Capital B SA

ALCPB.PA🇫🇷Leveraged

Capital B is Europe's first Bitcoin treasury company, listed on Euronext Growth Paris. Originally a blockchain consulting firm, the company adopted a Bitcoin Standard in late 2024 and raises capital to accumulate BTC.

BTC Holdings

2,888 BTC

180d

Stock Price

€0.63

180d

Total financing

102.08M EUR

180d

mNAV

1.41x

180d

Leverage

57.3%

180d

BTC Credit

77 bps1.7x

Sats/Share

735

180d

Mkt capFD

247.69M EUR

SharesFD

393.16M

Fiat reserve

1.53M EUR

Total reserve

176.90M EUR

Dilution

44.8%

Analytics

In-the-Money

14% ITM

ITM: €14.2M

Maturity Profile

Conv

Nearest: 4yrWAM: 4.1yr

BTC Coverage

Capital Stack

1.7x · 77 bps

ConvertiblePreferredOtherBTC NAV: $205.4M

BTC Risk

3.14% avg

P(BTC Rating < 1x at maturity) · 45% vol, 30% ARR

BTC Credit

77 bps avg

Credit spread to offset BTC Risk · 45% vol, 30% ARR

Cumulative Financing Cost

Redemptions

Financials

French-GAAPSemi-AnnualAs of 2025-06-30

Balance Sheet

Total Assets€197.3M

Total Liabilities€144.8M

Stockholders' Equity€52.4M

Cash & Equivalents€1.5M▲193.9%

Total Debt—

Digital Assets—

Income Statement

Revenue€5.6M▼23.1%

Operating Income€-2.8M▼112.4%

Net Income€-1.9M▼235.4%

Interest Expense—

Cash Flow

Operating Cash Flow€-2.9M▼330.2%

ATM Programs

BTC Acquired

244

Total Proceeds

€23.3M

Avg BTC Cost

€95K

Shares Issued

8.7M

Common

Instruments

Total

102.08M EUR

Instrument	Term	Coupon	Principal	Outstanding	Conv. price	BTC Rating
CPTLB-B01	Mar '25 – Mar '30	0%	48.60M EUR	14.20M EUR	0.54 EUR	>10x
CPTLB-B02B	May '25 – May '30	0%	58.31M EUR	58.31M EUR	0.71 EUR	2.5x
CPTLB-B02C	Jun '25 – Jun '30	0%	2.42M EUR	2.42M EUR	0.71 EUR	2.3x
CPTLB-B03	May '25 – May '30	0%	4.61M EUR	4.61M EUR	3.81 EUR	2.3x
CPTLB-A03	Jun '25 – Jun '30	0%	6.00M EUR	6.00M EUR	3.12 EUR	2.1x
CPTLB-A04	Jun '25 – Jun '30	0%	5.00M EUR	5.00M EUR	2.59 EUR	2.0x
CPTLB-B04	Jun '25 – Jun '30	0%	5.05M EUR	5.05M EUR	5.17 EUR	1.9x
CPTLB-A05	Aug '25 – Aug '30	0%	6.50M EUR	6.50M EUR	1.83 EUR	1.7x
Total				102.08M EUR

Disclaimer

The B-series is effectively Bitcoin denominated but reported in euros.

Recent Changes

Mon, Mar 30, 2026

Shares Outstanding

229.7M→271.6M+41.8M(+18.2%)

36,613,919 from B-01 conversion + 5,230,559 from share subscription at EUR 0.544

OCA B-01 conversion by Blockstream & UTXO + EUR 2.8M capital raise

Debt OutstandingConversionCPTLB-B01

35.7M→14.2M-21.5M(-60.3%)

Blockstream converted 17,897,600 OCA; UTXO Management converted 2,020,372 OCA (all UTXO holdings)

OCA B-01 conversion by Blockstream & UTXO + EUR 2.8M capital raise

Mon, Mar 23, 2026

BTC Holdings

2.8K→2.9K+44 BTC(+1.5%)

44 BTC Acquisition, 2,888 BTC Total Holdings

Shares Outstanding

229.1M→229.7M+669.9K(+0.3%)

44 BTC Acquisition, 2,888 BTC Total Holdings

Mon, Mar 16, 2026

BTC Holdings

2.8K→2.8K+8 BTC(+0.3%)

8 BTC Acquisition, 2,844 BTC Total Holdings

Shares Outstanding

228.3M→229.1M+788.2K(+0.3%)

8 BTC Acquisition, 2,844 BTC Total Holdings

Fri, Mar 13, 2026

ATM Activity2026-03-09 – 2026-03-13

669.9K shares$507.7K

ATM portion of 44 BTC total, rest from warrant proceeds

44 BTC Acquired via ATM + Warrants (Mar 9-13)

Mon, Mar 9, 2026

BTC Holdings

2.8K→2.8K+2 BTC(+0.1%)

2 BTC Acquisition, 2,836 BTC Total Holdings

Shares Outstanding

226.9M→228.3M+1.4M(+0.6%)

