- Final completion of the capital increase at €1.70 per share, for an amount of €1.2 million, under the "ATM-type" capital increase agreement with TOBAM, announced on September 23, 2025, enabling the acquisition of 12 BTC for €1.2 million
- BTC Yield of 1,656.1% YTD and 28.1% QTD
- BTC Gain of 662.4 BTC YTD and 502.7 BTC QTD
- BTC € Gain of €63.6 million YTD and €48.2 million QTD
- Total group holdings of 2,812 BTC for €262.1 million at €93,216 per bitcoin
Puteaux, September 29, 2025: Capital B (The Blockchain Group, ISIN: FR0011053636, ticker: ALCPB) (the "Company"), listed on Euronext Growth Paris, Europe's first Bitcoin Treasury Company, holding subsidiaries specialized in Data Intelligence, AI, and decentralized technology consulting and development, confirms the final completion of the capital increase at €1.70 per share, for an amount of €1.2 million, under the "ATM-type" capital increase agreement with TOBAM, announced on September 23, 2025, enabling the acquisition of 12 BTC for €1.2 million. Since the beginning of the year, the Group has achieved a 'BTC Yield' of 1,656.1%, a 'BTC Gain' of 662.4 BTC, and a 'BTC € Gain' of €63.6 million. As of today,
Capital B and its subsidiary The Blockchain Group Luxembourg SA hold a total of 2,812 BTC, with an acquisition value of €262.1 million, based on an average price of €93,216 per bitcoin. The Company thus reinforces its Bitcoin accumulation strategy while continuing to develop the operational activities of its subsidiaries. A presentation explaining the Company's Bitcoin Treasury Company strategy focused on increasing bitcoin per fully diluted share over time is available on its website: https://cptlb.com/about/who-we-are/
Final completion of previously announced operations
On September 23, 2025, the Company announced the realization of a capital increase for a total amount of €1,200,420.40 (including share premium), through the issuance of 706,000 new ordinary shares at an average subscription price of €1.70 per share, as part of the "ATM-type" capital increase program with TOBAM.
The Company hereby confirms the final completion of the operation, resulting in the waiver of shareholder's preferential subscription rights in favor of TOBAM, in the proportions set out below:
| Investor | Number of shares | Rounded average price / share (€) | Amount (€) |
| TOBAM Bitcoin Enhanced Fund | 305,000 | €1.71 | €521,197.60 |
| TOBAM Bitcoin Alpha Fund | 208,000 | €1.70 | €354,226.00 |
| TOBAM Bitcoin Treasury Opportunities Fund | 87,000 | €1.69 | €146,728.40 |
| TOBAM BTC Linked and Blockchain Equity Fund | 32,000 | €1.66 | €53,120.00 |
| MDP - TOBAM Global Blockchain Equity Fund | 74,000 | €1.69 | €125,148.40 |
| TOTAL | 706,000 | €1.70 | €1,200,420.40 |
Impact of the operations on the distribution of the Company's share capital
The impact of the final completion of the operations described above on the distribution of the Company's share capital is as follows:
| Situation as of Sept. 29, 2025 | Fully diluted basis (*) | |||
| Shareholders | Number of shares | % capital | Number of shares | % capital |
| Executives | 12,030,185 | 5.60% | 21,873,863 | 5.60% |
| Fulgur Ventures | 10,000,000 | 4.65% | 155,588,780 | 39.84% |
| Adam Back | 36,157,228 | 16.83% | 37,412,138 | 9.58% |
| TOBAM | 12,248,727 | 5.70% | 15,954,681 | 4.09% |
| UTXO Management | - | 0.00% | 8,529,769 | 2.18% |
| Peak Hodl Ltd | 2,500,000 | 1.16% | 2,500,000 | 0.64% |
| Public & Institutional | 141,907,245 | 66.05% | 148,671,191 | 38.07% |
| TOTAL | 214,843,385 | 100% | 390,530,422 | 100% |
(*) Calculations made on the basis of the number of shares composing the Company's share capital as of press release time, adding the shares resulting from (i) the conversion of all OCA issued or announced, (ii) the conversion of the BSA 2025-01 announced to date and the issuance under the legal adjustment measures for the benefit of OCA Tranche 1 holders issued or exercised to date, and (iii) the issuance of Free Shares whose allocation to certain of its employees and corporate officers has been decided, which have not yet been definitively vested by their beneficiaries, the number of which amounts to 1,880,000 as of the date of this press release and is included in the fully diluted basis of the Managers. The Company indicates that the fully diluted basis includes, conservatively, the potential addition of shares to its share capital resulting (i) from the conversion of the BSA 2025-01 issued as announced on April 7, 2025 and not yet exercised to date, and (ii) from legal adjustment measures for the benefit of OCA A-01 and B-01 holders not yet exercised. The Company also reminds that the fully diluted basis does not include the shares that may correspond to the unsubscribed amounts to date of the €300 million of capital increases authorized in favor of TOBAM.
