The dilution trap: Bitcoin holdings growth vs. shareholder value

Capital B, a Bitcoin treasury company listed on Euronext Growth Paris, increased its Bitcoin holdings by approximately 12% between August 17 and September 7. Despite this accumulation, the amount of Bitcoin per share remained largely stagnant due to the issuance of new shares. This highlights the trade-offs in treasury stock strategies, where companies must balance share dilution and debt obligations when funding Bitcoin purchases. Capital B, formerly known as The Blockchain Group, continues to operate technology-services subsidiaries while pursuing its Bitcoin accumulation strategy under French accounting standards.