2 BTC Acquisition, 2,836 BTC Total Holdings

Fri, Mar 6, 2026

ATM Activity2026-03-02 – 2026-03-06

788.2K shares$559.7K

8 BTC Acquired via ATM (Mar 2-6)

Fri, Feb 27, 2026

ATM Activity2026-02-23 – 2026-02-27

200.0K shares$120.4K

2 BTC Acquired via ATM (Feb 23-27)

Mon, Feb 16, 2026

BTC Holdings

2.8K→2.8K+6 BTC(+0.2%)

Analytics Dashboard

Mon, Feb 9, 2026

BTC Holdings

2.8K→2.8K+5 BTC(+0.2%)

Analytics Dashboard

Fri, Feb 6, 2026

ATM Activity2026-02-02 – 2026-02-06

601.0K shares$401.5K

6 BTC Acquired via ATM (Feb 2-6)

Fri, Jan 30, 2026

ATM Activity2026-01-27 – 2026-01-30

193.5K shares$150.0K

5 BTC Acquired via ATM (Jan 27-30)

View all changes

Instrument

Term

Coupon

Principal

Outstanding

Conv. price

BTC Rating

CPTLB-B01

Mar '25 – Mar '30

48.60M EUR

14.20M EUR

0.54 EUR

>10x

CPTLB-B02B

May '25 – May '30

58.31M EUR

0.71 EUR

2.5x

CPTLB-B02C

Jun '25 – Jun '30

2.42M EUR

0.71 EUR

2.3x

CPTLB-B03

May '25 – May '30

4.61M EUR

3.81 EUR

2.3x

CPTLB-A03

Jun '25 – Jun '30

6.00M EUR

3.12 EUR

2.1x

CPTLB-A04

Jun '25 – Jun '30

5.00M EUR

2.59 EUR

2.0x

CPTLB-B04

Jun '25 – Jun '30

5.05M EUR

5.17 EUR

1.9x

CPTLB-A05

Aug '25 – Aug '30

6.50M EUR

1.83 EUR

1.7x

Total

102.08M EUR

Recent Changes

Mon, Mar 30, 2026

Shares Outstanding

229.7M→271.6M+41.8M(+18.2%)

36,613,919 from B-01 conversion + 5,230,559 from share subscription at EUR 0.544

OCA B-01 conversion by Blockstream & UTXO + EUR 2.8M capital raise

Debt OutstandingConversionCPTLB-B01

35.7M→14.2M-21.5M(-60.3%)

Blockstream converted 17,897,600 OCA; UTXO Management converted 2,020,372 OCA (all UTXO holdings)

OCA B-01 conversion by Blockstream & UTXO + EUR 2.8M capital raise

Mon, Mar 23, 2026

BTC Holdings

2.8K→2.9K+44 BTC(+1.5%)

44 BTC Acquisition, 2,888 BTC Total Holdings

Shares Outstanding

229.1M→229.7M+669.9K(+0.3%)

44 BTC Acquisition, 2,888 BTC Total Holdings

Mon, Mar 16, 2026

BTC Holdings

2.8K→2.8K+8 BTC(+0.3%)

8 BTC Acquisition, 2,844 BTC Total Holdings

Shares Outstanding

228.3M→229.1M+788.2K(+0.3%)

8 BTC Acquisition, 2,844 BTC Total Holdings

Fri, Mar 13, 2026

ATM Activity2026-03-09 – 2026-03-13

669.9K shares$507.7K

ATM portion of 44 BTC total, rest from warrant proceeds

44 BTC Acquired via ATM + Warrants (Mar 9-13)

Mon, Mar 9, 2026

BTC Holdings

2.8K→2.8K+2 BTC(+0.1%)

2 BTC Acquisition, 2,836 BTC Total Holdings

Shares Outstanding

226.9M→228.3M+1.4M(+0.6%)

2 BTC Acquisition, 2,836 BTC Total Holdings

Fri, Mar 6, 2026

ATM Activity2026-03-02 – 2026-03-06

788.2K shares$559.7K

8 BTC Acquired via ATM (Mar 2-6)

Fri, Feb 27, 2026

ATM Activity2026-02-23 – 2026-02-27

200.0K shares$120.4K

2 BTC Acquired via ATM (Feb 23-27)

Mon, Feb 16, 2026

BTC Holdings

2.8K→2.8K+6 BTC(+0.2%)

Analytics Dashboard

Mon, Feb 9, 2026

BTC Holdings

2.8K→2.8K+5 BTC(+0.2%)

Analytics Dashboard

Fri, Feb 6, 2026

ATM Activity2026-02-02 – 2026-02-06

601.0K shares$401.5K

6 BTC Acquired via ATM (Feb 2-6)

Fri, Jan 30, 2026

ATM Activity2026-01-27 – 2026-01-30

193.5K shares$150.0K

5 BTC Acquired via ATM (Jan 27-30)

View all changes