The blockchain group is a French technology holding company, founded in 2018 in Puteaux, that rebranded as Capital B in late 2024 and now operates as Europe’s first Bitcoin treasury company, holding 3,140 BTC as of August 2026.
Key Takeaways
- blockchain group rebranded as Capital B in late 2024 and launched Europe’s first corporate Bitcoin treasury strategy on November 5, 2024.
- As of August 3, 2026, Capital B holds 3,140 BTC with a total cost basis of $327.17 million and an average cost of $104,194.36 per BTC.
- The company targets accumulating 1% of Bitcoin’s total supply by 2033, with an interim goal of 15,000 BTC by end of 2027.
- Stock trades on Euronext Growth Paris under ISIN FR0011053636 and began trading on Cboe Europe in August 2026.
- Bitcoin Treasuries ranks Capital B #27 among public companies by bitcoin holdings, with a diluted mNAV of 1.06×.
- The company runs a dual-structured model: active technology consulting subsidiaries alongside aggressive bitcoin accumulation.
What Is the Blockchain Group?
Definition and Launch Data
this type of group is a corporate entity originally listed on the EU Digital Finance Platform’s fintech map with a launch date of 2018. According to the EU Digital Finance Platform, the company is located in Puteaux, France, and classified under the sector ‘Other’. That early record shows it began as a technology-focused firm before adopting a Bitcoin treasury strategy.
Legal Location and Sector Classification
Headquartered in Puteaux, France, this kind of group operates both a technology consulting business and a corporate treasury. The dual structure is central to its current identity: active data intelligence, AI, and decentralized technology consulting on one side; aggressive bitcoin accumulation on the other. That location anchors the company in the European regulatory environment and the Euronext market, which matters for investors outside the U.S. crypto equity space.
The Rebrand to Capital B
In late 2024, the blockchain formally rebranded as Capital B and adopted a corporate Bitcoin standard. The rebrand came alongside a strategic shift: from a general technology holding company to what Capital B calls Europe’s First Bitcoin Treasury Company. This transition is confirmed by Bitcoin Treasuries, which notes the firm was formerly known as blockchain group and rebranded in late 2024.
From the Blockchain Group to Capital B: The Rebrand and Bitcoin Treasury Strategy
The November 5, 2024 Strategy Launch
On November 5, 2024, this type of group launched a pioneering Bitcoin Treasury Company strategy in Europe. According to Capital B’s own investor materials, the objective is to increase the number of Bitcoin per share over time by using excess cash and appropriate financing instruments. This was a deliberate strategic pivot that placed bitcoin at the center of the balance sheet, not as a speculative side bet but as the primary reserve asset.
The 1% of Bitcoin Supply Objective
The most prominent long-term goal is to accumulate 1% of Bitcoin’s total supply by 2033. Capital B states this objective explicitly on its homepage, alongside a displayed treasury of 3,140 BTC and a target of 15,000 BTC by end of 2027. The 15,000 BTC target reflects a staged accumulation plan. The current holding of 3,140 BTC represents roughly 21% of that interim target as of August 2026. The company’s stated policy is direct: raise capital, accumulate BTC, hold BTC forever, do not lose BTC, and do not sell BTC.
Abu Dhabi Subsidiary Announcement
In July 2025, reports confirmed that this kind of group would become Capital B and announced the ongoing creation of a subsidiary in Abu Dhabi, United Arab Emirates. This signals an international expansion strategy beyond France, though detailed financials on the Abu Dhabi entity were not specified in the available public release. For investors tracking the blockchain’s global footprint, this is a meaningful data point about geographic diversification of operations.
How the Blockchain Group’s Bitcoin Treasury Works
Bitcoin Holdings, Cost Basis, and YTD Accumulation
As of August 3, 2026, blockchain group held 3,140 BTC, according to Bitcoin Treasuries. The same source lists a total cost basis of $327.17 million and an average cost per bitcoin of $104,194.36. The net change year-to-date was +317 BTC, a gain of 11.2%. These metrics matter because they show both the scale of the treasury and whether recent purchases are being made above or below the running average cost.
