Capital B, a Paris-listed bitcoin treasury company, announced a 10-for-1 reverse stock split effective September 8, reducing outstanding shares from 300,650,632 to 30,065,063 and increasing the par value per share from €0.08 to €0.80. The consolidation is designed to attract institutional investors by raising the share price from approximately €0.48 to an implied €4.80, meeting minimum price thresholds that many institutional funds and exchanges require. The company stated the move aims to support institutional development and open shares to a broader investor base. Capital B, formerly The Blockchain Group, operates on Euronext Growth Paris and holds 3,139 BTC, ranking as the second-largest listed corporate bitcoin holder in Europe behind Germany's Bitcoin Group SE at 3,605 BTC.
Capital B Executes 10-for-1 Reverse Stock Split on September 8
Capital B SA will consolidate every 10 existing shares into one new share beginning September 8, according to a regulatory filing. The consolidation reduces the outstanding share count from 300,650,632 to 30,065,063, with each new share carrying a par value of €0.80, up tenfold from €0.08 on the existing stock. The company described the transaction as a purely technical exchange that leaves the aggregate value of each shareholder's holdings unchanged, except for the treatment of fractional entitlements. No new capital is raised by the split itself. No bitcoin is added to the balance sheet. What changes is the nominal and quoted price per share.
Split Mechanics and Timeline: August 6 to September 10
The reverse split period opens on August 6 and closes on September 7, which is also the final trading day for the existing shares. Shareholders holding a number of shares exactly divisible by 10 will have their positions converted automatically. Those with leftover shares can buy or sell stock before the deadline to reach a clean multiple of 10. For investors who do not adjust their holdings, financial intermediaries will sell the shares tied to fractional entitlements and distribute the cash proceeds. Those payments are scheduled to begin on September 14. The consolidated shares begin trading on September 8 under a new ISIN. The record date is September 9, with settlement and delivery on September 10.
Convertible Bonds and Warrants Suspended August 17 to September 10
The split triggers a temporary pause on related financial instruments. Conversions of certain convertible bonds and exercises of share warrants will be suspended from August 17 through September 10. After the consolidation completes, Capital B will adjust the terms of those instruments to reflect the reduced share count — multiplying bond conversion prices by 10, while dividing warrant ratios and unvested free shares by 10. This recalibration affects anyone modeling Capital B's fully diluted share count. Post-split adjustments to conversion ratios can shift dilution dynamics.
Capital B Holds 3,139 BTC, Ranks Second in Europe
Capital B currently holds 3,139 BTC, which places it as the second-largest listed corporate bitcoin holder in Europe, according to BitcoinTreasuries.net. Germany's Bitcoin Group SE holds 3,605 BTC, keeping it ahead in that specific ranking. Capital B describes itself as Europe's first bitcoin treasury company, and it built a substantial portion of its current position through fundraising rounds in the first half of 2026, including the acquisition of 192 BTC for €13 million following three capital raises completed in May. The company measures its progress through bitcoin held per fully diluted share rather than total reserves alone.
Institutional Access Strategy: Price Threshold Repositioning
Capital B stated that the move aims to support the company's institutional development and to open the company's shares to a broader universe of investors. Many institutional funds operate under internal rules that bar them from holding stocks below a minimum price threshold, and some exchanges impose their own floor requirements for continued listing. At roughly €0.48 per share, Capital B sits below those thresholds for a significant portion of institutional mandates. At an implied post-split price of approximately €4.80 — assuming the company's market value holds — it does not. A stock with over 300 million shares outstanding trading at sub-euro prices reads as speculative in most institutional screening systems. The same company with 30 million shares and a per-share price above €4 starts appearing in a different category of portfolio search.
In June 2026, at the same shareholder meeting where the board was granted authority to execute the consolidation, shareholders approved capital-raising capacity on a significant scale. The authorizations cover up to €5 billion in capital increases and up to €100 billion in credit instruments, with both resolutions drawing more than 95% support from votes cast. Those approvals give the board the structural firepower for future bitcoin purchases without needing to return to shareholders each time. Capital B has also indicated it is developing a bitcoin-backed credit product targeting the European market, though no launch date has been set.
FAQ
What is the purpose of Capital B's 10-for-1 reverse stock split?
The split aims to support institutional development by increasing the share price, meeting exchange minimum-price requirements, and opening access to a broader investor base that would otherwise be restricted from holding sub-threshold equities.
How will the reverse split affect the number of shares and their price?
The number of outstanding shares will reduce tenfold, from 300,650,632 to 30,065,063. The par value increases from €0.08 to €0.80 per share, and the expected quoted price rises from approximately €0.48 to around €4.80, assuming the company's market value remains stable.
What happens to convertible bonds and share warrants during the reverse split?
Conversions and warrant exercises will be paused from August 17 to September 10. After the split completes, terms will be adjusted to reflect the new share structure: bond conversion prices will be multiplied by 10, while warrant ratios and unvested free shares will be divided by 10.
