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A company most people outside of French financial circles have never heard of is quietly becoming one of the most actively traded stocks on Europe’s largest exchange. Capital B, the Paris-listed Bitcoin treasury firm formerly known as The Blockchain Group, now ranks ninth in daily trading volume relative to market cap across all of Euronext.
For a company that only pivoted to a Bitcoin-centric treasury strategy around late 2024, that’s a remarkably fast climb up the liquidity ladder.
Europe’s answer to MicroStrategy
Capital B trades under the ticker ALCPB on Euronext Growth Paris, the exchange’s market for small and mid-cap companies. Its core thesis will sound familiar to anyone who’s followed Michael Saylor’s playbook: raise capital, buy Bitcoin, hold Bitcoin, repeat.
The company’s stash now sits at 3,521 BTC after its most recent purchase of 376 BTC on September 7, 2026, a transaction that cost approximately €25.3 million. Its total acquisition cost basis for the entire Bitcoin position stands at roughly €309.4 million, funded through a series of capital raises totaling between €280 million and €300 million.
The long-term ambition is even more audacious. Capital B has stated its goal is to accumulate 1% of the total Bitcoin supply. Given that Bitcoin’s maximum supply is capped at 21 million coins, that would mean acquiring around 210,000 BTC.
Strategic backers include TOBAM, the French asset manager known for its systematic investing approach, and Adam Back, the CEO of Blockstream and one of the earliest figures in Bitcoin’s development. The company has also adopted metrics like “BTC Yield,” a measure popularized by MicroStrategy to track how effectively share issuance translates into per-share Bitcoin accumulation.
Trading volume that punches above its weight
The ninth-place ranking for volume relative to market cap on Euronext is notable because Euronext operates regulated markets in Amsterdam, Brussels, Dublin, Lisbon, Milan, Oslo, and Paris, hosting over 1,900 listed issuers with a combined market capitalization in the trillions of euros.
A secondary listing on Cboe Europe went live on August 5, 2026, and the results were immediate. Trading volume on Cboe surpassed Euronext’s within the first few hours of the listing. The company reported that overall trading activity roughly doubled following that debut.
On September 8, 2026, one day after its latest Bitcoin purchase, Capital B executed a 10-for-1 reverse stock split. The move consolidated every ten existing shares into one, lifting the share price above €5 and leaving approximately 30 to 38 million shares outstanding. Reverse splits are often cosmetic, but they serve a practical purpose here: many institutional investors and brokerages have minimum price thresholds for the stocks they’ll touch. Getting above €5 opens the door to a broader investor base.
The European Bitcoin treasury thesis
Capital B isn’t purely a Bitcoin holding vehicle. The company maintains operational business lines in data intelligence, artificial intelligence, and decentralized technology services. But make no mistake, Bitcoin is the headline act. The operational businesses provide revenue and a corporate structure, while the treasury strategy is what drives the stock’s trading activity and investor interest.
Capital B’s volume ranking suggests institutional appetite for Bitcoin exposure through regulated equity instruments is shifting. A Euronext-listed vehicle offers something that direct Bitcoin ownership or offshore crypto funds cannot: familiar market infrastructure, regulatory oversight, and settlement through traditional clearing systems.
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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