“At Capital B, we are building one of the most robust Bitcoin Treasury Companies in the world. Our objective is simple: accumulate 1% of Bitcoin’s total supply by 2033.” – Capital B, official company materials
Understanding mNAV and BTC per Share
A Bitcoin treasury company is a corporation that uses bitcoin as its primary treasury reserve asset, often raising debt or equity to acquire and hold bitcoin long term. Two metrics are central to evaluating such companies: mNAV and BTC per share. mNAV is the ratio of enterprise value to net asset value, measuring the market value of the company against the value of its bitcoin holdings. BTC per share is the amount of bitcoin each outstanding share represents, calculated by dividing total BTC by share count. For this type of group, Bitcoin Treasuries reports a diluted mNAV of 1.06× and a basic mNAV of 0.58×. The discrepancy between basic and diluted mNAV reflects the impact of share dilution. The diluted BTC per share is 0.000008 BTC, while the basic figure is 0.000015 BTC.
Comparison with Peer Treasury Companies
At 3,140 BTC, this kind of group ranks #27 among public companies by bitcoin holdings, according to Bitcoin Treasuries. The table below compares Capital B with nearby peers as of August 3, 2026:
| Company | Country | BTC Holdings | Rank |
|---|---|---|---|
| OranjeBTC | – | 3,950 BTC | #24 |
| Bitcoin Group SE | – | 3,605 BTC | #25 |
| H100 Group | – | 3,506 BTC | #26 |
| Capital B (the blockchain) | France | 3,140 BTC | #27 |
| DDC Enterprise Limited | – | 2,899 BTC | #28 |
| The Smarter Web Company PLC | – | 2,712 BTC | #29 |
| DeFi Technologies | – | 2,597 BTC | #30 |
This ranking is dynamic and changes as companies accumulate or sell bitcoin. Check Bitcoin Treasuries regularly for updated data.
The Blockchain Group Stock: Ticker, Market Data, and How to Trade
Euronext Growth Paris Listing and Ticker
blockchain group’s stock trades on Euronext Growth Paris under ISIN FR0011053636. According to Euronext, the last traded price on 14 August 2026 was €0.4621, with a market capitalization of €152.635 million. The instrument page also shows a 52-week range from €0.3776 to €2.38, which reflects significant volatility before and after the Bitcoin treasury pivot and the reverse stock split.
52-Week Range, Volume, and Market Capitalization
On 14 August 2026, the stock recorded a volume of 905,043 shares and a turnover of €417,120 across 344 transactions. The previous close was €0.4667. The market capitalization of €152.635 million from Euronext differs from the $114.6 million reported by Bitcoin Treasuries for the same period. Euronext reports in euros while Bitcoin Treasuries reports in U.S. dollars and may use a different share count. Cross-reference both sources to avoid relying on a single data point.
Cboe Europe Listing and Trading Volume
On August 5, 2026, Bitcoin Treasuries noted that Capital B began trading on Cboe Europe, with trading volume doubling. This additional listing expands investor access beyond Euronext and may improve liquidity. The move follows the company’s reverse stock split on July 20, 2026, at a ratio of 10 existing shares for 1 new share. A reverse stock split reduces the number of outstanding shares by consolidating them, increasing per-share price without changing market capitalization.
Pros and Cons of Investing in the Blockchain Group
Pros
- First-mover position in Europe: Capital B is the first European public company to formally adopt a corporate Bitcoin treasury strategy, giving it brand recognition in a growing institutional category.
- Dual revenue structure: The technology consulting arm has operated since 1999, generating cash flow that can fund bitcoin purchases without relying entirely on equity dilution.
- Bitcoin-native strategic investors: Adam Back (CEO of Blockstream, cited in the Bitcoin Whitepaper) and Yves Choueifaty (President Founder at TOBAM) provide credibility with the bitcoin-native investment community.
- Dual exchange listing: Trading on both Euronext Growth Paris and Cboe Europe improves liquidity and broadens the investor base across European markets.
- Clear accumulation policy: The stated policy of never selling BTC provides a predictable treasury management framework that long-term bitcoin holders can evaluate clearly.
