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Acquisition History
Treasury Metrics
What is Capital B?
The Blockchain Group, also known as Capital B following its 2025 rebrand, is the first French corporate treasury specialising in Bitcoin. Headquartered in Paris and listed on Euronext Growth (ALTBG), it holds more than 3,000 BTC on its balance sheet and has pioneered in Europe financial innovations such as Bitcoin-collateralised bonds, a capital-raising instrument unprecedented in the sector.
History and model
The Blockchain Group was founded as an IT-services and technology-consulting company, listed on the French Euronext Growth market. In 2024 it began a strategic pivot toward the treasury-first Bitcoin model under the leadership of Alexandre Laizet and Olivier Rolland, replicating the Strategy pattern from the European jurisdiction. In 2025 the company partially rebranded to Capital B to reflect its exclusive focus on Bitcoin treasury. It trades under the ticker ALTBG on Euronext Growth and runs its operations from Paris.
Bitcoin strategy
Capital B adopts Strategy's continuous accumulation model adapted to the European market. The company regularly publishes its purchases and maintains a public commitment to a growing Bitcoin per Share as its management metric. The main operational differentiator versus US treasuries is the jurisdiction: it operates under French and European regulation (MiCA), which adds specific reporting requirements but opens access to European institutional investors restricted from foreign entities.
Financing vehicles
Capital B has pioneered a distinctive financial instrument: Bitcoin-collateralised bonds. The investor delivers Bitcoin to the issuer in exchange for bonds that pay interest in euros; at maturity, the investor receives Capital B shares or the equivalent depending on the market premium at the time. This vehicle allows the company to source Bitcoin directly from the market without needing to buy on an exchange. In addition, the company uses ATM equity raises on Euronext and traditional convertible bonds in euros.
Position on SatsIntel
Capital B ranks sixteenth in the SatsIntel directory by BTC holdings and is the only French treasury in the directory. Tracking it is critical to understanding European adoption of the treasury model and the specific regulatory nuances of operating under MiCA. The Bitcoin-collateralised-bond innovation makes it a reference case for other European companies wishing to replicate the model without the regulatory or monetary disadvantages of operating from the United States. The editorial pillar on Bitcoin treasuries highlights Capital B as a European regional pioneer.
Frequently asked questions
How many bitcoins does Capital B hold?
Capital B (The Blockchain Group) holds more than 3,000 BTC on its balance sheet, making it the largest listed European treasury and the first French one in the SatsIntel directory.
What's the difference between The Blockchain Group and Capital B?
Same entity. Capital B is the partial rebrand adopted in 2025 to reflect the exclusive focus on Bitcoin treasury. The listing keeps the original ticker ALTBG on Euronext Growth.
What are Bitcoin-collateralised bonds?
A pioneering financial instrument introduced by Capital B where the investor delivers BTC to the issuer in exchange for bonds that pay interest in euros. At maturity, the investor receives Capital B shares or the equivalent depending on the market premium at the time. It allows the company to source Bitcoin directly from the market without going through an exchange.
Where does Capital B trade?
Euronext Growth (Paris) under the ticker ALTBG.
How does it differ from Strategy?
Same core mission (pure BTC treasury, BTC per share model) but a much smaller size (roughly 250× smaller by balance), a European jurisdiction (MiCA instead of SEC), and the Bitcoin-collateralised-bond innovation as an additional capital-raising layer. Strategy has not replicated this last vehicle yet.
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Disclaimer: SatsIntel is for informational purposes only. It is not an authorized crypto-asset service provider (CASP) and does not provide financial, tax or legal advice. Crypto-assets are high-risk assets and may result in the total loss of the invested capital. See the legal terms.