Capital B shareholders have overwhelmingly approved a massive capital expansion strategy aimed at aggressively acquiring Bitcoin. At the June 17 general meeting, investors authorized the issuance of up to 125 billion new shares and €100 billion in credit instruments. This mandate provides approximately €5 billion in immediate equity capacity to fund digital asset purchases.
The approval coincides with the firm's official rebrand from The Blockchain Group to Capital B. Management has explicitly positioned the entity as Europe’s first publicly listed Bitcoin treasury company. Current holdings stand at 3,139 BTC, but the strategic target is to accumulate 1% of Bitcoin’s total supply by 2033. Achieving this goal requires expanding holdings to roughly 210,000 coins.
This operational model mirrors the leveraged accumulation strategy pioneered by MicroStrategy in the United States. Success depends entirely on whether acquired Bitcoin appreciates faster than shareholder dilution from new equity issuance. Key performance metrics will focus on Bitcoin per fully diluted share rather than traditional earnings.
Management signaled potential interest in Bitcoin-backed credit products using current holdings as collateral. However, the authorized amounts represent a ceiling rather than an immediate deployment plan. Capital raises will occur in tranches over time as market conditions permit.
Investors must now monitor how European markets price Capital B relative to its net asset value. While US counterparts often trade at premiums, regulatory and currency risks may influence institutional appetite for this specific vehicle. The coming quarters will test whether European capital markets can sustain a similar valuation premium for leveraged Bitcoin exposure.