France-based listed blockchain company Capital B (The Blockchain Group) announced on March 23, 2026, the completion of an At-the-Market (ATM) capital increase and warrant issuance, using the proceeds to acquire an additional 44 Bitcoin. The move increases the firm's total bitcoin treasury to 2,888 BTC, with a total acquisition cost of $309.34 million (€267.1 million).
Capital Raise and Bitcoin Purchase Details
The ATM equity offering and share subscription warrants raised $4.05 million (€3.5 million). Out of this, $3.12 million (€2.7 million) was used to buy 44 Bitcoin at an average price of approximately $70,909 per BTC. The company partnered with TOBAM for the ATM raise at €1.70 per share, while UTXO Management participated through warrant subscription.
Key performance metrics reveal a year-to-date BTC yield of 0.72% and a total net gain of 20.4 Bitcoin for 2026 so far. This yield metric demonstrates the efficiency of using equity financing to expand the corporate bitcoin reserve.
Strategy and Background
Capital B (ISIN: FR0011053636, ticker: ALCPB) is headquartered in Puteaux, France, and listed on Euronext Growth Paris. The company has been actively building its bitcoin treasury since 2025, following a strategy similar to MicroStrategy but funded through equity rather than debt. Its Luxembourg subsidiary also holds part of the bitcoin under the same group structure.
This specific transaction does not require a prospectus approved by the French financial regulator (AMF), as it qualifies for an exemption under applicable regulations.
Market Implications
By using ATM offerings and warrants, Capital B avoids diluting existing shareholders too aggressively while still raising capital to acquire bitcoin. The 0.72% BTC yield suggests that the company's bitcoin holdings grew slightly faster than the share count, generating modest value for shareholders. However, the strategy remains exposed to bitcoin price volatility, which could swing the company's valuation significantly.
With 2,888 BTC now on its balance sheet, Capital B ranks among the top publicly traded bitcoin holders in Europe. The company has not disclosed plans for further acquisitions, but the ATM mechanism allows for continuous capital raises as market conditions permit.