What Capital B does

Capital B (formerly The Blockchain Group), listed on Euronext Growth Paris under ticker ALCPB and on the US OTCID market as CPTLF, is a French public holding company that pivoted on November 5, 2024 to become Europe's first Bitcoin Treasury Company. Its core strategy is to maximize Bitcoin per share on a fully diluted basis over time by raising equity and convertible debt and using the proceeds to acquire and hold Bitcoin permanently, with an explicit long-term goal of accumulating 1% of Bitcoin's total supply (~210,000 BTC) by 2033 and an intermediate target of 15,000 BTC by end-of-2027. As of mid-2026, the company holds 3,139 BTC at an average acquisition cost of approximately €93,083 per BTC.

The company's underlying technology stack centers on a financial-engineering framework rather than a software product: equity raises (private placements and an at-the-market program), Bitcoin-convertible bonds (OCA instruments — the world's first such issuance occurred in February 2025), and a planned STRF digital credit instrument modeled on Strategy's STRC, intended to pay yield-backed dividends under MiCA frameworks. Capital B has additionally tokenized its existing ALCPB equity shares via STOKR on the Liquid Network, making it the first European Bitcoin treasury company to distribute shares on-chain. Underwriting the treasury strategy are three wholly-owned consulting subsidiaries — iORGA (Data Intelligence, BI, AI consulting), Trimane (data engineering), and Metadev 3 (decentralized technology consulting) — which have delivered end-to-end digital solutions since 1999.

Capital B's business model is that of a Bitcoin accumulator financed through public-market capital raises and convertible instruments, with shareholder value realized through BTC-per-share growth rather than direct sales of Bitcoin. The company serves two primary customer segments: (1) Bitcoin-aligned retail and institutional shareholders on Euronext Growth Paris and US OTCID who want regulated European equity exposure to Bitcoin without self-custody, and (2) strategic Bitcoin-ecosystem investors (Adam Back/Blockstream, TOBAM, UTXO Management, Blockstream Capital Partners) who anchor private placements and OCA issuances. The consulting subsidiaries represent a secondary revenue stream from enterprise clients in data and AI services. Strategic investor Adam Back holds approximately 13.43% of Capital B following the May 2026 private placement, while TOBAM anchors the €300M ATM program. Distribution is a hybrid of community-led (X, Discord, LinkedIn, YouTube), event-driven (Bitcoin Prague, Paris Blockchain Week, MadBitcoin), and sales-led (Maxim Group LLC / Marex S.A.-managed placements) GTM motions.

Name

Capital B

Legal name

Capital B (formerly The Blockchain Group)

Website

https://cptlb.com

Company type

Public

Founded year

1999

Operating status

Operating

Headcount range

1–10 employees

Short description

Capital B (Euronext Growth Paris: ALCPB; US OTCID: CPTLF) is Europe's first listed Bitcoin Treasury Company, holding 3,139 BTC and targeting 1% of Bitcoin's total supply by 2033, financed through equity raises and Bitcoin-convertible bonds for retail and institutional investors seeking regulated Bitcoin exposure.

Ownership category

akta.pro rank

Product category

Bitcoin Treasury / Corporate Crypto Asset Management

NAICS

Other Financial Investment Activities (5239), Funds, Trusts, and Other Financial Vehicles (525)

SIC

Finance Services (6199), Security Brokers, Dealers & Flotation Companies (6211)

akta.pro primary industry

Corporate Strategic Real Assets & Infrastructure Venture Investing (FSANAHAN)

akta.pro secondary industry

Tokenized Treasury, Money Market & Cash Management Products (FSADAEAB)

Keywords

• Bitcoin treasury company
• Crypto treasury strategy
• Bitcoin convertible bonds
• Corporate Bitcoin holdings
• Technology consulting services

