TheBlock
Paris-listed bitcoin treasury company Capital B is developing a bitcoin-backed credit instrument modeled on Strategy's STRC preferred and Strive's SATA, board director Alexandre Laizet said at BTC Prague. The product targets European investors and is being built to deliver double-digit yields with sub-2x volatility, drawing on the firm's 3,139 BTC treasury as the underlying asset.
Laizet framed the instrument as a European answer to Strategy's preferred-stock structure, arguing that a BTC treasury company effectively carries 40-50 years of cash flows on its balance sheet because the underlying asset compounds at 30-60% annually. He pointed to Strategy's recent STRC dividend cycle — selling 32 BTC to fund payouts, then buying back 1,587 BTC days later — as proof the model is sustainable when BTC appreciates faster than the dividend drag.
Why it matters
The structural pitch is that Europe, weighed down by high retail taxes, custody friction and pre-digital-era regulation, has no clean native equivalent of STRC or SATA for bitcoin-curious investors. Capital B, listed on Euronext Growth Paris as ALCPB, is positioning its instrument as that bridge, backed by Adam Back and Fulgur Ventures among others. Laizet said investor inquiries into the digital credit space are up roughly 10-fold versus a year ago, suggesting demand is no longer theoretical.
The counter-argument is explicit too. Laizet acknowledged execution risk, custody risk, and the tail risk of BTC going to zero, though he called the last "nearly nonexistent." Capital B says it works only with regulated banks and leans on a team pulled from capital markets, corporate finance and infrastructure — a deliberate hedge against the unregulated-yield-product stigma that has hung over Europe since the Celsius and BlockFi era.
Market impact
If the instrument ships on the roadmap, it would be the first Europe-domiciled BTC-backed credit product of its kind and would give ALCPB a second growth lever on top of its plain-vanilla accumulation strategy. The company is targeting 15,000 BTC by end-2027 and 1% of total BTC supply by 2033 — a runway the credit instrument is meant to help finance.
Frequently asked questions
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What is Capital B's new bitcoin credit instrument?
It is a bitcoin-backed credit product modeled on Strategy's STRC preferred and Strive's SATA, designed to deliver double-digit yields with volatility under 2x and targeted at European investors who cannot access the US-listed equivalents cleanly.
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How much bitcoin does Capital B currently hold?
Capital B holds 3,139 BTC in its treasury as of the BTC Prague interview, with stated targets of 15,000 BTC by end-2027 and 1% of total bitcoin supply by 2033.
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Who is backing Capital B?
Capital B trades on Euronext Growth Paris under the ticker ALCPB and counts Adam Back, Fulgur Ventures and other bitcoin-focused investors among its backers, with a leadership team drawn from capital markets, corporate finance and infrastructure.
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How is the instrument's yield sustainable?
Board director Alexandre Laizet argues that BTC's 30-60% annual appreciation means the treasury's cash-flow growth dwarfs the dividend drag, citing Strategy's recent cycle of selling 32 BTC for STRC dividends then buying 1,587 BTC days later as evidence.
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What are the main risks Laizet flagged?
Laizet acknowledged execution risk, custody risk and the tail risk of bitcoin going to zero, while calling a BTC-zero outcome "nearly nonexistent." Capital B mitigates custody risk by working only with regulated banks.
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