Capital B, a Paris-listed company that describes itself as Europe’s first listed bitcoin treasury firm, is preparing a bitcoin-backed credit product modeled on Strategy’s STRC. The plan would bring a digital credit structure already gaining traction in the US to European investors for the first time.
A 3,135 BTC treasury sits behind the proposal
Alexandre Laizet, Board Director of Bitcoin Strategy, said the product has become the company’s main focus. He said Capital B wants to replicate in Europe the type of income vehicle built by Strategy and Strive to attract traditional capital into bitcoin. The company holds more than 3,000 BTC, with its latest reserve at 3,135 BTC, and it carries no fiat leverage on its treasury. That reserve places Capital B as the world’s 25th-largest bitcoin treasury company.
Laizet described the market as moving from digital equity into digital credit. In his outline, bitcoin-backed equity came first through companies such as Strategy, Metaplanet and Capital B, while the next wave includes institution-focused convertible notes and products like STRC and Strive’s SATA. The report says those instruments offer double-digit returns with single-digit volatility.
Laizet says payouts can be funded from the balance sheet
The main question around the model is how a treasury company without operating cash flow can support a double-digit annual payout. Laizet’s answer centers on the bitcoin already held on the balance sheet, not on future earnings. He said a company holding appreciating BTC effectively carries decades of future cash flow today, allowing it to pre-fund distributions through measured sales while continuing to accumulate.
“The yield is pre-financed by the balance sheet of the company,” Laizet said.
He pointed to Strategy as the template, saying the company sold a small amount of BTC to meet obligations and later bought back a much larger amount, leaving total holdings above the prior level. He also tied the broader thesis to monetary inflation, arguing that major crises over the past century have been followed by additional currency creation.
Capital B sees a gap in the European market
Laizet said Europe still lacks a company able to bring this structure to market at scale, citing high taxes, security gaps and regulation built for an earlier era. In his view, Capital B stands apart in the region on scale, participation and liquidity, giving it room to launch a digital credit instrument adapted to Europe.
“A digital credit instrument adapted to Europe that could really change the configuration of the markets” is the firm’s current focus, Laizet said.
On risk, he said bitcoin going to zero remains one possibility, though he put that probability close to nil and urged investors to do their own analysis. He did not provide a launch timeline. He also said execution and custody risks remain, which is why the firm works only with regulated banks.
The effort follows a period of accumulation funded through equity and warrants rather than debt. In May, Capital B completed a €15.2 million private placement backed by Blockstream chief executive Adam Back and asset manager TOBAM.