The French Bitcoin treasury company plans to fund the expansion by issuing Bitcoin-backed digital credit products
Capital B wants to own a lot more Bitcoin. The French treasury company plans to grow its holdings to 42,000 BTC by the end of 2029, and it intends to get there using digital credit.
As of September 30, 2026, the company held 3,538 BTC. Reaching the 2029 goal means multiplying that stack by nearly 12 times in a little over three years.
The plan, and the math behind it
Capital B trades under the ticker ALCPB.PA on Euronext Growth Paris. It treats Bitcoin as its primary reserve asset. It also keeps running business lines in data intelligence, AI and blockchain consulting.
The 42,000 BTC figure is the long-range ambition. The company is publicly working toward a nearer milestone of 15,000 BTC by 2027. That intermediate step alone would require more than quadrupling its current position.
The engine for all of this is what the company calls digital credit. These are Bitcoin-backed products built to appeal to fiat investors who want yield but would rather skip the stomach-churning price swings of holding the coin directly.
Capital B’s version swaps the building for Bitcoin. The stated goal is to monetize the treasury twice: once through Bitcoin’s price appreciation, and again through issuing credit against it. The metric the company says it wants to boost is BTC per diluted share. That measures how much Bitcoin each shareholder effectively owns after accounting for new stock.
That last part matters. Raising money by printing shares can dilute existing holders. Credit products are meant to bring in capital without shrinking each shareholder’s slice as aggressively.
How Capital B got here
The growth so far has been steep. Capital B held 40 BTC in late 2024. By the end of September 2026, that number had climbed to approximately 3,538 BTC.
The research places Capital B as Europe’s second-largest corporate Bitcoin holder, behind only Germany’s Bitcoin Group. Its average acquisition cost sits at €87,805 per BTC, which puts the cost basis of its stack north of €300 million.
Funding has come in waves. The company raised €30 million in the first half of 2026. In June 2026, it secured broad financing authorizations totaling €120 billion, giving management a very large ceiling to work under if it chooses to use it.
The company also executed a 10-for-1 reverse stock split in July 2026. A reverse split consolidates shares, so ten old shares become one new one. Capital B framed the move as preparation for scaling operations.
Its institutional backers include Adam Back, CEO of Blockstream, and TOBAM, an asset management firm.
The losses are mostly on paper, but they are real
Capital B reported a €69.5 million net loss for the first half of 2026. Most of that came from a non-cash impairment charge tied to its Bitcoin holdings, estimated at roughly €67.5 million to €75.8 million.
An impairment is an accounting write-down. When an asset’s value falls below what the company carries it at on the books, the difference shows up as a loss, even if nothing was sold.
Revenue for the period came in between €5.8 million and €6.5 million. Put plainly, the operating business is small next to the Bitcoin position, and swings in the coin’s price can swamp everything else on the income statement.
What this means for Capital B and its investors
The whole strategy hinges on demand for digital credit. On that front, Board director Alexandre Laizet says demand for these instruments has increased tenfold year-over-year. If that appetite holds, Capital B has a funding channel that does not depend solely on selling new shares.
The pitch to fiat investors is a middle path. They get exposure to yield generated against a Bitcoin treasury without holding a volatile asset outright.
The risks run in the other direction. Credit backed by Bitcoin is only as sturdy as the collateral underneath it. A sharp drawdown in Bitcoin would pressure both the balance sheet and the appeal of the credit products at the same moment, which is precisely when a company leaning on fresh issuance would need buyers most.
For shareholders, the number to watch is BTC per diluted share rather than the headline Bitcoin count. A company can accumulate thousands of coins and still leave existing investors worse off if dilution outpaces accumulation. Capital B is betting that credit, not equity, lets it avoid that trap.
