Capital B Plans 10-for-1 Reverse Stock Split to Attract Institutional Investors
Summary
- Capital B said it will carry out a 10-for-1 reverse stock split to attract institutional investors.
- The move will reduce shares outstanding to about 30.1 million and raise the par value per share to 0.80 euros.
- Capital B has won approval for a fundraising ceiling of as much as 10.5 billion euros and is pursuing a strategy to buy more Bitcoin.
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Capital B, Europe’s second-largest corporate Bitcoin holder, is moving ahead with a reverse stock split as it seeks to attract more institutional investors.
Crypto outlet Cointelegraph reported on July 20 that Capital B said in a statement it will carry out a 10-for-1 reverse stock split. The move will reduce shares outstanding to about 30.1 million from 300.7 million and raise the par value per share to 0.80 euros from 0.08 euros.
The Euronext Growth Paris-listed company said the conversion will take effect automatically on Sept. 8 and will not change the total value of investors’ holdings. The measure is meant to broaden its institutional investor base and support the company’s institutionalization strategy.
At a shareholder meeting last month, Capital B won approval for a fundraising ceiling of as much as 10.5 billion euros to support its strategy of buying more Bitcoin. The company currently holds 3,139 BTC. Among European companies, Germany’s Bitcoin Group SE remains the largest holder with 3,605 BTC.
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