Euronext Growth Paris · ALCPB · EUR
Capital B
Holdings as of 28 Sep 2026 · prices as of 23 Oct 2026 · capital structure as of 30 Sep 2026
Holdings & valuation
BTC holdings
3,538 ₿
Last purchase 13 ₿ · 28 Sep 2026
Pending raises
€0.00
0 ₿ · counted in the multiples
BTC NAV
€256.07M
BTC price €72.38K
Market cap
€235.67M
3,256 ₿ · 39,141,889 fully diluted shares
Enterprise value
€291.99M
4,034 ₿
= Market cap €235.67M + debt €1.50M + conv. €59.42M − cash €4.60M
Share
Share price
€6.0210
8,319 sats
Sats per share
9,039
CEBE per share
6,888
= (BTC − senior claims) / fully diluted shares, in sats
Multiples
mNAV
0.92x
Price at 1 mNAV €6.5420
= Market cap €235.67M / BTC NAV incl. pending €256.07M
Enterprise mNAV
1.14x
Price at 1 Enterprise mNAV €5.2802
= Enterprise value €291.99M / BTC NAV incl. pending €256.07M
CEBE
1.21x
Price at 1 CEBE €4.9856
= Market cap €235.67M / (BTC NAV incl. pending €256.07M − senior claims €60.92M)
Capital structure
Cash
€4.60M
63.56 ₿
Debt
€1.50M
20.72 ₿
Convertible debt
€59.42M
821 ₿ · 6 of 6 notes counted as debt
Preferred
€0.00
0 ₿ · liquidation value
Senior claims
€60.92M
841.72 ₿ · 23.8% of BTC NAV
= debt €1.50M + conv. €59.42M
Convertible bonds
Switch on "Assume future conversion" to count a note's conversion shares in the fully diluted share count instead of its face value as debt. Default: outstanding notes in the money, converted notes. Tiles, bar chart, valuation multiples and BTC per share update immediately (the data table below uses the defaults).| Note | Holder | Issued | Maturity | Coupon | Conversion price | Outstanding | Outstanding debt | Shares on conversion | Status | Assume future conversion |
|---|---|---|---|---|---|---|---|---|---|---|
| OCA B-02 | Blockstream Capital Partners | 2025-06-02 | 2030-06 | 0% | €7.07 | €55.28M | 544 ₿ | 7,816,661 | outstandingout of the money | |
| OCA A-03 | TOBAM | 2025-06-17 | 2030-06 | 0% | €31.20 | €6.00M | 62 ₿ | 192,308 | outstandingout of the money | |
| OCA B-03 | Moonlight Capital | 2025-06-17 | 2030-06 | 0% | €38.09 | €4.61M | 48 ₿ | 121,034 | outstandingout of the money | |
| OCA A-04 | TOBAM | 2025-07-07 | 2030-07 | 0% | €25.90 | €5.00M | 52 ₿ | 193,050 | outstandingout of the money | |
| OCA B-04 | Adam Back | 2025-07-07 | 2030-07 | 0% | €25.90 | €5.05M | 53 ₿ | 194,788 | outstandingout of the money | |
| OCA A-05 | TOBAM | 2025-08-11 | 2030-08 | 0% | €18.30 | €6.50M | 62 ₿ | 355,191 | outstandingout of the money | |
| OCA A-01 ≈ | TOBAM | 2025-03-26 | 2030-03 | 0% | €5.44 | – | – | – | converted | |
| OCA B-01 | Blockstream Capital Partners, UTXO Management | 2025-03-26 | 2030-03 | 0% | €5.44 | – | – | – | converted | |
| Other converted OCAs (A-02, B-02-1, B-02-3, B-02-4) ≈ | various | 2025-04-28 | 2030 | 0% | €7.07 | – | – | – | converted |
Market cap vs. capital structure
In BTC, latest day · mNAV compares the market cap with the BTC holdings, enterprise mNAV with the net assets (BTC + cash − senior claims; EV mNAV = 1 + (market cap − net assets) / BTC), CEBE with BTC minus senior claimsBitcoin holdings
Total BTC and BTC purchased per monthPrice vs. BTC per share
Share price and BTC holdings per share, in satsValuation multiples
mNAV, enterprise mNAV and CEBE · dotted variants in the legendCapital structure
Senior claims and cash vs. BTC holdings, in BTCShare price
In EUR, with the share price at which mNAV, enterprise mNAV and CEBE would be 1, and volumeBTC efficiency
CEBE per share vs. BTC holdings with fitted efficiency e (CEBE per share = a · BTC^(1 − 1/e))Months to cover
Months until sats per share reached that day's price in sats (empty where not reached yet)Warrants
Outstanding warrants as of 28 Sep 2026 (Capital B press release 28 Sep 2026 (p. 6)). Not included in the fully diluted share count; exercise would add 32,714,689 shares (83.6% of the fully diluted shares) and the exercise amount in cash. In / out of the money at the share price of €6.0210 (23 Oct 2026); exercise amount in BTC at today's BTC price.| Instrument | Issued | Maturity | Exercise price per share | Warrants outstanding | Shares to be issued | Potential exercise amount | Exercise amount in BTC | Status |
|---|---|---|---|---|---|---|---|---|
| Warrant 2026-01 * | 2026-03 | 2029-03 | €10.10 | 27,390,910 | 2,739,091 | €27.66M | 382 BTC | out of the money |
| Warrant 2026-02 * | 2026-05 | 2029-05 | €8.40 | 10,000,000 | 1,000,000 | €8.40M | 116 BTC | out of the money |
| Warrant 2026-03 | 2026-05 | 2031-05 | €8.60 | 46,077,688 | 4,607,773 | €39.63M | 548 BTC | out of the money |
| Warrant 2026-04 | 2026-05 | 2031-05 | €11.20 | 23,038,844 | 2,303,890 | €25.80M | 357 BTC | out of the money |
| Warrant 2026-05 | 2026-05 | 2031-05 | €14.60 | 23,038,844 | 2,303,890 | €33.64M | 465 BTC | out of the money |
| Warrant 2026-06 | 2026-09 | 2031-09 | €7.50 | 98,800,200 | 9,880,021 | €74.10M | 1,024 BTC | out of the money |
| Warrant 2026-07 | 2026-09 | 2031-09 | €9.80 | 49,400,100 | 4,940,012 | €48.41M | 669 BTC | out of the money |
| Warrant 2026-08 | 2026-09 | 2031-09 | €12.70 | 49,400,100 | 4,940,012 | €62.74M | 867 BTC | out of the money |
| Total | 327,146,686 | 32,714,689 | €320.38M | 4,427 BTC |
* Warrant 2026-01, Warrant 2026-02: exercise price is the higher of the strike and the euro value per share at mNAV 1.1 on the last trading day before exercise.