Capital B Targets Up to 42,000 Bitcoin by 2029

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Capital B, the French-listed Bitcoin treasury company, is targeting potential holdings of up to 42,000 BTC by 2029, according to its investor presentation. The company reported holding 3,538 BTC on 28 September 2026, following its latest disclosed purchase.

The expansion plan would substantially increase the company’s exposure to Bitcoin while making its access to financing increasingly important. Capital B is pursuing a strategy that combines share issuance, long-term asset accumulation and digital credit instruments.

Capital B’s Bitcoin Treasury Reaches 3,538 BTC

According to a Capital B announcement, the company and its Luxembourg subsidiary reported a combined Bitcoin acquisition cost of €310.6 million, equivalent to an average purchase price of €87,805 per coin.

The disclosed acquisition value represents the historical amount spent building the treasury, rather than its current market value. Changes in Bitcoin’s trading price can therefore affect the economic value of those holdings without changing the number of coins owned.

Key Treasury Metrics

Capital B’s BTC Yield measures the percentage change in Bitcoin holdings relative to fully diluted shares outstanding. Its BTC Gain expresses that change as a Bitcoin-denominated performance measure.

These company-defined indicators are not ordinary investment income, realised trading profits or shareholder returns. They provide a narrower assessment of whether the company’s financing and accumulation strategy is increasing Bitcoin exposure per potential share.

Bitcoin Accumulation Targets Through 2029

Capital B’s published accumulation plan outlines potential holdings of 7,000 to 15,000 BTC during 2026–27 and 21,000 to 42,000 BTC during 2028–29. Its longer-term ambition is to approach 1% of Bitcoin’s maximum supply by 2033.

The company describes the projections as illustrative and dependent on market conditions.

The proposed growth would require substantial additional purchases beyond the treasury already accumulated. The company’s ability to complete those acquisitions depends on raising capital and converting the proceeds into Bitcoin under suitable financial conditions.

Capital B’s investor presentation identifies access to financing, Bitcoin price volatility and wider market conditions as important factors affecting its strategy.

The company also warns that forward-looking projections may differ materially from actual outcomes. Consequently, the upper ends of its accumulation ranges should not be interpreted as guaranteed future holdings or binding acquisition commitments.

Share Issuance Remains Central to Bitcoin Purchases

In its 28 September 2026 announcement, Capital B confirmed that it had raised €0.98 million through its ATM share issuance arrangement with TOBAM and purchased another 13 BTC for €0.97 million. The company said the new shares were issued at €5.68 each.

This arrangement allows Capital B to obtain funding through equity transactions rather than relying exclusively on cash generated by its operating subsidiaries.

Its wider financing strategy has also involved private placements and participation from investors including Blockstream chief executive Adam Back and European asset manager TOBAM.

The distinction between buying more Bitcoin and increasing Bitcoin exposure per share matters for existing investors. Issuing additional shares expands the company’s capital base but also increases the number of claims on its assets.

Capital B’s preferred approach is therefore to secure financing on terms that support its treasury objectives without undermining the ownership interests of existing shareholders.

Digital Credit Forms Part of Expansion Strategy

Capital B is also developing its position in Bitcoin-backed digital credit, an alternative financing approach intended to complement conventional equity funding.

The company’s corporate presentation discusses credit instruments linked to Bitcoin and identifies digital credit as an important part of its capital strategy. Its analysis includes convertible financing structures and comparisons with instruments used by other publicly traded Bitcoin treasury businesses.

Such financing may provide another route to capital accumulation, but it also introduces obligations that differ from ordinary share issuance. Depending on the instrument, those obligations can affect future repayments, conversion rights and the interests of existing shareholders.

The proposed Bitcoin-backed credit strategy remains separate from the company’s confirmed share-financed purchases. Its product terms, collateral arrangements and commercial launch status require confirmation in a dated company disclosure.

The effectiveness of the financing approach will depend on whether Capital B can raise sufficient capital on acceptable terms while maintaining its long-term treasury policy.

Why Capital B Adopted a Bitcoin Treasury Strategy

Capital B began its corporate Bitcoin strategy on 5 November 2024, marking a shift from its earlier identity as The Blockchain Group towards a business centred on holding Bitcoin.

The company continues to operate technology and consulting activities alongside its treasury operations. These include iOrga, which provides software development and IT services, and Trimane, which specialises in data intelligence and analytics.

Maintaining these operating businesses gives Capital B commercial activities outside direct cryptocurrency ownership, although its treasury strategy creates additional exposure to Bitcoin’s market performance.

The company’s stated approach prioritises accumulating and holding Bitcoin over active trading or selling its principal reserves for short-term gains.

Custody, Market Volatility and Shareholder Risks

Capital B identifies Swissquote Bank Europe as its sole Bitcoin custodian, using technology provided by Taurus, according to its September 2026 corporate announcement.

Custody arrangements are significant because digital assets require safeguards against unauthorised access, operational failures and the loss of cryptographic credentials.

Capital B’s financial disclosures identify cryptocurrency price volatility, liquidity constraints, regulatory changes and cybersecurity incidents among the risks associated with its holdings.

A decline in Bitcoin’s market price could reduce the value of Capital B’s treasury assets. Any accounting impact should be described using the company’s disclosed financial reporting policies rather than assuming that every price decline automatically produces an impairment charge.

The company’s disclosures also caution that its Bitcoin performance indicators do not account for every liability or senior claim on corporate assets. They should not be treated as substitutes for conventional financial statements.

For shareholders, the central distinction is between growth in the corporate Bitcoin treasury and growth in the economic value attributable to each share. Those outcomes can diverge when additional financing changes the company’s capital structure.

Key Story Metrics & Analytical Comparison

Metric / Parameter	Reported Value
Total Bitcoin holdings	3,538 BTC
Aggregate acquisition cost	€310.6 million
Average purchase price	€87,805 per BTC
Year-to-date BTC Yield	2.20%
Year-to-date BTC Gain	62.1 BTC
Year-to-date BTC € Gain	€4.6 million