The Company indicates that it has, on a conservative basis, included in the fully diluted share basis the shares that may be issued upon potential future exercise of BSA 2025-01 and of potential future subscription of legal adjustment measures for OCA A-01 and B-01 holders. Consequently, any potential future exercise of existing BSA or legal adjustment measures announced by the Company will result in no additional share added to the fully diluted basis.
Expansion of the Company's bitcoin holdings
Capital B announces the final completion of the acquisition of an additional 12 BTC using the proceeds from the final completion of the operation described above, as part of the continuation of its Bitcoin Treasury Company strategy.
Banque Delubac & Cie (DASP registered with the AMF), executed the acquisition of the BTC using the proceeds from the capital increase operation, and was entrusted with their secure custody via the technological solution of Swiss company Taurus, a world leader in infrastructures for digital assets.
Detail of the Group's BTC acquisitions:
| Reported Date | BTC Acquisition | BTC Acquisition € Cost Basis | Total BTC Holdings | Total BTC € Cost Basis | Total BTC € Cost | Total BTC € Net Asset Value |
| September 29, 2025 | 12 | €95,935 | 2,812 | €93,216 | €262,124,079 | €269,770,581 |
| September 22, 2025 | 551 | €99,272 | 2,800 | €93,205 | €260,972,853 | €277,962,677 |
| September 15, 2025 | 48 | €98,575 | 2,249 | €91,718 | €206,273,769 | €221,695,332 |
| August 11, 2025 | 126 | €98,746 | 2,201 | €91,568 | €201,542,166 | €217,339,641 |
| August 5, 2025 | 62 | €99,889 | 2,075 | €91,133 | €189,100,187 | €207,269,347 |
| July 28, 2025 | 58 | €102,211 | 2,013 | €90,863 | €182,907,079 | €205,751,541 |
| July 21, 2025 | 22 | €101,112 | 1,955 | €90,526 | €176,978,818 | €197,674,331 |
| July 14, 2025 | 29 | €95,225 | 1,933 | €90,406 | €174,754,350 | €184,069,828 |
| July 7, 2025 | 116 | €92,175 | 1,904 | €90,332 | €171,992,827 | €175,501,059 |
| June 30, 2025 | 60 | €91,879 | 1,788 | €90,213 | €161,300,535 | €164,280,027 |
| June 23, 2025 | 75 | €91,792 | 1,728 | €90,155 | €155,787,783 | €158,616,662 |
| June 17, 2025 | 182 | €93,264 | 1,653 | €90,081 | €148,903,379 | €154,165,568 |
| June 2, 2025 | 624 | €96,447 | 1,471 | €89,687 | €131,929,311 | €141,874,161 |
| May 22, 2025 | 227 | €93,518 | 847 | €84,706 | €71,746,119 | €79,209,857 |
| March 26, 2025 | 580 | €81,550 | 620 | €81,480 | €50,517,503 | €50,560,770 |
| December 4, 2024 | 25 | €90,511 | 40 | €80,468 | €3,218,718 | €3,261,985 |
| November 5, 2024 | 15 | €63,729 | 15 | €63,729 | €955,941 | €1,223,244 |
Note: Total BTC € Net Asset Value is based on the acquisition cost by BTC of the latest acquisition as of the date of this press release.
