Capital B, a bitcoin treasury company listed in Paris and formerly known as The Blockchain Group, will implement a 10-for-1 reverse stock split starting September 8. The company announced this share consolidation in a regulatory filing published Monday, detailing the terms and operational steps for its shareholders.
Share consolidation details
The reverse stock split will reduce the number of outstanding shares from 300,650,632 to 30,065,063. Each new consolidated share will carry a par value of €0.80, rising from the current €0.08. Capital B described the operation as a “purely technical exchange” that does not alter the overall value of shareholders’ stakes, except for minor effects relating to fractional shares.
The company said its objective is to “support the company’s institutional development and to open the company’s shares to a broader universe of investors.”
Many institutional investors and funds are unable to hold stocks valued below specific price thresholds, and certain exchanges enforce minimum-price requirements for listing eligibility. Capital B is seeking to remove these obstacles and make participation more accessible for larger investors.
Currently, Capital B shares trade close to €0.48 on Euronext Growth Paris, reflecting a decline of about 40% since the beginning of the year, according to Google Finance. If the company’s market capitalization remains steady post-consolidation, the new shares are expected to open at approximately €4.80.
| Metric | Before Split | After Split |
|---|---|---|
| Shares Outstanding | 300,650,632 | 30,065,063 |
| Par Value per Share | €0.08 | €0.80 |
| Share Price (approx.) | €0.48 | €4.80 |
Important dates and process for shareholders
The reverse split will occur between August 6 and September 7. Shareholders owning multiples of 10 shares will see the changes applied automatically, with no action needed. Those who hold a number of shares not divisible by 10 can choose to buy or sell shares to adjust their position before the end of the period.
Investors with remaining fractional shares after the deadline will have these sold by their financial intermediaries, with proceeds distributed beginning September 14.
September 7 is the final trading day for existing shares. The newly consolidated shares will begin trading on September 8 under a new ISIN code. The company has established September 9 as the record date and September 10 as the settlement and delivery date for the new shares.
Between August 17 and September 10, Capital B will also suspend conversions of certain convertible bonds and the exercise of share warrants. After the split, bond conversion prices will be multiplied by 10, and warrant ratios, as well as unvested free shares, will be divided by 10 to reflect the reduced share count.
Focus on bitcoin reserves and growth strategy
This share restructuring does not entail the addition of more bitcoin to Capital B’s balance sheet, nor does it involve raising new capital. The measure is intended as a technical move to restructure the share base as part of the company’s larger goal to reach more institutional investors.
Capital B currently holds 3,139 BTC, ranking as the second-largest listed corporate bitcoin holder in Europe. Only Bitcoin Group SE of Germany holds more, with 3,605 BTC. Capital B positions itself as Europe’s first dedicated bitcoin treasury company and built much of its current holdings through several fundraising rounds during early 2026.
The company purchased 192 BTC for €13 million in May following three successful capital raises, further expanding its reserves.
In June, shareholders approved measures allowing for up to €5 billion in potential capital increases and €100 billion in credit instruments, giving the board greater flexibility for future strategic moves. These proposals were supported by more than 95% of votes cast.
Capital B measures performance in terms of bitcoin held per fully diluted share rather than total bitcoin holdings alone, following a model used by many bitcoin treasury companies.
The firm has also indicated plans to launch a bitcoin-backed credit product for the European market, although no launch date has been set.
Mini dictionary: ISIN — The International Securities Identification Number is a unique code used internationally to identify specific securities, such as stocks and bonds, on trading exchanges.
