total acquisition cost basis for its entire Bitcoin position stands at roughly €309.4 million, funded through capital raises totaling between €280 million and €300 million.
The company has stated an ambitious long-term goal: accumulating 1% of Bitcoin's total supply, which would equate to around 210,000 BTC given Bitcoin's 21 million coin maximum supply cap.
Recent Listings and Share Restructuring
A secondary listing on Cboe Europe went live on August 5, 2026, producing immediate results. Trading volume on Cboe surpassed Euronext's within the first few hours of the listing, and overall trading activity roughly doubled following the debut.
On September 8, 2026, Capital B executed a 10-for-1 reverse stock split, consolidating every ten existing shares into one. This lifted the share price above €5, leaving approximately 30 to 38 million shares outstanding. The move broadens institutional access, as many investors and brokerages maintain minimum price thresholds for holdings.
Strategic Backing and Business Operations
Capital B is backed by TOBAM, a French asset manager known for systematic investing, and Adam Back, CEO of Blockstream and an early Bitcoin developer. The company has adopted metrics like BTC Yield, a measure popularized by MicroStrategy to track how effectively share issuance translates into per-share Bitcoin accumulation.
Beyond its Bitcoin treasury strategy, Capital B maintains operational business lines in data intelligence, artificial intelligence, and decentralized technology services, providing revenue and corporate structure alongside the primary Bitcoin holdings.
Institutional Appetite for Regulated Bitcoin Exposure
Capital B's trading volume ranking reflects growing institutional demand for Bitcoin exposure through regulated equity instruments. A Euronext-listed vehicle offers traditional market infrastructure, regulatory oversight, and settlement through established clearing systems—advantages unavailable through direct Bitcoin ownership or offshore crypto funds.
