French treasury company Capital B aims to increase its Bitcoin holdings to 42,000 BTC by the end of 2029. As of September 30, 2026, the firm held 3,538 BTC, up from 40 BTC in late 2024. The company has set an intermediate target of 15,000 BTC by 2027.
To fund this expansion, Capital B plans to issue Bitcoin-backed digital credit products. This strategy aims to monetize the treasury through both price appreciation and credit issuance, focusing on increasing the amount of BTC per diluted share.
The company, which trades as ALCPB.PA on Euronext Growth Paris, is currently Europe's second-largest corporate Bitcoin holder. Its average acquisition cost is €87,805 per BTC, with a total cost basis exceeding €300 million.
In the first half of 2026, Capital B reported a net loss of €69.5 million, largely due to non-cash impairment charges on its Bitcoin holdings. Revenue for the same period ranged between €5.8 million and €6.5 million.
Capital B raised €30 million in the first half of 2026 and secured financing authorizations of up to €120 billion in June 2026. The firm also executed a 10-for-1 reverse stock split in July 2026 to prepare for scaling operations.
