How to Acquire Bitcoin for Your Corporate Treasury: A Step-by-Step Guide Based on Capital B's €13 Million Purchase

Introduction

Corporate treasuries are increasingly turning to Bitcoin as a strategic reserve asset. In May 2026, Paris-listed Capital B (formerly The Blockchain Group) executed a textbook acquisition of 192 bitcoin for €13 million, bringing its total holdings to 3,135 BTC — among the largest bitcoin reserves held by a European public company. This guide distills their approach into actionable steps, covering everything from funding through capital raises to custody and performance tracking. Whether you're a CFO, treasurer, or board member, these steps will help you replicate a similar treasury strategy.

What You Need

• A publicly listed company (e.g., on Euronext Growth Paris) with ability to issue equity and warrants.
• Regulatory compliance for securities offerings (e.g., prospectus exemptions, ATM agreements).
• Banking relationship with a virtual asset service provider (like Swissquote Bank Europe SA) and a regulated custody provider (e.g., Taurus).
• Financial advisors and placement agents (e.g., Maxim Group LLC, Marex S.A.) to structure deals and find institutional investors.
• A proprietary performance metric (like BTC Yield) to measure treasury efficiency.
• Internal approval from board and shareholders for bitcoin as a treasury asset.

Step-by-Step Guide

Step 1: Assess Your Funding Mix and Capital Structure

Start by evaluating how much capital you need and the most cost-effective way to raise it. Capital B used three separate raises totaling €17.15 million:

• ATM Placement (€0.85M): An “at-the-market” agreement with TOBAM allows selling shares at prevailing market prices. This is quick but may dilute existing shareholders.
• Warrant Issuance (€1.1M): A direct subscription by a strategic investor (in this case, Blockstream CEO Adam Back) generates immediate funds with warrants attached for future upside.
• Private Placement (€15.2M): Shares with attached subscription warrants (ABSA) sold at €0.66 per unit to global institutional investors. This is the largest tranche and requires lead placement agents.

Determine which combination aligns with your company’s liquidity needs and shareholder tolerance.

Step 2: Structure Warrant Tranches for Future Capital

Capital B’s private placement included three warrant tranches, each with a five-year maturity and exercise prices set at 130% of the prior tranche:

• Warrant 2026-03: exercise price €0.86
• Warrant 2026-04: exercise price €1.12
• Warrant 2026-05: exercise price €1.46

These warrants, if fully exercised, would generate an additional €99.1 million. This structure incentivizes long-term investor commitment and provides a capital pipeline. Work with your financial advisors to set appropriate strike prices and maturities.

Step 3: Engage Strategic Investors and Placement Agents

Capital B partnered with:

• Maxim Group LLC as lead placement agent.
• Marex S.A. as co-manager.
• Institutional investors like TOBAM and Blockstream Capital Partners.

These relationships are critical for executing private placements and ensuring regulatory compliance. Your team should include an investment bank with experience in crypto treasury financings.

Step 4: Execute the Bitcoin Purchase Through a Regulated Broker

Capital B acquired 192 BTC at an average cost of €67,866 per bitcoin. They used Swissquote Bank Europe SA (a Luxembourg VASP) for trade execution and Taurus for custody. Steps:

• Open an institutional trading account with a regulated broker that offers bitcoin OTC or exchange trading.
• Agree on a price and settle via bank transfer or other means.
• Transfer the purchased BTC to a secure custody solution (preferably third-party with insurance or multi-signature).

Ensure your custody provider segregates assets and offers reporting for audit purposes.

Step 5: Track Your Treasury Performance Using BTC Yield

Capital B measures a proprietary metric: BTC Yield — bitcoin accumulation per fully diluted share. This helps assess how efficiently the treasury grows bitcoin holdings relative to share dilution. They report:

• Year-to-date BTC Yield: 1.82%
• BTC Gain: 51.3 BTC
• BTC Euro Gain: €3.5 million

Create a similar dashboard for your company, updating it quarterly. This metric communicates value to shareholders and justifies the strategy.

Step 6: Manage Dilution and Post-Transaction Capital Table

After the acquisition, Capital B’s capital table shows:

• Adam Back: 13.37% ordinary shares (10.00% diluted)
• Blockstream Capital Partners: 14.36% ordinary (35.90% diluted due to warrants)
• TOBAM: 4.52% ordinary
• Total shares outstanding: 300,265,812; diluted: 420,859,061

Monitor the impact of warrant exercises on your share count and communicate clearly with investors. The goal is to increase bitcoin per diluted share over time, not just raw holdings.

Tips for Success

• Choose reputable partners: Work with established banks like Swissquote and custodians like Taurus to minimize counterparty risk.
• Understand dilution implications: Warrants can significantly increase share count; ensure your treasury metric accounts for this.
• Align with a long-term strategy: Capital B’s stated objective is growing bitcoin per fully diluted share. Avoid short-term price speculation.
• Keep regulatory compliance front and center: Ensure all capital raises adhere to local securities laws (e.g., prospectus requirements, ATM filings).
• Educate your board and shareholders: Provide clear explanations of BTC Yield and warrant structures to build support.

By following these steps, your company can replicate Capital B’s successful bitcoin treasury acquisition and potentially join the ranks of corporate bitcoin holders.