European Bitcoin Treasury Pioneer Capital B Crosses 2,200 BTC Holdings as BTC to $217M+ Valuation Milestone

Capital B, the Euronext Growth Paris-listed digital asset reserve company (ticker: ALCPB), has reached a significant inflection point in its institutional Bitcoin accumulation strategy. The firm’s portfolio now encompasses 2,201 BTC currently valued at approximately €217.3 million at recent purchase levels, representing a dramatic expansion from its November 2024 starting position of just 15 coins. This trajectory illustrates how European financial institutions are increasingly treating Bitcoin as a core treasury asset rather than a speculative holding.

From Startup to 2,200+ BTC: Capital B’s Accelerating Acquisition Pattern

The company’s growth narrative becomes compelling when examined through its acquisition velocity. Between November 2024 and June 2025, Capital B methodically built its position to 1,788 BTC, then surged to the current 2,201 coins through the completion of recent institutional funding rounds. The latest capital injection—comprising €13.7 million in combined investments from institutional players Peak Hodl Ltd and asset manager TOBAM—financed the acquisition of 126 additional Bitcoin tokens.

This recent purchase involved Peak Hodl Ltd committing €8.7 million at €3.47 per share, resulting in 80 Bitcoin acquisitions worth approximately €7.9 million. TOBAM simultaneously deployed €5 million at €2.90 per share, enabling the purchase of 46 BTC worth around €4.5 million. Beyond equity financing, bond conversion mechanics further strengthened Capital B’s capital structure, with TOBAM converting 1.5 million bonds into 2.1 million ordinary shares and Fulgur Ventures requesting conversion of 4.76 million bonds into 8.75 million ordinary shares.

Performance Divergence: Why Capital B Outpaced Bitcoin Itself

The financial results reveal why institutional investors maintain confidence in this strategy. Capital B generated a 1,519.5% Bitcoin-denominated yield year-to-date with an 18.1% quarterly return, substantially outpacing Bitcoin’s standalone 58% performance across the measured period. The company’s shares delivered an exceptional 2,275% return, creating a performance multiplier effect that distinguishes treasury accumulation from direct Bitcoin holdings.

The gap between Capital B’s share performance and Bitcoin’s appreciation stems from structural leverage embedded within its financing model. Share issuances at discount prices combined with Bitcoin accumulation effectively amplify returns to existing shareholders, provided Bitcoin maintains its valuation trajectory and market conditions remain favorable.

Institutional Catalyst: Broader European Bitcoin Treasury Movement

Capital B operates within an expanding European framework for corporate-held digital reserves. Similar initiatives have emerged across the continent, with Smarter Web Company pioneering Britain’s first Bitcoin-denominated convertible bond valued at $21 million, also partnering with TOBAM. Separately, Parataxis Holdings announced a SPAC merger targeting $640 million in Bitcoin treasury assets for NYSE listing under “PRTX.”

This institutional shift reflects MicroStrategy’s North American precedent but incorporates distinct regulatory scaffolding and financing methodologies suited to European capital markets. The collective movement signals that over 287 companies now hold more than 3.64 million Bitcoin globally, suggesting sustained institutional demand for cryptocurrency treasury strategies.

Risk Framework: Volatility and Dilution Concerns Surface

Despite enthusiasm, market observers have flagged material risks. Franklin Templeton warned that concentrated corporate Bitcoin holdings could amplify downside volatility if prices decline sharply, potentially triggering cascading forced sales. VanEck analyst Matthew Sigel critiqued at-the-market share issuance programs that become dilutive when stock prices converge with Bitcoin net asset values, questioning strategic sustainability.

Capital B currently operates with an average Bitcoin acquisition cost of €91,568 per coin across its entire 2,201 portfolio. With BTC to recent price levels around €217 million in aggregate value, the company maintains €25.8 million in unrealized gains at current valuations, though this position remains sensitive to Bitcoin price direction.

Forward Trajectory: €300M Authorization and Institutional Confidence Signals

The company has authorized up to €300 million in additional capital increases through its Luxembourg subsidiary structure, signaling management’s commitment to continued Bitcoin accumulation. The expanded share capital now totals 163.1 million ordinary shares outstanding, with fully diluted capitalization reaching 331.2 million shares when including convertible instruments and warrant positions.

Capital B’s evolution from 15 coins to 2,201 BTC demonstrates how European financial infrastructure is embedding cryptocurrency treasury strategies into mainstream institutional portfolios, though sustainability questions remain contingent on Bitcoin price stability and capital market appetite for continued dilutive financing mechanisms.