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Capital B SA, the Paris-listed company formerly known as The Blockchain Group, has completed a 10-for-1 reverse stock split that took effect on September 8, 2026. The move instantly vaulted its share price from sub-€1 territory to above €5, a threshold that matters more than you might think in the world of institutional finance.
The company’s stock had been trading between €0.48 and €0.51 before the consolidation. Post-split, the projected price lands in the €4.80 to €5.10 range, assuming market capitalization holds steady.
How the math works
The par value of each share jumped from €0.08 to €0.80. Outstanding shares dropped from roughly 300.6 million to about 30.1 million. For shareholders, the number of shares in their portfolio shrank by a factor of ten, but each share became proportionally more valuable.
Trading of the old shares ceased on September 7, with the new shares, carrying ISIN FR0014019Y19, beginning to trade the next day on Euronext Growth Paris under the same ticker, ALCPB. Fractional share entitlements are being managed by intermediaries, with cash distributions for any leftover fractions expected to begin around September 14.
The company also paused conversions and exercises related to certain convertible bonds and warrants during the transition period.
Why a higher price tag matters
Many institutional investors, including certain funds and asset managers, have internal policies that prevent them from buying stocks priced below specific thresholds. A stock trading at €0.50 often gets lumped in with penny stocks, regardless of the underlying company’s fundamentals or market cap.
The reverse split was formally announced on July 20, 2026, and received the necessary approvals from both the board and shareholders before implementation. Shareholders were given until September 7 to adjust their holdings ahead of the consolidation.
Europe’s Bitcoin treasury play
Capital B isn’t just any small-cap stock shuffling its share structure. The company bills itself as Europe’s first listed Bitcoin treasury company, holding 3,139 BTC on its balance sheet as a core part of its corporate strategy. That positioning draws obvious comparisons to MicroStrategy (now Strategy) in the US, which pioneered the publicly traded Bitcoin treasury model under Michael Saylor’s leadership.
The company’s previous name, The Blockchain Group, reflected its roots before it rebranded to Capital B, a name that more directly signals its Bitcoin-centric treasury strategy.
The risk, of course, is that reverse stock splits don’t change fundamentals. A higher share price doesn’t automatically translate to better business performance or sustained investor interest. And historically, companies that execute reverse splits to avoid penny-stock classification don’t always see lasting benefits from the maneuver.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
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