Capital B — the Paris-listed firm formerly known as The Blockchain Group — will execute a 10-for-1 reverse stock split starting September 8. The move reduces outstanding shares from about 300.7 million to 30.1 million and raises the par value per share from €0.08 to €0.80. The company calls it a 'purely technical exchange' that doesn't change aggregate shareholder value, excluding fractional entitlements.
Why the split now
Capital B's shares trade near €0.48 on Euronext Growth Paris. A reverse split would push the theoretical per-share price to about €4.80, assuming the market value holds. That higher price, the company says, should support institutional development and attract a broader investor base. The timing follows a busy spring: in May, Capital B bought 192 BTC for €13 million after three capital raises. And in June, shareholders approved authority for up to €5 billion in capital increases and €100 billion in credit instruments, with over 95% support.
Timeline and mechanics
The reverse split period runs from August 6 to September 7. The final trading day for existing shares is September 7, and consolidated shares start trading September 8 under a new ISIN. The record date is September 9, with settlement on September 10. Shareholders with divisible holdings will be converted automatically. Those with leftover shares can buy or sell to reach multiples of 10, otherwise fractional shares will be sold and cash distributed starting September 14. Meanwhile, the conversion of certain convertible bonds and warrants will be paused from August 17 through September 10, with conversion prices and warrant ratios adjusted post-split.
Bitcoin holdings unchanged
Capital B holds 3,139 BTC, making it the second-largest listed corporate bitcoin holder in Europe, behind Bitcoin Group SE with 3,605 BTC. The reverse split does not add bitcoin to the balance sheet or raise new capital. The company says it measures progress via bitcoin held per fully diluted share and is developing a bitcoin-backed credit product for Europe, though no launch date has been set.
For now, the focus is on the mechanics of the split. The reverse split period opens August 6, giving shareholders about a month to adjust their positions before the new shares start trading on September 8.