Achievement of a 'BTC Yield' of 1,656.1% YTD and 28.1% QTD
The Group has achieved a 'BTC Yield' of 1,656.1% YTD and 28.1% QTD. Details are as follows:
Year To Date (YTD):
| Reported Date | Total BTC Holdings | Issued Common Shares | Fully Diluted Shares1 | BTC (sats) per Fully Diluted Share2 | 'BTC Yield' YTD3 | 'BTC Gain' YTD | 'BTC € Gain' YTD |
| September 29, 2025 | 2,812 | 214,843,385 | 390,530,422 | 720 | 1,656.1% | 662.4 | €63,551,409 |
| September 22, 2025 | 2,800 | 214,137,385 | 389,824,422 | 718 | 1,651.2% | 660.5 | €65,568,199 |
| September 15, 2025 | 2,249 | 175,629,297 | 334,949,647 | 671 | 1,536.6% | 614.6 | €60,587,604 |
| August 11, 2025 | 2,201 | 163,110,297 | 331,180,647 | 664 | 1,519.5% | 607.8 | €60,018,216 |
| August 5, 2025 | 2,075 | 156,767,494 | 326,958,884 | 634 | 1,446.3% | 578.5 | €57,789,350 |
| July 28, 2025 | 2,013 | 156,767,494 | 325,180,839 | 619 | 1,409.8% | 563.9 | €57,637,256 |
| July 21, 2025 | 1,955 | 155,133,905 | 323,547,250 | 604 | 1,373.2% | 549.3 | €55,537,720 |
| July 14, 2025 | 1,933 | 135,400,845 | 320,990,295 | 602 | 1,368.3% | 547.3 | €52,118,241 |
| July 7, 2025 | 1,904 | 134,661,845 | 320,251,295 | 594 | 1,348.8% | 539.5 | €49,729,497 |
| June 30, 2025 | 1,788 | 134,461,545 | 318,109,554 | 562 | 1,270.7% | 508.3 | €46,701,530 |
| June 23, 2025 | 1,728 | 130,170,510 | 316,207,689 | 546 | 1,231.7% | 492.7 | €45,224,376 |
| June 17, 2025 | 1,653 | 126,728,969 | 316,207,689 | 522 | 1,173.2% | 469.3 | €43,765,888 |
| June 2, 2025 | 1,471 | 108,862,920 | 299,355,400 | 491 | 1,097.6% | 439.0 | €42,342,772 |
| May 22, 2025 | 847 | 102,174,488 | 214,500,356 | 394 | 861.0% | 344.4 | €32,206,732 |
| March 26, 2025 | 620 | 93,384,449 | 186,413,170 | 332 | 709.8% | 283.9 | €23,152,139 |
| December 4, 2024 | 40 | 93,384,449 | 95,264,449 | 41 | 141.2% | 21.2 | €1,916,705 |
| November 5, 2024 | 15 | 85,051,121 | 85,051,121 | 17 |
Quarter To Date (QTD):
| Reported Date | Total BTC Holdings | Issued Common Shares | Fully Diluted Shares1 | BTC (sats) per Fully Diluted Share2 | 'BTC Yield' QTD3 | 'BTC Gain' QTD | 'BTC € Gain' QTD |
| September 29, 2025 | 2,812 | 214,843,385 | 390,530,422 | 720 | 28.1% | 502.7 | €48,224,480 |
| September 22, 2025 | 2,800 | 214,137,385 | 389,824,422 | 718 | 27.8% | 496.3 | €49,270,192 |
| September 15, 2025 | 2,249 | 175,629,297 | 334,949,647 | 671 | 19.4% | 346.8 | €34,184,150 |
| August 11, 2025 | 2,201 | 163,110,297 | 331,180,647 | 664 | 18.1% | 324.5 | €32,044,262 |
| August 5, 2025 | 2,075 | 156,767,494 | 326,958,884 | 634 | 12.8% | 229.1 | €22,881,299 |
| July 28, 2025 | 2,013 | 156,767,494 | 325,180,839 | 619 | 10.1% | 181.3 | €18,535,546 |
| July 21, 2025 | 1,955 | 155,133,905 | 323,547,250 | 604 | 7.5% | 133.6 | €13,510,891 |
| July 14, 2025 | 1,933 | 135,400,845 | 320,990,295 | 602 | 7.1% | 127.3 | €12,118,307 |
| July 7, 2025 | 1,904 | 134,661,845 | 320,251,295 | 594 | 5.7% | 101.8 | €9,384,129 |
| June 30, 2025 | 1,788 | 134,461,545 | 318,109,554 | 562 | 69.3% | 429.5 | €39,463,781 |
(1) The number of shares on a fully diluted basis includes (i) the total number of ordinary shares outstanding, (ii) the shares that would be issued upon the full conversion of all currently issued convertible bonds of the Company, and (iii) the free shares granted. The Company precises that the number of fully diluted shares is adjusted to reflect only fully completed operations to date (i.e., excluding ongoing operations), and conservatively includes the shares that may be issued as a result of potential future BSA exercise and legal adjustment measures subscription for OCA A-01 and B-01 holders. Consequently, any potential future exercise of BSA or adjustment measures announced by the Company will result in no additional share added on a fully diluted basis.
(2) BTC per Fully Diluted Share is calculated by dividing Total BTC Holdings by the Fully Diluted Shares outstanding at the end of each period. The result is then expressed as satoshis (sats) per Fully Diluted Shares outstanding, rounded down. There are 100,000,000 sats in 1 BTC. Each sat represents 0.00000001 BTC, the smallest unit of bitcoin.
(3) The BTC Yield takes into account a fully diluted basis that includes the shares that may be issued as a result of potential future exercise of BSA and legal adjustment measures subscription for OCA A-01 and B-01 holders, reflecting a conservative view of the number of BTC per share on a fully diluted basis. As a result, any future BTC acquisition related to these types of transactions will result in an increase in the number of BTC held with no additional share added on a fully diluted basis.
