Capital B, a major Paris-listed player in digital asset treasury management, is orchestrating a significant stock restructuring. Starting September 8, the company is implementing a reverse stock split at a ratio of ten-to-one. In practical terms, this technical move divides the number of outstanding shares by ten while mechanically multiplying their nominal value by ten. While the firm's overall market capitalization remains unchanged, the maneuver aims to shed the "penny stock" label often associated with low-priced shares, thereby removing psychological and regulatory barriers that prevent some major institutional investors from entering the stock.
This strategic reorganization comes amid a buzz of excitement, highlighted by the entry of one of the ecosystem’s most iconic figures as a shareholder: Adam Back. The Blockstream co-founder recently injected 7.6 million euros into the company. The fundraising is accompanied by a share subscription warrant (BSA) mechanism that could, over time, allow Capital B to raise up to an additional 49.4 million euros. For the investor, this operation bolsters an already substantial influence, with his current stake standing at 17.77%, potentially rising to 27.8% should the warrants be fully exercised.
The core objective of this liquidity injection is to aggressively bolster the company's bitcoin treasury. With approximately 3,145 units already in its portfolio, Capital B ranks as the second-largest institutional holder in Europe, trailing only Germany’s Bitcoin Group SE. Thanks to the funds provided by Adam Back, the company plans to acquire an additional 376 bitcoins, bringing its total holdings to 3,521 units. This accumulation strategy is part of an ambitious long-term vision: reaching 15,000 BTC by the end of 2027, with an ultimate target of 1% of the total Bitcoin network supply.
By combining this share restructuring with the increased involvement of an industry pioneer, Capital B is seeking to reshape its financial profile to attract further institutional capital. These technical maneuvers, while seemingly complex, reflect management’s clear intent to professionalize the structure and secure the means to execute its large-scale accumulation program, openly drawing inspiration from North American models specialized in digital asset reserve holding.