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Capital B, formerly known as The Blockchain Group, received broad shareholder approval at its Annual Ordinary and Extraordinary General Meeting on June 17 to significantly expand its equity and credit capacity for a strategy focused on buying more Bitcoin.
At the meeting, investors overwhelmingly approved authority to issue up to 125 billion new shares at a nominal value of roughly €0.04 each, providing approximately €5 billion in equity capacity. In addition, shareholders authorized €100 billion in credit instruments intended to accelerate Capital B’s Bitcoin acquisition strategy.
The meeting also coincided with the company’s rebrand from The Blockchain Group to Capital B, positioning it as Europe’s first publicly listed Bitcoin treasury company.
Capital B currently holds 3,139 BTC. The company’s stated target is to hold 1% of Bitcoin’s total supply by 2033. With Bitcoin’s maximum supply capped at 21 million coins, this implies a target of roughly 210,000 BTC.
In May 2026, Capital B added 192 BTC through a €15.2 million private placement that included backing from Adam Back, CEO of Blockstream and a cryptographic pioneer cited in Bitcoin’s original whitepaper.
Capital B’s approach follows the playbook popularized in the US by Strategy (formerly MicroStrategy): using equity issuance and debt instruments to continuously accumulate Bitcoin, while presenting the stock as a form of leveraged Bitcoin exposure with corporate governance layered on top.
A key metric emphasized by the company is Bitcoin per fully diluted share. Because issuing 125 billion new shares dilutes existing holders, the investment case depends on whether the Bitcoin acquired with proceeds increases in value faster than dilution erodes per-share economics.
The €100 billion credit authorization is also notable. Capital B has signaled interest in Bitcoin-backed credit products, suggesting it may explore lending or structured products that use its Bitcoin holdings as collateral.
The approvals represent a ceiling rather than an immediate deployment. Capital B has authorization to raise these amounts, but the actual issuance and borrowing are expected to occur in tranches over time rather than all at once.
Reaching the stated goal from 3,139 BTC to 210,000 BTC would require multiplying current holdings by roughly 67 times.
Investors may want to monitor how Capital B’s stock price trades relative to its net asset value in Bitcoin. Strategy has historically traded at a premium to its Bitcoin holdings, reflecting investor willingness to pay extra for leveraged exposure and corporate structure. Whether European markets offer a similar premium—or instead apply a discount due to additional regulatory and currency risks—could be an important signal of institutional appetite for the model outside the US.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
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