Cons
- Diluted mNAV above 1.0×: At 1.06×, the diluted mNAV means investors are paying a slight premium to the underlying bitcoin value when accounting for all potential shares, which reduces the margin of safety.
- High average cost basis: The average cost of $104,194.36 per BTC sits above the live bitcoin price of $62,680 reported by Bitcoin Treasuries, meaning the treasury is currently underwater on a mark-to-market basis.
- Share dilution risk: The gap between basic mNAV (0.58×) and diluted mNAV (1.06×) signals significant potential dilution from convertible instruments or warrants, which erodes BTC per share over time.
- Small float and liquidity constraints: With a market cap around €152 million and daily volumes in the hundreds of thousands of shares, position sizing is limited for institutional buyers.
- Operational risk layered on bitcoin exposure: The consulting subsidiary adds revenue cyclicality and management complexity on top of bitcoin price volatility.
The Blockchain Group’s Technology Consulting and Operational Subsidiaries
Data Intelligence, AI, and Decentralized Technology
Although this type of group is now known for bitcoin, it continues to operate technology consulting subsidiaries. According to Capital B, these subsidiaries specialize in Data Intelligence, AI, and decentralized technology consulting and development. The company states it has delivered end-to-end digital solutions since 1999, including tailored web development, business intelligence, data engineering, and AI-driven decision making. This consulting arm generates cash flow that can support bitcoin purchases, reinforcing the treasury strategy without constant share issuance.
Strategic Investors and Governance
this kind of group lists two strategic investors on its website: Adam Back, CEO of Blockstream and the only person cited in the Bitcoin Whitepaper, and Yves Choueifaty, President Founder at TOBAM. The presence of these investors signals bitcoin-native credibility. Notably, the company does not manage its X and Discord communities independently. Those are run by investors, which is important for retail participants seeking official channels versus community-run discussion.
The Company’s Dual-Structured Business Model
Bitcoin Treasuries describes the blockchain as a technology investment and corporate treasury company that operates through a dual-structured model combining active technology consulting operations with an aggressive asset accumulation program. This structure means the stock is not a pure bitcoin proxy. It carries operational risk and consulting revenue cyclicality alongside bitcoin price exposure. Understanding this dual nature is essential before comparing blockchain group to a simple bitcoin ETF or a pure mining company.
“Capital B is a technology investment and corporate treasury company headquartered in Puteaux, France. Formerly known as this type of group, the firm rebranded and formally adopted a corporate Bitcoin standard in late 2024.” – Bitcoin Treasuries, public company profile
How to Evaluate a Bitcoin Treasury Company Like the Blockchain Group
A Step-by-Step Evaluation Framework
Use the following process to evaluate this kind of group or any bitcoin treasury company before making an investment decision:
- Step 1: Verify current BTC holdings and source. Check Bitcoin Treasuries or official company disclosures for the exact BTC count and latest purchase events.
- Step 2: Calculate mNAV and BTC per share. Compare basic and diluted mNAV to understand share dilution. A low basic mNAV and high diluted mNAV signals potential dilution risk.
- Step 3: Track regulatory filings and trading liquidity. Monitor Euronext and Cboe Europe announcements, reverse stock splits, and volume changes to avoid illiquid positions.
- Step 4: Compare with peer treasuries. Use the public company bitcoin holdings rankings to see where the firm sits and whether its accumulation rate is outpacing peers.
- Step 5: Assess the operating business. Look at technology consulting revenue, strategic investors, and governance to determine if the company can continue raising capital without excessive share issuance.
Using mNAV and BTC per Share
mNAV is not a static number. It changes with stock price, bitcoin price, and share count. For the blockchain, the basic mNAV of 0.58× suggests the stock trades at a discount to its bitcoin holdings when ignoring dilution, while the diluted mNAV of 1.06× indicates a slight premium when all potential shares are considered. Investors often prefer a diluted mNAV below 1.0× because it implies buying bitcoin at a discount through the equity. A diluted mNAV above 1.0× means paying a premium. blockchain group’s current 1.06× is close to parity and should be monitored as share count and bitcoin price shift.