Headquarters

HQ city

Puteaux

HQ country

France

HQ region

Europe

Offices1 record

Markets served

GTM type

B2C

Offering type

Services

Cost components

Operations, Marketing or Sales

Revenue model

1. Bitcoin Treasury Capital Appreciation: Primary value driver: accumulate Bitcoin on the balance sheet (currently 3,139 BTC) and grow BTC-per-share over time through disciplined dilution, with a long-term goal of holding 1% of all Bitcoin (~210,000 BTC) by 2033. Revenue is realized indirectly through equity-value appreciation tied to Bitcoin price and accumulation efficiency rather than through direct Bitcoin sales.
2. Technology Consulting Services: Capital B holds operating subsidiaries (iORGA, Trimane, Metadev 3) that deliver end-to-end digital solutions since 1999, including tailored web development, business intelligence, data engineering, and AI-driven decision making for enterprise clients.
3. Future STRF Digital Credit / Yield-Backed Dividends: Planned STRF instrument modeled on Strategy's STRC, designed to pay yield-backed dividends using the company's Bitcoin holdings as structural support. Aimed at evolving Capital B into a Bitcoin-backed financial intermediary beyond pure treasury accumulation.
4. Planned BTC-Backed Lending Platform: Capital B is developing a reusable BTC-backed lending platform using its Bitcoin holdings as starting collateral to intermediate Bitcoin-collateralized credit for European investors, potentially generating interest/fee income from loan turnover.

Pricing tiers

Go-to-market motion4 records

Distribution channels5 records

Marketing channels7 records

Core offering

Capital B is a publicly listed Bitcoin Treasury Company (Euronext Growth Paris: ALCPB; US OTCID: CPTLF) that raises capital through equity, debt, and convertible bond instruments to accumulate and hold Bitcoin as its primary treasury reserve asset. The company's stated objective is to maximize Bitcoin per share on a fully diluted basis, with a long-term goal of accumulating 1% of Bitcoin's total supply (~210,000 BTC) by 2033. It also operates technology consulting subsidiaries (iORGA, Trimane, Metadev 3) delivering data intelligence, AI, and decentralized technology consulting services since 1999.

Product overview

Capital B is a platform-plus-modules architecture anchored by its core product — the Capital B Bitcoin Treasury Company strategy, listed on Euronext Growth Paris under ticker $ALCPB. The core offering is a financial product (corporate Bitcoin accumulation vehicle) whose objective is to maximize Bitcoin per share on a fully diluted basis and accumulate 1% of Bitcoin's total supply (~210,000 BTC) by 2033. Underwriting this core strategy are three technology consulting subsidiaries: iORGA (Data Intelligence, business intelligence, AI-driven decision making), Trimane (data engineering), and Metadev 3 (decentralized technology consulting and development), which have delivered end-to-end digital solutions since 1999. Additionally, Capital B is developing STRF, a planned digital credit instrument modeled on Strategy's STRC that would pay yield-backed dividends backed by the company's Bitcoin holdings, aiming to operate under European MiCA regulatory frameworks. Together, these form a portfolio that combines a Bitcoin treasury accumulation vehicle with legacy technology consulting operations and a planned digital credit/yield instrument layer.

Differentiator

Problem solved

Functional benefit

Brands

• STRF (proposed digital credit instrument): A digital credit instrument modeled on Strategy's STRC, paying yield-backed dividends using the company's Bitcoin holdings as structural support. Described as under development.

Products and services

• Capital B Bitcoin Treasury Company Capital B's core offering is a publicly traded Bitcoin accumulation vehicle listed on Euronext Growth Paris (ALCPB) and US OTCID (CPTLF). The company raises capital through equity, debt, and convertible bond instruments to accumulate and hold Bitcoin as its primary treasury reserve asset, targeting 1% of Bitcoin's total supply (~210,000 BTC) by 2033 and currently holding approximately 3,139 BTC.
• iORGA

Segments4 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration2 records

AI capability4 records

Feature5 records

Partnerships

Eight partnerships are on record, tiered core, flagship and minor.

