Europe now has its own version of the Bitcoin treasury playbook, and the company running it wants to layer credit products on top. Capital B, the continent’s first publicly listed Bitcoin treasury firm, is developing a Bitcoin-backed credit instrument aimed squarely at European investors hungry for crypto exposure through traditional financial rails.

Board director Alexandre Laizet outlined the initiative during a presentation at BTC Prague, describing a structured product designed to deliver double-digit yields while leveraging the company’s existing Bitcoin reserves.

The numbers behind the ambition

Capital B currently holds 3,139 BTC in its treasury. The firm has set a target of 15,000 BTC by the end of 2027. The longer-term goal is controlling 1% of Bitcoin’s total supply by 2033. For context, 1% of Bitcoin’s 21 million coin cap is 210,000 BTC.

To fund this accumulation strategy, Capital B put forward a proposal on June 17, 2026, calling for up to €5 billion in new equity issuance and €116 billion in credit instruments.

Earlier in 2026, Capital B completed a €15.2 million private placement that funded the acquisition of 192 BTC.

Why Europe, why now

Capital B, which rebranded from its previous identity as The Blockchain Group in July 2025, is positioning itself to fill a gap in European capital markets. The credit instrument being developed by Capital B is explicitly modeled on lessons from US predecessors Strategy and Strive, which Laizet referenced during his BTC Prague presentation.

According to the company, interest in Capital B’s digital credit offerings has surged tenfold on a year-over-year basis.

What investors should watch for

Laizet himself flagged several risks, including Bitcoin’s price volatility, custody risk, and counterparty risk.

The proposed €116 billion in credit instruments is a staggering figure. Whether Capital B can actually bring instruments of that magnitude to market, find buyers, and manage the resulting obligations is an open question.