Red Flags to Watch
Three specific signals deserve attention. First, a rising diluted share count can erode BTC per share even as total bitcoin holdings grow. Second, the average cost per bitcoin of $104,194.36 sits above the live bitcoin price of $62,680 reported by Bitcoin Treasuries, meaning the treasury is currently underwater on a mark-to-market basis. Third, any announcement of BTC sales would directly contradict the stated do-not-sell policy. None of these represent active violations as of August 2026, but each warrants ongoing tracking.
Blockchain Association and Other Organizations Using Similar Names
The Blockchain Association in Washington, D.C.
Searching for ‘this type of group’ can surface the Blockchain Association, a separate trade association. The Blockchain Association is the unified voice of the crypto industry in the United States, with more than 100 members including leading investors, companies, and projects. It is a 501(c)(6) registered in Washington, D.C., focused on policy advocacy, regulatory engagement, and events such as the Policy Summit on December 8-9, 2026, at the Intercontinental in Washington. This organization is not the same as this kind of group based in France.
The Oregon Blockchain Group at the University of Oregon
Another entity with a similar name is the Oregon Blockchain Group, a student-led organization at the University of Oregon. It is part of the University Blockchain Research Initiative and specializes in venture capital investing, tech consulting, business development, marketing, and research. According to its website, it has 30+ company partners and 5+ tech consulting clients. This group focuses on education and student investment, not on operating a corporate bitcoin treasury.
How to Disambiguate Search Results for ‘the blockchain group’
Because ‘the blockchain’ is a common phrase, users should specify which entity they mean. For investment research, the most relevant entity is Capital B, formerly blockchain group, whose stock trades under ISIN FR0011053636. For policy or advocacy, the Blockchain Association is the correct organization. For student programs, the Oregon Blockchain Group at the University of Oregon is the appropriate match.
The blockchain group has transformed from a 2018 French technology firm into a prominent European Bitcoin treasury company, with 3,140 BTC, a stated 1% supply goal, and a dual-listing on Euronext and Cboe Europe. Investors considering this security should focus on diluted mNAV, BTC per share, average cost basis, and the company’s consulting cash flows, not just the bitcoin holdings alone. While ‘the blockchain group’ can refer to multiple organizations, the Capital B entity is the one with publicly traded equity and a defined treasury strategy.
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Frequently Asked Questions
Is blockchain trustworthy?
Blockchain technology is generally considered trustworthy because it uses cryptographic hashing, decentralized consensus, and immutable ledgers to prevent tampering. Trust depends on the specific network’s security model and the governance of entities built on top of it. The blockchain group’s Bitcoin treasury relies on Bitcoin’s underlying security, but it carries its own corporate and equity risks that are separate from the protocol itself.
Does blockchain refund money?
Blockchain networks do not process refunds because transactions are irreversible by design. If you send funds to the wrong address or fall victim to a scam, no central authority can reverse the transaction. For the blockchain group as a publicly traded company, stock purchases are not blockchain transactions and are subject to normal securities settlement rules.
How do I get my money from bitcoin blockchain?
To convert bitcoin to fiat, you send BTC from your wallet to a cryptocurrency exchange, sell it for fiat currency, and withdraw to a bank account. The process depends on exchange verification requirements and withdrawal limits. The blockchain group does not custody retail bitcoin. It holds its own treasury separately from shareholder accounts.
Where is the blockchain company located?
The blockchain group known as Capital B is headquartered in Puteaux, France, according to the EU Digital Finance Platform and Bitcoin Treasuries. Its stock trades on Euronext Growth Paris and Cboe Europe. The Blockchain Association is located in Washington, D.C., and the Oregon Blockchain Group is in Eugene, Oregon.
What is the blockchain group’s stock ticker?
The blockchain group’s stock is listed under ISIN FR0011053636 on Euronext Growth Paris. Euronext displays the instrument under the ALXP market segment, while market data providers like Bitcoin Treasuries use the ticker ALCPB.PA. Both refer to the same Capital B equity.
How much bitcoin does the blockchain group hold?
As of August 3, 2026, the blockchain group held 3,140 BTC, according to Bitcoin Treasuries. The total cost basis is $327.17 million, with an average cost of $104,194.36 per bitcoin. The USD value of the holdings fluctuates with bitcoin’s spot price.
