Capital B shareholders approve massive share issuance and credit facility for Bitcoin acquisitions

Capital B, formerly known as The Blockchain Group, just got a very big permission slip from its shareholders. At the company’s Annual Ordinary and Extraordinary General Meeting on June 17, investors overwhelmingly approved the authority to issue up to 125 billion new shares and tap into enormous credit facilities, all in service of one goal: buying a lot more Bitcoin.

What Capital B actually approved

The shareholder vote authorized the issuance of up to 125 billion new shares at a nominal value of roughly €0.04 each, translating to approximately €5 billion in equity capacity. On the credit side, the company received approval for €100 billion in credit instruments designed to accelerate its Bitcoin buying strategy.

The meeting also coincided with the company’s official rebrand from The Blockchain Group to Capital B, positioning itself explicitly as Europe’s first publicly listed Bitcoin treasury company.

Capital B currently holds 3,139 BTC. The stated target is holding 1% of Bitcoin’s total supply by 2033. Given that Bitcoin’s maximum supply is capped at 21 million coins, that means Capital B is aiming for roughly 210,000 BTC.

The company added 192 BTC in May 2026 through a €15.2 million private placement that included backing from Adam Back, the CEO of Blockstream and one of the cryptographic pioneers cited in Bitcoin’s original whitepaper.

The Strategy copycat playbook, European edition

If this sounds familiar, it should. Capital B is running the same playbook that Strategy, the company formerly known as MicroStrategy, popularized in the US. The formula: use equity issuance and debt instruments to continuously accumulate Bitcoin, then convince the market that your stock is essentially leveraged Bitcoin exposure with corporate governance wrapped around it.

The key metric Capital B emphasizes is Bitcoin per fully diluted share. This is the number that matters to shareholders, because issuing 125 billion new shares obviously dilutes existing holders. The entire thesis rests on whether the Bitcoin acquired with those proceeds grows in value faster than the dilution erodes per-share economics.

The €100 billion credit authorization is particularly interesting. Capital B has signaled interest in Bitcoin-backed credit products, suggesting the company may explore lending or structured products that use its Bitcoin holdings as collateral.

What this means for investors

The approval is a ceiling, not a floor. Capital B now has authorization to raise these amounts, but the actual issuance will happen in tranches over time. No company, especially one currently holding just over 3,000 BTC, deploys $115 billion in credit overnight.

Capital B is positioning itself to be the European counterpart to US-based treasury companies. Getting from 3,139 BTC to 210,000 BTC requires multiplying current holdings by roughly 67 times.

One thing to monitor closely: how the market prices Capital B stock relative to its net asset value in Bitcoin. Strategy has historically traded at a premium to its Bitcoin holdings, reflecting investor willingness to pay extra for the leveraged exposure and corporate structure. Whether European markets grant Capital B a similar premium, or impose a discount for the additional regulatory and currency risk, will be a telling indicator of institutional appetite for this model outside the US.

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