Capital B pursues reverse stock split to unlock institutional capital
The Paris-listed bitcoin treasury firm is consolidating its shares tenfold to breach institutional price thresholds as it prepares to deploy massive approved financing facilities.
Capital B will execute a 10-for-1 reverse stock split starting September 8, consolidating its outstanding shares from 300,650,632 to 30,065,063. The Paris-listed company, formerly known as The Blockchain Group, said in a regulatory filing on Monday that the par value of each share will increase to €0.80 from €0.08. Management framed the move as a “purely technical exchange” designed to “support the company’s institutional development and to open the company’s shares to a broader universe of investors.”
The restructuring targets a structural barrier in European equity markets. Many institutional funds maintain internal mandates that prohibit owning stocks trading below specific price points, while certain exchanges enforce minimum listing thresholds. Capital B currently trades near €0.48 on Euronext Growth Paris, a level roughly 40% lower than at the start of the year. Assuming the market capitalization holds steady, the consolidation would price each new share near €4.80.
While the split does not directly alter the company's balance sheet or raise capital, it clears a hurdle as Capital B scales its treasury operations. The firm holds 3,139 bitcoin, making it the second-largest publicly traded corporate holder of the cryptocurrency in Europe behind Germany’s Bitcoin Group SE. Capital B describes itself as Europe’s first bitcoin treasury company and built much of its position through fundraising during the first half of 2026, including a May purchase of 192 bitcoin for €13 million.
Shareholders have already signaled an appetite for aggressive expansion. In June, investors authorized up to €5 billion in capital increases and €100 billion in credit instruments, with more than 95% voting in favor. Those resolutions grant the board significant firepower for future acquisitions, though the company has not yet set a launch date for a bitcoin-backed credit product it is developing.
Mechanics of the split
The transition window runs from August 6 through September 7. Holders with positions not evenly divisible by 10 must buy or sell shares before the deadline to avoid forced liquidation of fractional entitlements, with cash distributions for those leftovers beginning September 14. Trading in the consolidated shares under a new ISIN commences on September 8.
The company will suspend conversions of certain convertible bonds and warrant exercises from August 17 through September 10. After the split, Capital B will multiply bond conversion prices by 10 and divide warrant ratios and unvested free shares by 10 to reflect the reduced share count.