• STOKRcoreTechnology or Integration · 2 April 2026STOKR is the tokenization platform that powers Capital B's tokenization of existing ALCPB shares using its native Bitcoin solution on the Liquid Network, announced April 2, 2026. STOKR also featured in a STOKR Insights Ep. 14 BTC Treasury podcast with Alexandre Laizet.
• iORGAflagshipStrategic or Co-development PartneriORGA is an operating subsidiary of Capital B (data intelligence, AI, and digital technology consulting). The subsidiary has been part of the group since 1999, delivering business intelligence, data engineering, and AI-driven decision-making solutions.
• TrimaneflagshipStrategic or Co-development PartnerTrimane is an operating subsidiary of Capital B (data intelligence, AI, and decentralized technology consulting and development), providing tailored web development and digital solutions.
• Metadev 3flagshipStrategic or Co-development PartnerMetadev 3 is an operating subsidiary of Capital B specialized in data intelligence, AI, and decentralized technology consulting.
• Natixis CIB ResearchminorGTM or Marketing PartnerNatixis CIB Research hosted a webinar 'Bitcoin Treasury Companies: Where do we go from here?' featuring Capital B leadership in November 2025, providing sell-side analyst exposure to institutional investors.
• Liquid NetworkcoreTechnology or IntegrationLiquid is the Bitcoin sidechain network used by STOKR to tokenize Capital B's ALCPB shares, enabling on-chain distribution to Bitcoin-native investors.
• RoxomminorGTM or Marketing PartnerRoxom TV co-produces the weekly 'State of Bitcoin Markets' video series with Capital B (episodes throughout 2025-2026), co-marketing Bitcoin market commentary to retail and institutional audiences.
• Le RevenuminorGTM or Marketing PartnerLe Revenu (French financial magazine) co-produces the 'Le Revenu x Capital B — Live Weekly Bitcoin' video series (25+ episodes in 2025-2026), co-marketing Bitcoin content to French investor audiences.

Scale indicators12 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• Strategy (formerly MicroStrategy): The original and largest publicly listed Bitcoin treasury company, holding over 500,000 BTC on its balance sheet. Strategy pioneered the BTC-per-share maximization framework and the STRC preferred instrument that Capital B's STRF is explicitly modeled on, making it the closest direct comparable.
• Metaplanet: Japan-listed Bitcoin treasury company that has rapidly accumulated BTC using a similar financial-instrument playbook (warrants, convertible bonds). Comparable in strategy, public listing structure, and aggressive accumulation targets.
• The Smarter Web Company: UK-listed Bitcoin treasury company holding ~2,805 BTC, directly comparable in size to Capital B's 3,139 BTC. Competes for the same European institutional and retail BTC-treasury investor base.
• Bitcoin Group SE: German-listed Bitcoin treasury and trading company holding ~3,605 BTC, the largest European BTC treasury per the Keyrock report. Closely comparable European listed vehicle with a similar BTC accumulation mandate.
• Semler Scientific: US-listed medical device company that pivoted to a Bitcoin treasury strategy, accumulating thousands of BTC. Comparable in its aggressive use of capital markets (warrants, convertibles) to fund BTC accumulation.
• MARA Holdings (formerly Marathon Digital): US-listed Bitcoin miner with a substantial BTC treasury on its balance sheet. Comparable as a publicly traded vehicle with significant BTC holdings and a focus on maximizing BTC per share, although primary business is mining.
• Riot Platforms: US-listed Bitcoin miner with material BTC holdings on its balance sheet. Similar to MARA as a listed vehicle with BTC treasury exposure, though mining-focused.

Broad incumbents

• Block Inc. (formerly Square): Public fintech holding meaningful Bitcoin on its corporate balance sheet acquired via earlier Cash App purchases. Comparable as a large public company with BTC treasury exposure, though its primary business is payments and Cash App rather than pure BTC treasury.
• Coinbase Global: Largest US-listed crypto exchange, holds Bitcoin on its corporate balance sheet and offers BTC custody and trading services. Comparable as a publicly traded crypto-native institution with significant BTC exposure, though its core business is exchange operations.

Emerging players

• Twenty One Capital: Emerging Bitcoin treasury vehicle backed by Cantor Fitzgerald and Tether, pursuing a BTC-per-share strategy with significant BTC holdings. Comparable as a newer entrant in the BTC treasury category with institutional backing.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/_ALCPB
• YouTubeyoutube.com/@ALCPB
• LinkedInlinkedin.com/company/capitalb1

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 records

Subsidiaries3 records

Funding overview

Funding rounds1 record

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Capital B