Capital B Strengthens Bitcoin Strategy After Major Conversion Round Reshapes Share Structure

Quick Breakdown 

• Major OCA conversions expand Capital B’s share base while reinforcing its long-term Bitcoin treasury strategy.
• New €0.2M capital injection allocated to strengthening BTC reserves amid ongoing market volatility.
• Corporate restructuring positions Capital B to deepen exposure to Bitcoin as part of its updated treasury framework.

 

Capital B has executed a sweeping round of conversions tied to its crypto-linked financing instruments, reinforcing its long-term Bitcoin strategy while keeping its fully diluted share count unchanged. The moves involve converting outstanding OCAs, exercising BSA warrants, and subscribing to a plan tied directly to Bitcoin accumulation.

🟠 Capital B confirms the acquisition of 5 BTC for €0.4 million, the holding of a total of 2,823 BTC, and a BTC Yield of 1,658.5% YTD⚡️

Full Press Release (EN):

Full Press Release (FR):

BTC Strategy (EN): pic.twitter.com/woV61tBOEI

— Capital B (@_ALCPB) November 25, 2025

Key conversions fuel crypto-tied capital structure

The company confirmed the conversion of several large tranches of its OCA B-01 and OCA B-02 instruments, notes designed initially to support Capital B’s Bitcoin-focused growth plan.

UTXO Management converted 3,030,557 OCA B-02 instruments into 4,285,289 ordinary shares.

Ludovic Chechin-Laurans converted 1,613,620 OCA B-01 and 2,420,430 OCA B-02, receiving 6,388,766 ordinary shares.

In parallel, investors exercised 3,102,988 BSA 2025-01 warrants, resulting in the issuance of 443,284 additional shares.

All instruments involved in this restructuring were already accounted for in the company’s fully diluted capitalization table, meaning no additional dilution was created for existing shareholders.

New share subscription used to acquire additional Bitcoin

As part of the mandatory adjustment mechanism linked to OCA B-01 Tranche 1, Chechin-Laurans subscribed to 423,744 new shares at €0.544, providing €0.2 million in proceeds. The company confirmed that the entire amount was used to purchase 2.5 BTC, adding to its growing Bitcoin treasury position.

Capital B said the conversions and related adjustments are part of its broader effort to keep its capital structure in line with its digital-asset exposure. The company added that any future exercises tied to BSA 2025-01, as well as automatic adjustments under its existing OCA agreements, are already factored into its diluted share calculations.

The latest actions position Capital B to continue expanding its Bitcoin-anchored financial framework amid rising institutional demand for crypto-linked corporate structures.

Notably, Capital B recently acquired an additional 58 BTC valued at approximately €5.9 million, bringing its total holdings to 2,013 BTC, now worth more than €183 million. This expansion was financed through two capital raises in July, including a €5 million subscription by Blockstream CEO Adam Back.