Capital B (The Blockchain Group)
ALCPB · Euronext Growth Paris (ALCPB); US OTC: CPTLFTreasury vehicleHighFrance
BTC held
3,145
as of Aug 17, 2026 · 0.015% of 21M
Value now
$245M
at BTC $77,947
Basic mNAV
0.75×
mkt cap $183M as of Sep 4, 2026
Sats per share
952
330M shares as of Aug 17, 2026
Cost basis
- Average cost per BTC
- $104,781
- Total invested
- $330M
- Unrealized gain
- $-84M (-25.6%)
Treasury debt
- OCA B-01 convertible bonds (Blockstream Capital Partners) fully converted: final 14,195,352 OCA B-01 converted into 28,687,362 shares at €0.495, confirmed Aug 17, 2026 — zero OCA B-01 remain. All BTC-strategy converts were 0%-style OCAs subscribed by Fulgur/Adam Back/Blockstream/TOBAM/UTXO in 2024-25 and are progressively equitized.—
- Remaining overhang: BSA-OC A-03, A-04, B-04, A-05 warrants (exercisable into further convertible bonds), BSA 2026-01 through 2026-05 warrants, ~€300M authorized TOBAM ATM program, plus 144.9M new warrants (strikes €0.75/€0.98/€1.27, up to €135.8M) attached to the Aug 28, 2026 €21M ABSA placement. Fully diluted 427.1M shares vs 330.3M issued (Aug 17, 2026).—
Recent activity
Continuous small accumulation through 2026 (+5 BTC on Aug 17 to 3,145 BTC held at €284.2M total / €90,352 avg; BTC Yield 2.14% YTD), funded via a TOBAM ATM; on Aug 28, 2026 raised €21.0M (net ~€19.9M) at €0.58/unit from Adam Back, TOBAM and institutions, earmarked to buy ~270 more BTC (target ~3,415). Also holds 61 BTC for operations, segregated from the treasury KPIs.
Risk notes
Heavy structural dilution — 427M fully diluted vs 330M basic shares, plus fresh warrants and a €300M ATM authorization — with the stock down ~68% y/y (€0.55) and an average cost (€90,352/~$104.8K) well above current BTC prices, leaving the treasury underwater; governance concentration around Blockstream/Adam Back (~34% of basic capital combined). Note: bitcointreasuries' $137.1M market cap uses a stale share count; $210.7M here = 330.31M shares x €0.55 (Aug 31) at 0.8623 EUR/USD.
Sources
- https://cptlb.com/wp-content/uploads/2026/08/kKF0m38pTc/20260817-Capital-B-CP-17-aout-2026-EN-FINAL.pdf
- https://cptlb.com/investors/news-financial-information/
- https://bitcointreasuries.net/public-companies/capital-b
- https://www.tipranks.com/news/company-announcements/capital-b-boosts-bitcoin-treasury-and-streamlines-capital-structure
- https://finance.yahoo.com/markets/crypto/articles/capital-b-raises-21-million-144800170.html
- https://stockanalysis.com/quote/epa/ALCPB/
- https://open.er-api.com/v6/latest/USD
- https://bitcointreasuries.net/
Figures are compiled from public disclosures and may lag. This page is information, not investment advice or a recommendation regarding ALCPB securities.