Capital B, Europe's first listed bitcoin treasury company, is developing a bitcoin-backed credit instrument modeled on Strategy's STRC. Board Director of Bitcoin Strategy Alexandre Laizet said the Paris-listed firm has made the product its central focus, positioning Capital B to bring the high-yield digital credit structure that reshaped US markets to European investors for the first time. The move follows the emergence of bitcoin-backed credit instruments such as STRC and Strive's SATA, which pay double-digit returns with single-digit volatility, after an earlier wave of bitcoin-backed equity vehicles launched by Strategy, Metaplanet, and Capital B itself in November 2024.
Capital B Focuses Development on Bitcoin-Backed Credit Product
Laizet said the Paris-listed firm is preparing to launch a bitcoin-backed credit instrument modeled on Strategy's STRC. He positioned the product as Capital B's central focus, describing it as a vehicle to replicate in Europe the income structures Strategy and Strive built to channel traditional capital into bitcoin. Laizet framed the work as the next stage in a market that has moved from digital equity to digital credit, with bitcoin-backed equity coming first through Strategy, Metaplanet, and Capital B, followed by credit instruments ranging from institution-only convertible notes to products such as STRC and Strive's SATA.
Company Holds 3,135 BTC with No Fiat Leverage
Capital B holds more than 3,000 bitcoin and carries no fiat leverage on its treasury. Recent purchases lifted its reserve to 3,135 BTC and ranked it the 25th-largest bitcoin treasury globally. The company closed a €15.2 million private placement in May backed by Blockstream chief executive Adam Back and asset manager TOBAM. The accumulation run was funded through equity and warrants rather than debt.
Laizet Explains Yield Generation Through Balance Sheet Pre-Financing
Laizet addressed how a treasury company funds a double-digit annual payout without an operating cash flow. His answer rested on the asset already on the balance sheet rather than on future earnings. "The yield is pre-financed by the balance sheet of the company," Laizet said. A treasury company holding appreciating BTC carries decades of future cash flow today, he said, letting it pre-fund distributions through measured sales and continued accumulation. He pointed to Strategy as the template, describing how the firm sold a small amount of BTC to meet obligations and bought back a far larger quantity soon after, leaving its holdings higher than before. Underlying it all, he said, is monetary inflation, with every major crisis of the past century followed by more currency creation.
Capital B Positions as Sole European Firm for Digital Credit Model
Laizet positioned Capital B as the only firm able to bring the model to a region he described as held back by high taxes, security gaps, and regulation built for an earlier era. No other European treasury company matches its scale, participation, or liquidity, he said. "A digital credit instrument adapted to Europe that could really change the configuration of the markets" is the laser focus, Laizet said.
Laizet Discloses Bitcoin Price Risk and Execution Risks
"Bitcoin goes to zero, that is the risk," Laizet said, putting the probability close to nil while urging investors to run their own analysis. He declined to set a launch timeline. Execution and custody risks remain, he noted, which is why the firm works only with regulated banks.
FAQ
What is Capital B developing?
Capital B is developing a bitcoin-backed credit instrument modeled on Strategy's STRC. Board Director Alexandre Laizet said the Paris-listed firm has made the product its central focus, positioning Capital B to bring the high-yield digital credit structure to European investors for the first time.
How many bitcoin does Capital B hold?
Capital B holds 3,135 BTC with no fiat leverage on its treasury. Recent purchases lifted its reserve to that level and ranked it the 25th-largest bitcoin treasury globally. The company closed a €15.2 million private placement in May backed by Blockstream chief executive Adam Back and asset manager TOBAM.
How does Capital B plan to generate yield without operating cash flow?
Alexandre Laizet said the yield is pre-financed by the balance sheet of the company. A treasury company holding appreciating BTC carries decades of future cash flow today, he said, letting it pre-fund distributions through measured sales and continued accumulation. He pointed to Strategy as the template, describing how the firm sold a small amount of BTC to meet obligations and bought back a far larger quantity soon after.