Important information about 'BTC Yield', 'BTC Gain', and 'BTC € Gain' KPIs
The Company uses 'BTC Yield', 'BTC Gain' and 'BTC € Gain' as indicators to monitor its Bitcoin Treasury Company strategy. These indicators illustrate the manner in which the Company finances the acquisition of bitcoin in a given period by:
- 'BTC Yield': indicator reflecting the percentage change in the ratio of Total BTC Holdings to Fully Diluted Shares outstanding over a given period;
- 'BTC Gain': indicator that represents the number of BTC held by the Company at the beginning of a period multiplied by the 'BTC Yield' for such period; and
- 'BTC € Gain': indicator representing the euro value of the 'BTC Gain' calculated by multiplying the 'BTC Gain' by the acquisition cost per BTC of the last acquisition of the applicable period. The Company has selected the last acquisition of the applicable period to determine the market price of bitcoin solely for the purpose of facilitating this illustrative calculation.
These indicators will be communicated periodically by the Company as part of its Bitcoin Treasury Company strategy, notably on a half-yearly and annual basis.
When the Company uses these KPIs, it also takes into account the various limitations of these metrics, including that they do not take into account debt and other liabilities and claims on company assets that would be senior to common equity, and that these indicators assume that all indebtedness will be refinanced or, in the case of the Company's (or its subsidiaries') convertible debt instruments, converted into shares of common stock in accordance with their respective terms.
Additionally, 'BTC Yield' is not, and should not be understood as, an operating performance measure or a financial or liquidity measure. In particular, 'BTC Yield' is not equivalent to "yield" in the traditional financial context. It is not a measure of the return on investment the Company's shareholders may have achieved historically or can achieve in the future by purchasing stock of the Company, or a measure of income generated by the Company's operations or its bitcoin holdings, return on investment on its bitcoin holdings, or any other similar financial measure of the performance of its business or assets. 'BTC Gain' and 'BTC € Gain' are not, and should not be understood as, operating performance measures or financial or liquidity measures. In particular, 'BTC Gain' and 'BTC € Gain' are not equivalent to "gain" in the traditional financial context. They also are not measures of the return on investment the Company's shareholders may have achieved historically or can achieve in the future by purchasing stock of the Company, or measures of income generated by the Company's operations or its bitcoin holdings, return on investment on its bitcoin holdings, or any other similar financial measure of the performance of its business or assets. It should also be understood that 'BTC € Gain' does not represent a fair value gain of the Company's bitcoin holdings, and 'BTC € Gain' may be positive during periods when the Company has incurred fair value losses on its bitcoin holdings.
The trading price of the Company's common stock depends on numerous factors in addition to the quantity of bitcoins the Company holds and number of actual or potential shares of its stock outstanding, and as a result, the market value of the Company's shares may trade at a discount or a premium relative to the market value of the bitcoin the Company holds, and neither 'BTC Yield', 'BTC Gain' nor 'BTC € Gain' are indicative or predictive of the trading price of the Company's securities.
As noted above, these KPIs are narrow in their purpose and are used by the Company to assist it in assessing the use of the equity capital, as it pertains to its bitcoin holdings only.
The Company's ability to achieve positive 'BTC Yield', 'BTC Gain', or 'BTC € Gain' may depend on a variety of factors, including its ability to generate profits in excess of its fixed charges and other expenses, as well as factors outside of its control, such as the price of bitcoin, and the availability of financing on favorable terms. Past performance is not indicative of future results.
The presentation of these KPIs does not imply any intention to pay dividends on its common shares in the future. Holding the Company's common shares does not equate to direct ownership of the Bitcoin held by the Company. Investors should rely on the financial statements and other disclosures by the Company. These KPIs are only intended as supplemental metrics for those who understand their purpose and limitations, not as replacements for traditional financial analysis.
Risk factors
The Company reminds that the risk factors related to the Company and to its business are detailed in its 2024 annual financial report, available for free on the Company's website (https://www.cptlb.com). The realization of all or part of these risks could negatively impact the Company's operations, financial position, results, development, or outlook.
* * *
| About Capital B (ALCPB) Capital B is a Bitcoin Treasury Company listed on Euronext Growth Paris, specialized in Data Intelligence, AI, and Decentralized Tech consulting and development. | EURONEXT Growth Paris Ticker: ALCPB ISIN: FR0011053636 Reuters: ALCPB.PA Bloomberg: ALCPB.FP Contact: communication@theblockchain-group.com |
| Contacts - Actus Finance & Communication | |
| Investor relations Mathieu Calleux tbg@actus.fr | Press relations Anne-Charlotte Dudicourt acdudicourt@actus.fr - +33 6 24 03 26 52 Céline Bruggeman cbruggeman@actus.fr - +33 6 87 52 71 99 |
| Capital B press releases are available on: Financial information - Capital B To receive all press releases free of charge, register with Actusnews | |
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