Capital B Shareholders Back a €105B Bitcoin War Chest

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Capital B Shareholders Back a €105B Bitcoin War Chest

French Bitcoin treasury firm Capital B won 95%-plus shareholder approval for up to €105B in financing to expand its Bitcoin holdings. The company holds 3,139 BTC today and targets 1% of all Bitcoin supply by 2033.

Thirty-one hundred Bitcoin in the vault, and now permission to aim for a hundred times that. Capital B, a France-listed Bitcoin treasury company formerly known as The Blockchain Group, walked out of its annual shareholder meeting on June 18, 2026, with authorization to raise up to €105 billion — roughly $120.4 billion — to buy more Bitcoin.

The vote was decisive: more than 95% of shareholders backed both resolutions. One approved up to €5 billion in new equity capital, which could generate 125 billion new shares. The other authorized up to €100 billion through credit instruments. Combined, the ceiling sits at €105 billion — a financing mandate that dwarfs most single-asset allocations by European sovereign wealth funds.

Capital B currently holds 3,139 BTC worth roughly $200 million, placing it second in Europe behind Germany's Bitcoin Group SE. Its stated targets: 15,000 BTC by end of 2027, and 210,000 BTC — 1% of all Bitcoin that will ever circulate — by 2033.

The strategy has an obvious reference point. Michael Saylor built Strategy (formerly MicroStrategy) into the world's largest corporate Bitcoin holder by repeatedly tapping equity and debt markets to fund BTC purchases. Capital B is running the same playbook in Europe. The key risk: if the full equity authorization is deployed, existing shareholders face severe dilution, with their stakes potentially shrinking to roughly 0.24% of the company.

Authorization and spending are two different things. How aggressively Capital B actually buys Bitcoin will depend on the coin's price, European credit conditions, and institutional appetite for new share issuances. What the vote made clear is the company's intent — betting the balance sheet on Bitcoin, not hedging it.

Questions and answers

Frequently asked questions about this article

What is Capital B and what does it do?

Capital B is a France-listed Bitcoin treasury company, formerly known as The Blockchain Group. It focuses on accumulating and holding Bitcoin as a strategic corporate asset, and ranks as Europe's second-largest corporate Bitcoin holder after Germany's Bitcoin Group SE.

Why authorize €105B when the firm currently holds only $200M in Bitcoin?

The €105B is an authorized ceiling, not an immediate spending plan. Capital B can tap this capacity in stages as Bitcoin prices move and credit markets open. It follows the same logic as Strategy: secure the mandate first, deploy capital opportunistically over time as conditions allow.

How does this mirror MicroStrategy/Strategy's approach?

Both companies use the same model: raise debt and equity financing, use proceeds to buy Bitcoin, and bet that BTC appreciation exceeds borrowing costs. Strategy accumulated over 400,000 BTC this way. Capital B is attempting the same in Europe, starting from a far smaller base.

What risk do current Capital B shareholders face?

If Capital B deploys the full equity authorization, existing shareholders face heavy dilution — ownership could shrink to roughly 0.24%. On top of that, the company's value is directly tied to Bitcoin's price, so a sharp BTC decline hits the balance sheet with no diversification to cushion the blow.

Is accumulating 1% of all Bitcoin supply by 2033 realistic?

1% of total Bitcoin supply equals roughly 210,000 BTC. At $65,000 per coin, that is about $13.65 billion — theoretically achievable with the financing authorized. But the gap is enormous: Capital B holds 3,139 BTC today, meaning it needs to acquire more than 200,000 more across seven years of market uncertainty.

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