A NEW MICROSTRATEGY EUROPE?
Capital B, a publicly listed company in France, has received shareholder approval to raise up to €105 billion, roughly US$ 120 billion, to fund future Bitcoin purchases.
But it's crucial to distinguish between narrative and fact: they haven't actually bought that amount in BTC. What was approved was a capacity for fundraising, including capital increases and credit instruments.
This move shows that the narrative of Bitcoin as a corporate RESERVE is gaining traction in Europe as well.
In practice, Capital B seems to be following the same playbook as MicroStrategy: using the capital markets to boost exposure to Bitcoin.
The difference is that MicroStrategy has already executed this strategy at scale. Capital B is still trying to accelerate its path.
And here's the point of concern: when a company buys Bitcoin using stock issuance and debt, it's not just stacking BTC. It effectively turns its own stock into a kind of leveraged exposure to Bitcoin.
If it works out, it could strengthen the narrative of Bitcoin as a corporate reserve.
If it goes south, the costs could manifest in dilution, debt, and loss of confidence.
IMPORTANT QUESTION: are we witnessing the consolidation of a new generation of treasury companies $BTC or an overly aggressive strategy for a market that's still extremely volatile?
Capital B, a publicly listed company in France, has received shareholder approval to raise up to €105 billion, roughly US$ 120 billion, to fund future Bitcoin purchases.
But it's crucial to distinguish between narrative and fact: they haven't actually bought that amount in BTC. What was approved was a capacity for fundraising, including capital increases and credit instruments.
This move shows that the narrative of Bitcoin as a corporate RESERVE is gaining traction in Europe as well.
In practice, Capital B seems to be following the same playbook as MicroStrategy: using the capital markets to boost exposure to Bitcoin.
The difference is that MicroStrategy has already executed this strategy at scale. Capital B is still trying to accelerate its path.
And here's the point of concern: when a company buys Bitcoin using stock issuance and debt, it's not just stacking BTC. It effectively turns its own stock into a kind of leveraged exposure to Bitcoin.
If it works out, it could strengthen the narrative of Bitcoin as a corporate reserve.
If it goes south, the costs could manifest in dilution, debt, and loss of confidence.
IMPORTANT QUESTION: are we witnessing the consolidation of a new generation of treasury companies $BTC or an overly aggressive strategy for a market that's still extremely volatile?