Parisian Firm Goes Full Saylor-Lite: €3M Raised to Stack 36 More Sats

The Blockchain Group, now calling itself Capital B, has successfully scraped together €3 million in fresh capital. The Paris-listed outfit is deploying the loot to further its primary corporate mission: buying more Bitcoin, obviously.

The funding round saw €2 million from TOBAM and €1 million from UTXO Management, funneled through 27.39 million warrants priced at a crisp €0.11 apiece. These little tickets can be swapped for ordinary shares, because what's a capital raise without some extra paperwork?

With the proceeds, the company aims to bag roughly 36 more bitcoin. This would boost its total hoard to a princely 2,880 BTC. The objective isn't subtle: to pump that sweet, sweet bitcoin-per-share metric, the only KPI that matters in this game.

In a related bit of financial engineering, Capital B also gave the terms on three tranches of TOBAM-held convertible bonds a serious haircut. Conversion prices were effectively halved, because when your strategy is "buy Bitcoin," everything else is negotiable.

The A-03 tranche conversion price got slashed from €6.24 to €3.12. A-04 was cut from €5.174 to €2.59. A-05 was reduced from €3.656 to €1.83. It's a fire sale on equity, all to keep the BTC stacking machine humming.

To make the deal even sweeter for bondholders, conversion now comes with a two-year share subscription warrant attached. The price threshold conditions for converting the A-03 and A-04 tranches have been tossed out the window, removing any pesky barriers to getting paid.

Capital B proudly wears the badge of Europe's first 'Bitcoin Treasury Company.' Its business plan is elegantly simple: acquire bitcoin, put it on the balance sheet, and watch the bitcoin-per-share line go up. It's not rocket science; it's just accounting for degenerates.

The exercise price for the new warrants will be the higher of €1.01 or something called 'mNAV 1.1'—a 10% premium to the per-share value of the company's bitcoin stash. They're essentially monetizing the hopium that their BTC will outperform their own operations.

This entire maneuver was approved under pre-existing shareholder authority from a June 2025 meeting, which basically gave the company a blank check to raise capital from its favorite bagholders. Governance, but make it Bitcoin-focused.

While the firm still dabbles in data, AI, and consulting, accumulating bitcoin is now its core, soul, and raison d'être. The play is straight from the corporate handbook: use other people's money from traditional markets to get more exposure to the orange pill.

Speaking of the handbook, MicroStrategy just authored another chapter. The Michael Saylor-led behemoth announced a purchase of 22,337 more bitcoin for about $1.57 billion, because why have a billion dollars when you can have more sats?

That acquisition balloons MicroStrategy's legendary treasury to 761,068 BTC, valued at a cool $50 billion. In comparison, Capital B's 36-bitcoin shopping spree is the polite, European cousin to Saylor's all-you-can-eat BTC buffet.