Capital B

Capital B SA

Treasury Qualification

Treasury classificationBitcoin Treasury Company

Qualification tierCore Directory

Directory statusIncluded

Ownership status3,538 BTC at September 28, 2026, held by Capital B and its wholly owned Luxembourg treasury subsidiary, counted once. Operating-business BTC remains outside this reserve figure. The increase of 399 BTC reflects purchases, including 376 on September 7 and 13 on September 28. Average acquisition cost is EUR 87,805 per BTC.

Strategic intent

Capital B describes itself as Europe's first Bitcoin Treasury Company and states that its strategy is to accumulate Bitcoin and increase Bitcoin per fully diluted share over time through capital-efficient financing.

Bitcoin Treasury

Last verified attributable BTC3,538 BTC

Balance dateSeptember 28, 2026

Estimated value$282,134,272BTC price retrieved: October 27, 2026 at 08:17 UTC

Average purchase priceUSD 87,805

Included in totals

Verified at the stated balance date

Ownership and Restrictions

Component figures are shown only when separately disclosed and may overlap; they are not additive. Components refer to the eligible balance date unless dated otherwise in research notes. “Not separately disclosed” does not imply zero.

Total BTC reported3,538

Unencumbered / unrestrictedNot separately disclosed

Pledged as collateralNot separately disclosed

Loaned to third parties0

Subsidiary-ownedNot separately disclosed

Other restricted owned BTCNot separately disclosed

Latest Financial Results

Reporting period: Year ended December 31, 2025

Revenue$11,206,000

Operating income/loss$-4,187,000

Net income/loss$-62,175,000

Cash$3,500,000

Management

Chief executive officer: Jean-Philippe Casadepax-Soulet
Chief financial officer: Simon Elbaz
Executive chair: Jean-François Descaves (Chairman of the Board)

Research Notes

Capital B reported 3,139 BTC as of June 1, 2026, held by the company and Capital B Luxembourg SA under its formal treasury strategy. The aggregate acquisition value was approximately €283.8 million, representing an average acquisition price of €90,418 per BTC. The company has also disclosed a separate pool of Bitcoin used for operating needs; those operating coins are segregated from the treasury reserve and are not counted here. The public disclosure does not provide a current breakdown of unencumbered, pledged, or subsidiary-held BTC, so those component fields remain undisclosed rather than assumed. For 2025, Capital B reported €11.206 million in revenue, a €4.187 million operating loss, and a €62.175 million net loss. The net loss included approximately €53.9 million of non-cash Bitcoin impairment. September 29, 2026 methodology and financial refresh: 3,538 BTC at September 28, 2026, held by Capital B and its wholly owned Luxembourg treasury subsidiary, counted once. Operating-business BTC remains outside this reserve figure. The increase of 399 BTC reflects purchases, including 376 on September 7 and 13 on September 28. Average acquisition cost is EUR 87,805 per BTC. EUR, FY2025 retained; no newer financial statement established. Revenue 11,206,000 under "Revenue" and net loss -62,175,000 under "Net income", disclosed group basis. Existing annual financial amounts remain dated FY2025. September 2026 share consolidation is added to corporate history; the additional US symbol does not replace primary ALCPB. Financial source: https://live.euronext.com/en/products/equities/company-news/2026-04-30-capital-b-publishes-its-2025-annual-results (source date: April 30, 2026). Eligible holdings source: https://cptlb.com/wp-content/uploads/2026/09/rbZj2RjXHd/20260928-Capital-B-CP-28-septembre-2026-EN-FINAL.pdf (source date: September 28, 2026). Supplemental approved sources: https://cptlb.com/wp-content/uploads/2026/04/20260430-Capital-B-FY25-Annual-Results.pdf. Historical notes above are preserved as dated history; earlier eligibility descriptions do not override this review. The existing last_verified date is unchanged and is not a blanket verification of unresolved fields.